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: January 31, 2011

Date of reporting period: July 31, 2011

ITEM 1. REPORT TO SHAREHOLDERS

Wells Fargo Advantage

100% Treasury Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	16
Other Information	20
List of Abbreviations	27

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage 100% Treasury Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage 100% Treasury Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage 100% Treasury Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns—chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage 100% Treasury Money Market Fund Letter to Shareholders

opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

December 3, 1990

PORTFOLIO COMPOSITION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

36 Days

WEIGHTED AVERAGE FINAL MATURITY³ (AS OF
JULY 31, 2011)

36 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage 100% Treasury Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (WFTXX)		11/08/1999		0.00		0.01		1.42		1.49		0.80%		0.65%
Administrator Class (WTRXX)		06/30/2010		0.00		0.01		1.49		1.61		0.53%		0.30%
Service Class (NWTXX)		12/03/1990		0.00		0.01		1.49		1.61		0.70%		0.50%
Sweep Class		06/30/2010		0.00		0.01		1.49		1.61		1.15%		1.05%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Administrator Class		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The U.S. Government guarantee applies to certain of the underlying securities held by the Fund and not to shares of the Fund itself.

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and has not been adjusted to reflect the higher expenses applicable to the Sweep Class shares. If these expenses had been adjusted, returns would be lower.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.75)%, (0.48)%, (0.65)% and (1.10)% for Class A, Administrator Class, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage 100% Treasury Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.35		0.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.35		0.07	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.35		0.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.35		0.07	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage 100% Treasury Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Yield			Maturity Date		Principal		Value
Treasury Debt: 70.55%
US Treasury Bill		0.01	%		08/04/2011	$	370,000,000	$	369,999,655
US Treasury Bill		0.01			08/11/2011		409,540,000		409,536,399
US Treasury Bill		0.01			08/25/2011		678,575,000		678,563,899
US Treasury Bill		0.01			09/01/2011		650,000,000		649,978,551
US Treasury Bill		0.01			09/22/2011		708,470,000		708,429,836
US Treasury Bill		0.01			10/20/2011		570,000,000		569,976,000
US Treasury Bill		0.02			08/18/2011		632,590,000		632,584,129
US Treasury Bill		0.02			09/29/2011		540,000,000		539,977,384
US Treasury Bill		0.03			10/06/2011		487,490,000		487,465,422
US Treasury Bill		0.03			10/13/2011		580,000,000		579,966,136
US Treasury Bill		0.04			09/08/2011		567,070,000		567,042,446
US Treasury Bill		0.05			09/15/2011		570,000,000		569,960,464
US Treasury Bill		0.06			10/27/2011		630,000,000		629,912,456

Total Investments in Securities
(Cost $7,393,392,777)*	70.55	%		7,393,392,777
Other Assets and Liabilities, Net	29.45			3,085,557,101
Total Net Assets	100.00	%	$	10,478,949,878

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 9

Assets
Investments in unaffiliated securities, at amortized cost	$	7,393,392,777
Cash		3,093,085,376
Receivable for Fund shares sold		3,216,591
Receivable from adviser		3,762,523
Prepaid expenses and other assets		206,042
Total assets		10,493,663,309
Liabilities
Dividends payable		53,474
Payable for Fund shares redeemed		10,217,670
Distribution fees payable		74,304
Due to other related parties		1,639,472
Shareholder servicing fees payable		2,268,494
Accrued expenses and other liabilities		460,017
Total liabilities		14,713,431
Total net assets	$	10,478,949,878
NET ASSETS CONSIST OF
Paid-in capital	$	10,478,278,699
Overdistributed net investment income		(5,010	)
Accumulated net realized gains on investments		676,189
Total net assets	$	10,478,949,878
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	218,047,650
Shares outstanding – Class A		218,020,853
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	1,421,234,141
Shares outstanding – Administrator Class		1,421,137,378
Net asset value per share – Administrator Class		$1.00
Net assets – Service Class	$	8,582,303,225
Shares outstanding – Service Class		8,581,256,660
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	257,364,862
Shares outstanding – Sweep Class		257,352,513
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

10 Wells Fargo Advantage 100% Treasury Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	4,886,671
Expenses
Advisory fee		14,188,493
Administration fees
Fund level		2,354,599
Class A		229,749
Administrator Class		498,221
Service Class		5,650,625
Sweep Class		145,984
Shareholder servicing fees
Class A		140,316
Administrator Class		493,664
Service Class		11,672,757
Sweep Class		165,890
Distribution fees
Sweep Class		232,246
Custody and accounting fees		215,987
Professional fees		17,195
Registration fees		53,956
Shareholder report expenses		34,772
Trustees’ fees and expenses		8,592
Other fees and expenses		73,527
Total expenses		36,176,573
Less: Fee waivers and/or expense reimbursements		(31,827,650	)
Net expenses		4,348,923
Net investment income		537,748
Net realized gains on investments		669,962
Net increase in net assets resulting from operations	$	1,207,710

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

Statements of Changes in Net Assets Wells Fargo Advantage 100% Treasury Money Market Fund 11

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	537,748					$	783,699					$	683,644
Net realized gains on investments					669,962						402,741						360,468
Net increase in net assets resulting from operations					1,207,710						1,186,440						1,044,112
Distributions to shareholders from
Net investment income
Class A					(10,442	)					(23,261	)					(26,382	)
Administrator Class					(49,819	)					(31,383	)2					NA
Service Class					(470,851	)					(727,528	)					(657,259	)
Sweep Class					(6,636	)					(1,527	)2					NA
Net realized gains
Class A					0						(5,976	)					(61,610	)
Administrator Class					0						(16,757	)2					NA
Service Class					0						(225,828	)					(1,569,437	)
Sweep Class					0						(1,348	)2					NA
Total distributions to shareholders					(537,748	)					(1,033,608	)					(2,314,688	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		114,107,492			114,107,492			344,729,879			344,729,879			373,885,007			373,885,007
Administrator Class		2,068,944,842			2,068,944,842			1,512,300,388	2		1,512,300,388	2		NA			NA
Service Class		19,920,607,260			19,920,607,260			37,849,862,686			37,849,862,686			18,506,252,685			18,506,252,685
Sweep Class		856,448,361			856,448,361			204,563,566	2		204,563,566	2		NA			NA
					22,960,107,955						39,911,456,519						18,880,137,692
Reinvestment of distributions
Class A		9,882			9,882			28,088			28,088			85,089			85,089
Administrator Class		25,683			25,683			25,081	2		25,081	2		NA			NA
Service Class		192,564			192,564			368,241			368,241			757,091			757,091
Sweep Class		6,636			6,636			2,875	2		2,875	2		NA			NA
					234,765						424,285						842,180
Payment for shares redeemed
Class A		(121,581,973	)		(121,581,973	)		(391,614,560	)		(391,614,560	)		(407,974,452	)		(407,974,452	)
Administrator Class		(1,310,673,795	)		(1,310,673,795	)		(1,356,794,570	)2		(1,356,794,570	)2		NA			NA
Service Class		(19,774,250,916	)		(19,774,250,916	)		(37,668,051,986	)		(37,668,051,986	)		(17,985,525,624	)		(17,985,525,624	)
Sweep Class		(711,746,649	)		(711,746,649	)		(91,922,276	)2		(91,922,276	)2		NA			NA
					(21,918,253,333	)					(39,508,383,392	)					(18,393,500,076	)
Net asset value of shares issued in acquisition
Administrator Class		0			0			507,309,749			507,326,387			0			0
Service Class		0			0			91,148,028			91,202,804			0			0
					0						598,529,191						0
Net increase in net assets resulting from capital share transactions					1,042,089,387						1,002,026,603						487,479,796
Total increase in net assets					1,042,759,349						1,002,179,435						486,209,220
Net assets
Beginning of period					9,436,190,529						8,434,011,094						7,947,801,874
End of period				$	10,478,949,878					$	9,436,190,529					$	8,434,011,094
Overdistributed net investment income				$	(5,010	)				$	(5,010	)				$	0

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year ended from February 28 to January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

12 Wells Fargo Advantage 100% Treasury Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class A							2010			2009			2008			2007			2006
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.04			0.04			0.02
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.04			0.04			0.02
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.04	)		(0.04	)		(0.02	)
Net realized gains		0.00			(0.00	)2		(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.04	)		(0.04	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.03	%		0.74	%		3.81	%		4.29	%		2.50	%
Ratios to average net assets (annualized)
Gross expenses		0.67	%		0.75	%		0.80	%		0.83	%		0.83	%		0.84	%		0.83	%
Net expenses		0.08	%		0.14	%		0.18	%		0.58	%		0.65	%		0.65	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		0.68	%		3.75	%		4.23	%		2.72	%
Supplemental data
Net assets, end of period (000’s omitted)		$218,048			$225,499			$272,399			$306,451			$298,220			$256,430			$201,384

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Amount represents less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage 100% Treasury Money Market Fund 13

(For a share outstanding throughout each period)

Administrator Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.52	%
Net expenses		0.07	%		0.14	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$1,421,234			$662,873

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount represents less than $0.005.

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

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

14 Wells Fargo Advantage 100% Treasury Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Service Class							2010			2009			2008			2007			2006
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.04			0.04			0.03
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.04			0.04			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.04	)		(0.04	)		(0.03	)
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.04	)		(0.04	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.03	%		0.86	%		3.97	%		4.44	%		2.64	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.70	%		0.73	%		0.73	%		0.73	%		0.74	%		0.73	%
Net expenses		0.08	%		0.14	%		0.17	%		0.46	%		0.50	%		0.50	%		0.50	%
Net investment income		0.01	%		0.01	%		0.01	%		0.74	%		3.85	%		4.36	%		2.89	%
Supplemental data
Net assets, end of period (000’s omitted)		$8,582,303			$8,435,170			$8,161,612			$7,641,351			$6,039,209			$4,049,964			$3,581,797

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Amount represents less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage 100% Treasury Money Market Fund 15

(For a share outstanding throughout each period)

Sweep Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.14	%
Net expenses		0.07	%		0.14	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$257,365			$112,648

1. For the periods from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount represents less than $0.005.

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

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

16 Wells Fargo Advantage 100% Treasury Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage 100% Treasury Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share

Notes to Financial Statements (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 17

dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS:

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.26% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Administrator Class		0.10
Service Class		0.12

18 Wells Fargo Advantage 100% Treasury Money Market Fund Notes to Financial Statements (Unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITION

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Institutional 100% Treasury Money Market Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of all of the shares of Evergreen Institutional 100% Treasury Money Market Fund for 598,457,777 shares of the Fund valued at $598,529,191 at an exchange ratio of 1.00 for each class. Shareholders holding Class I and Class IS shares of Evergreen Institutional 100% Treasury Money Market Fund received Administrator Class and Service Class shares, respectively, of the Fund in the reorganization. The investment portfolio of Evergreen Institutional the Fund with a fair value of $598,561,496 and amortized cost of $598,561,496 at July 9, 2010 were the principal assets acquired by the Fund. The aggregate net assets of Evergreen Institutional 100% Treasury Money Market Fund and the Fund immediately prior to the acquisition were $598,529,191 and $8,130,274,496, respectively. The aggregate net assets of the Fund immediately after the acquisition were $8,728,803,687. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Institutional 100% Treasury Money Market Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	889,744
Net realized gains on investments	$	421,602
Net increase in net assets resulting from operations	$	1,311,346

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 19

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

20 Wells Fargo Advantage 100% Treasury Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 21

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

22 Wells Fargo Advantage 100% Treasury Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 23

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to 100% Treasury Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital Management about various topics, including Funds Management��s oversight of service providers. The above factors,

24 Wells Fargo Advantage 100% Treasury Money Market Fund Other Information (Unaudited)

together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board

Other Information (Unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 25

received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process

26 Wells Fargo Advantage 100% Treasury Money Market Fund Other Information (Unaudited)

under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage 100% Treasury Money Market Fund 27

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204796 09-11 SA300/SAR300 7-11

Wells Fargo Advantage

California Municipal Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	18
Statement of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	26
Other Information	31
List of Abbreviations	38

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM , Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage California Municipal Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage California Municipal Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage California Municipal Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage California Municipal Money Market Fund Letter to Shareholders

classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax and California individual income tax, while preserving capital and liquity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

January 1, 1992

SECTOR DISTRIBUTION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

6 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

6 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage California Municipal Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (SGCXX)		01/01/1992		0.00		0.01		1.15		1.14		0.63%		0.63%
Administrator Class (WCMXX)		06/30/2010		0.01		0.01		1.35		1.34		0.36%		0.30%
Institutional Class A (WCTXX)		03/31/2008		0.02		0.06		1.36		1.34		0.24%		0.20%
Service Class (WFCXX)		11/08/1999		0.00		0.01		1.26		1.30		0.53%		0.45%
Sweep Class		06/30/2010		0.00		0.01		1.26		1.30		0.98%		0.98%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Administrator Class		Institutional Class		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, and has not been adjusted to reflect higher expenses applicable to the Administrator Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and has not been adjusted to reflect the higher expenses applicable to the Sweep Class shares. If these expenses had been adjusted, returns would be lower.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.65% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class and 1.05% for Sweep Class. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.54)%, (0.26)%, (0.15)%, (0.44)% and (0.89)% for Class A, Administrator Class, Institutional Class, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage California Municipal Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.89		0.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.89		0.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Institutional Class
Actual	$	1,000.00	$	1,000.16	$	0.79		0.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00	$	0.80		0.16	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.89		0.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.94		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85	$	0.95		0.19	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 91.84%
California: 88.86%
Other Municipal Debt: 2.08%
Riverside County CA Teeter Financing (Miscellaneous Revenue)		0.27	%		08/03/2011	$	5,000,000	$	5,000,000
San Diego County CA School Districts Series B-1 (Tax Revenue, GO of Participants Insured)		2.00			01/31/2012		1,000,000		1,007,610
San Joaquin County CA Transportation Authority Series A (Transportation Revenue)		0.09			08/09/2011		10,000,000		10,000,000
San Joaquin County CA Transportation Authority Series A (Transportation Revenue)		0.09			08/10/2011		38,000,000		38,000,000
									54,007,610
Variable Rate Demand Notes§: 86.78%
ABAG Finance Authority for Nonprofit Corporation California Berkeleyan Project A (Housing Revenue, FNMA Insured)		0.12			05/15/2033		2,000,000		2,000,000
ABAG Finance Authority for Nonprofit Corporation California Branson School (Education Revenue, Northern Trust Company LOC)		0.07			07/01/2038		6,700,000		6,700,000
ABAG Finance Authority for Nonprofit Corporation California MFHR Acton Courtyard Series A (Housing Revenue, FHLMC Insured)		0.11			04/01/2037		1,300,000		1,300,000
ABAG Finance Authority for Nonprofit Corporation California MFHR Fine Arts Building Projects Series A (Housing Revenue, FNMA Insured)		0.12			07/15/2035		14,200,000		14,200,000
ABAG Finance Authority for Nonprofit Corporation California The Head-Royce School (Education Revenue, Bank of America NA LOC)		0.08			09/01/2036		11,300,000		11,300,000
ABAG Finance Authority For Nonprofit Corporation Valley Christian Schools (Education Revenue, Bank of America NA LOC)		0.12			07/01/2039		19,480,000		19,480,000
ABAG Finance Authority for Nonprofit Corporations California Colma BART Apartments Series A (Housing Revenue, Bank of America NA LOC)		0.13			11/15/2035		10,110,000		10,110,000
ABAG Finance Authority for Nonprofit Corporations California Menlo School (Education Revenue, Northern Trust Company LOC)		0.05			09/01/2033		15,000,000		15,000,000
ABAG Finance Authority for Nonprofit Corporations California San Francisco University Series A (Education Revenue, Northern Trust Company LOC)		0.05			04/01/2035		1,515,000		1,515,000
ABAG Finance Authority for Nonprofit Corporations California Zoological Society of San Diego (Miscellaneous Revenue, Bank of America NA LOC)		0.10			10/01/2034		14,385,000		14,385,000
ABAG Finance Authority for Nonprofit Corporations Caliifornia Jewish Community Center (Miscellaneous Revenue, Bank of America NA LOC)		0.11			06/01/2029		4,515,000		4,515,000
ABAG Finance Authority For Nonprofit Corporations San Francisco High University Series A (Education Revenue, Northern Trust Company LOC)		0.05			04/01/2036		6,835,000		6,835,000
Alameda CA PFA MFHA Eagle Parrot Project Series A (Housing Revenue, FNMA Insured)		0.09			05/15/2035		1,565,000		1,565,000
Anaheim CA Housing Authority Cobblestone Apartments Series B (Housing Revenue, FNMA Insured)		0.18			03/15/2033		2,000,000		2,000,000
Anaheim CA Housing Authority MFHR Monterey Apartments Series B (Housing Revenue, FNMA Insured)		0.09			05/15/2027		1,895,000		1,895,000
Anaheim CA Housing Authority Sea Wind Apartments Project Series C (Housing Revenue, FNMA Insured)		0.18			07/15/2033		6,000,000		6,000,000
Arcadia County CA USD Series 2679 (GO-Local, FSA Insured)		0.12			08/01/2013		8,680,000		8,680,000
Austin Certificates Bank of America Series 2008-3312 (Miscellaneous Revenue)		0.14			08/01/2032		7,000,000		7,000,000
Azusa CA Public Financing Authority Parity Water Systems Project (Water & Sewer Revenue, FSA Insured)		0.08			02/01/2038		14,550,000		14,550,000
Bay Area Toll Authority California Toll Bridge (Transportation Revenue, Union Bank NA LOC)		0.04			04/01/2047		4,190,000		4,190,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Bay Area Toll Authority California Toll Bridge (Transportation Revenue, Morgan Stanley Bank LOC)		0.05	%		04/01/2045	$	15,550,000	$	15,550,000
Bay Area Toll Authority California Toll Bridge Series A (Transportation Revenue, Sumitomo Mitsui Banking LOC)		0.05			04/01/2045		2,300,000		2,300,000
Bay Area Toll Authority California Toll Bridge Series A2 (Transportation Revenue, Union Bank NA LOC)		0.05			04/01/2047		9,400,000		9,400,000
Branch Banking & Trust Municipal Trust Floaters Series 2049 (GO-Local, FSA Insured)		0.09			02/01/2027		9,075,000		9,075,000
California Alternative Energy Source Financing Authority GE Capital Corporation Series A (Utilities Revenue)		0.09			10/01/2020		25,330,000		25,330,000
California CDA Multifamily Housing Glen Haven Apartments Series 2002 (Housing Revenue, FNMA Insured)		0.18			04/15/2035		7,000,000		7,000,000
California CDA Multifamily Housing PUTTER Series 2680 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.22			05/15/2018		21,700,000		21,700,000
California Finance Authority Kehillah Jewish High School Series 2009 (Education Revenue, California Bank & Trust LOC)		0.07			08/01/2039		13,790,000		13,790,000
California HFA Home Mortgage Series H (Housing Revenue, FNMA LOC)		0.05			02/01/2036		4,900,000		4,900,000
California HFFA California Presbyterian Homes (Continuing Care Retirement Community, Union Bank NA LOC)		0.08			07/01/2034		8,080,000		8,080,000
California HFFA St. Joseph Health System Series B (Health Revenue, U.S. Bank NA LOC)		0.24			07/01/2041		10,000,000		10,000,000
California HFFA St. Joseph Health System Series C (Health Revenue, Northern Trust Company LOC)		0.24			07/01/2041		5,000,000		5,000,000
California Infrastructure & Economic Development Bank California Academy Series C (Education Revenue, East West Bank LOC)		0.11			12/01/2040		4,940,000		4,940,000
California Infrastructure & Economic Development Bank Haig Precision Corporation Project (IDR, Bank of the West LOC)		0.23			07/01/2030		1,400,000		1,400,000
California Infrastructure & Economic Development Bank J. Paul Getty Project Series A2 (Miscellaneous Revenue)		0.23			10/01/2047		15,975,000		15,975,000
California Infrastructure & Economic Development Bank J. Paul Getty Project Series B (Miscellaneous Revenue)		0.23			04/01/2033		16,835,000		16,835,000
California Infrastructure & Economic Development Bank J. Paul Getty Project Series A4 (Miscellaneous Revenue)		0.23			10/01/2047		15,250,000		15,250,000
California Infrastructure & Economic Development Bank Lycee Francias de Los Angeles Project (Education Revenue, U.S. Bank NA LOC)		0.06			09/01/2036		3,000,000		3,000,000
California Infrastructure & Economic Development Bank Pacific Gas & Electric Company Series B (Utilities Revenue, Mizuho Corporate Bank LOC)		0.24			11/01/2026		40,325,000		40,325,000
California Infrastructure & Economic Development Bank Pacific Gas & Electric Company Series C (Utilities Revenue, Sumitomo Mitsui Banking LOC)		0.23			12/01/2016		8,600,000		8,600,000
California Infrastructure & Economic Development Bank ROC RR II R-11527 (Transportation Revenue, AMBAC Insured)		0.11			07/01/2030		6,755,000		6,755,000
California Infrastructure & Economic Development Bank Society for the Blind Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.11			01/01/2037		2,185,000		2,185,000
California Infrastructure & Economic Development Bank The Bay Institute Aquarium Foundation (Miscellaneous Revenue)		0.05			06/01/2025		6,400,000		6,400,000
California Municipal Finance Authority Pacific Institute Series A (Health Revenue, California Bank & Trust LOC)		0.07			08/01/2037		21,055,000		21,055,000
California Municipal Finance Authority San Francisco Planning Project (Miscellaneous Revenue)		0.05			12/01/2042		6,935,000		6,935,000
California PCFA Burney Forest Products Project Series A (Resource Recovery Revenue, Union Bank of California LOC)		0.21			09/01/2020		14,700,000		14,700,000
California PCFA Musco Family Olive Series A (Resource Recovery Revenue, Bank of the West LOC)		0.07			11/01/2019		3,200,000		3,200,000

10 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
California PCFA Solid Waste John & Ann M Verwey Project (Miscellaneous Revenue, Bank of America NA LOC)		0.12	%		05/01/2028	$	3,400,000	$	3,400,000
California PCFA Solid Waste Milk Time Dairy Farms Project (Miscellaneous Revenue, CoBank ACB LOC)		0.12			11/01/2027		6,000,000		6,000,000
California PCFA Solid Waste Milk Time Dairy Farms Project (Miscellaneous Revenue, Bank of the West LOC)		0.12			11/01/2027		1,400,000		1,400,000
California PCFA Solid Waste P&D Dairy & Poso Creek (Miscellaneous Revenue, Bank of the West LOC)		0.12			05/01/2028		3,000,000		3,000,000
California PCFA Wadham Energy Series C (Resource Recovery Revenue, BNP Paribas LOC)		0.16			11/01/2017		14,000,000		14,000,000
California PCFA Waste Connection Incorporated Project (Resource Recovery Revenue, Bank of America NA LOC)		0.18			08/01/2018		10,100,000		10,100,000
California Refunding GO Branch Banking & Trust Company Municipal Trust Series 2000 (GO-State, Branch Banking & Trust LOC, FSA Insured)		0.15			07/10/2027		15,640,000		15,640,000
California Scripps Health Series F (Hospital Revenue, Northern Trust Company LOC)		0.04			10/01/2031		4,285,000		4,285,000
California DWR Series 3019 (Water & Sewer Revenue)		0.12			06/01/2016		4,885,000		4,885,000
California EDFA Joseph Schmidt Project Series A (IDR, Bank of the West LOC)		0.16			12/01/2026		2,700,000		2,700,000
California Enterprise Development Authority Pocino Foods Company Project Series A (IDR)		0.11			11/01/2033		7,665,000		7,665,000
California Enterprise Development Authority Ramar International Corporation Project Series A (IDR, Bank of the West LOC)		0.11			11/01/2033		4,000,000		4,000,000
California Series A Subseries A-1-1 (GO-State, Royal Bank of Canada LOC)		0.04			05/01/2040		20,000,000		20,000,000
California Series A Subseries A-1-2 (GO-State, Barclays Bank plc LOC)		0.04			05/01/2040		10,000,000		10,000,000
California Series A Subseries C-2 (GO-State, Bank of Nova Scotia LOC)		0.04			05/01/2033		1,000,000		1,000,000
California Series A Subseries A-1-1 (GO-State, Royal Bank of Canada LOC)		0.04			05/01/2040		20,000,000		20,000,000
California Series A2 (GO-State, Bank of Montreal LOC)		0.24			05/01/2033		45,700,000		45,700,000
California Series A3 (GO-State, Bank of Montreal LOC)		0.21			05/01/2033		18,150,000		18,150,000
California Series B Subseries B3 (GO-State, Barclays Bank plc LOC)		0.04			05/01/2040		12,475,000		12,475,000
California CDA (Health Revenue, FHLMC Insured)††		0.08			11/15/2048		28,367,789		28,367,789
California CDA (Hospital Revenue, FSA Insured)††		0.12			08/15/2032		12,825,000		12,825,000
California CDA Aegis Moraga Project C (Housing Revenue, FNMA Insured)		0.20			07/01/2027		7,255,000		7,255,000
California CDA Aegis Pleasant Hill Series H (Housing Revenue, FNMA Insured)		0.18			07/01/2027		6,270,000		6,270,000
California CDA Arbor Ridge Apartments Series B (Housing Revenue, FHLMC Insured)		0.14			11/01/2036		9,500,000		9,500,000
California CDA Avian Glen Apartment Project CC (Housing Revenue, CitiBank NA LOC)		0.20			08/01/2039		5,190,000		5,190,000
California CDA Belmont Project Series F (Housing Revenue, FNMA Insured)		0.17			06/15/2038		9,390,000		9,390,000
California CDA Charter Court Apartments Series L (Housing Revenue, FHLMC Insured)		0.14			09/01/2040		4,000,000		4,000,000
California CDA Gas Supply (Energy Revenue, Royal Bank of Canada SPA)		0.07			11/01/2040		64,575,000		64,575,000
California CDA Grande Apartments Series TT (Housing Revenue, FNMA Insured)		0.19			12/15/2034		1,925,000		1,925,000
California CDA Greenback Manor Apartments Series A (Housing Revenue, East West Bank LOC)		0.18			02/01/2028		4,660,000		4,660,000
California CDA Health Facility Community Hospital (Hospital Revenue) (Hospital Revenue, U.S. Bank NA LOC)		0.05			06/01/2033		8,500,000		8,500,000
California CDA La Puente Apartments Series JJ (Housing Revenue, U.S. Bank NA LOC)		0.33			11/01/2031		6,775,000		6,775,000
California CDA Livermore Valley Arts Center Project (Miscellaneous Revenue, Bank of New York LOC)		0.04			12/01/2036		12,170,000		12,170,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
California CDA MFHR Canyon Country Apartments Series M (Housing Revenue, FHLMC Insured)		0.18	%		12/01/2034	$	10,500,000	$	10,500,000
California CDA MFHR Granite Oaks Apartments Series R (Housing Revenue, FNMA Insured)		0.19			10/15/2030		3,985,000		3,985,000
California CDA MFHR Imperial Park Apartments Series 00 (Housing Revenue, FHLMC Insured)		0.09			11/01/2040		10,935,000		10,935,000
California CDA Multifamily Housing Desert Palms Series A (Housing Revenue, FHLMC LOC)		0.09			08/01/2045		7,000,000		7,000,000
California CDA Multifamily Housing PFOTER MT 381 (Housing Revenue, FNMA Insured)		0.18			02/01/2050		14,000,000		14,000,000
California CDA Multifamily Housing PFOTER MT 381 (Housing Revenue, FHLMC Insured)		0.18			02/01/2053		11,000,000		11,000,000
California CDA Multifamily Housing PUTTERS Series 2681 (Housing Revenue, JPMorgan Chase Bank LOC)		0.32			05/15/2018		1,300,000		1,300,000
California CDA Multifamily Housing Seasons at Lakewood Series A (Housing Revenue, FNMA Insured)		0.19			05/15/2037		3,200,000		3,200,000
California CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured)		0.18			08/01/2031		7,840,000		7,840,000
California CDA Olympus Park Apartments Series Y (Housing Revenue, FNMA Insured)		0.18			10/15/2030		6,440,000		6,440,000
California CDA Seasons Senior Apartments Series B (Housing Revenue, FNMA Insured)		0.18			05/15/2037		5,265,000		5,265,000
California CDA Series 3108 (Hospital Revenue, AMBAC Insured)††		0.08			08/15/2038		6,000,000		6,000,000
California CDA Sunrise of Danville Project Series A (Housing Revenue, FNMA Insured)		0.18			05/01/2027		5,665,000		5,665,000
California CDA Tyrella Gardens Apartments Series B (Housing Revenue, CitiBank NA LOC)		0.10			06/01/2036		2,545,000		2,545,000
California CDA University Retirement Community Project (Health Revenue, Bank of America NA LOC)		0.27			11/15/2038		1,110,000		1,110,000
California CDA Villa Paseo Senior Project MM (Housing Revenue, East West Bank LOC)		0.19			11/01/2035		4,000,000		4,000,000
California CDA Village at Hesperia Series CCC (Housing Revenue, FNMA Insured)		0.19			11/15/2039		2,300,000		2,300,000
California CDA Village at Ninth Apartments Series D (Housing Revenue, FNMA Insured)		0.18			11/15/2035		4,375,000		4,375,000
California CDA Village at Shaw Apartments Series E (Housing Revenue, FNMA Insured)		0.19			11/15/2035		3,605,000		3,605,000
Camarillo CA Hacienda de Camarillo Project (Housing Revenue, FNMA Insured)		0.17			10/15/2026		1,755,000		1,755,000
Central Basin California Municipal Water Distribution Series B (Utilities Revenue, U.S. Bank NA LOC)		0.05			08/01/2037		10,620,000		10,620,000
Chino Basin California Regional Financing Authority Inland Empire Utility Series B (Water & Sewer Revenue, Lloyds TSB Bank LOC)		0.05			06/01/2032		8,580,000		8,580,000
Concord CA MFHR (Housing Revenue, FHLMC Insured)		0.12			12/01/2016		2,100,000		2,100,000
Corona CA Household Bank Project B (Housing Revenue, FNMA Insured)		0.10			02/01/2023		11,000,000		11,000,000
Deutsche Bank Spears Lifers Trust DB-383 (Tax Revenue, FGIC Insured)		0.08			08/01/2035		11,575,000		11,575,000
Deutsche Bank Spears Lifers Trust DB-384 (Tax Revenue, NATL-RE Insured)		0.08			06/01/2032		16,725,000		16,725,000
Deutsche Bank Spears Lifers Trust Series 445 (GO-Local, FSA Insured)		0.08			08/01/2032		270,000		270,000
Deutsche Bank Spears Lifers Trust Series DB-287 (GO-Local, NATL-RE Insured)		0.08			09/01/2037		38,530,000		38,530,000
Deutsche Bank Spears Lifers Trust Series DB-430 (Tax Revenue, NATL-RE Insured)		0.08			09/01/2038		1,830,000		1,830,000
Deutsche Bank Spears Lifers Trust Series DB-448 (GO-Local, FSA Insured)		0.08			07/01/2032		9,290,000		9,290,000

12 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Deutsche Bank Spears Lifers Trust Series DB-457 (GO-Local, FSA Insured)		0.08	%		08/01/2032	$	3,977,000	$	3,977,000
Deutsche Bank Spears Lifers Trust Series DB-477 (GO-Local, FSA FGIC AMBAC Insured)		0.08			12/01/2024		210,000		210,000
Deutsche Bank Spears Lifers Trust Series DB-490 (Tax Revenue, FSA Insured)		0.08			02/01/2031		10,460,000		10,460,000
Deutsche Bank Spears Lifers Trust Series DB-628 (GO-Local, FSA Insured)		0.08			08/01/2031		4,175,000		4,175,000
Deutsche Bank Spears Lifers Trust Series DB-629 (GO-Local, NATL-RE Insured)		0.08			08/01/2031		7,065,000		7,065,000
Deutsche Bank Spears Lifers Trust Series DB-630 (GO-Local, NATL-RE Insured)		0.08			02/01/2024		4,520,000		4,520,000
Deutsche Bank Spears Lifers Trust Series DB-632 (GO-Local, FSA-CR FGIC Insured)		0.08			08/01/2033		15,325,000		15,325,000
Deutsche Bank Spears Lifers Trust Series DBE-247 (Tax Revenue, FGIC Insured)		0.08			12/01/2030		10,000,000		10,000,000
Deutsche Bank Spears Lifers Trust Series DBE-444 (GO-Local, FGIC Insured)		0.08			08/01/2032		3,155,000		3,155,000
Deutsche Bank Spears Lifers Trust Series DBE-500 (Water & Sewer Revenue, AMBAC Insured)		0.08			11/01/2038		2,690,000		2,690,000
Deutsche Bank Spears Lifers Trust Series DBE-575 (Tax Revenue, AMBAC Insured)		0.08			09/01/2029		1,025,000		1,025,000
Deutsche Bank Spears Lifers Trust Series DBE-625 (Tobacco Revenue, AMBAC Insured)		0.08			06/01/2028		7,165,000		7,165,000
Deutsche Bank Spears Lifers Trust Series DBE-637 (GO-Local)		0.08			08/01/2047		8,800,000		8,800,000
Deutsche Bank Spears Lifers Trust Series DBE-675 (Tax Revenue, Assured Guaranty Insured)		0.08			08/01/2048		7,827,000		7,827,000
East Bay CA Municipal Utilities District Water System Series A-1 (Water & Sewer Revenue)		0.04			06/01/2038		50,820,000		50,820,000
East Bay CA Municipal Utilities District Water System Series A-3 (Water & Sewer Revenue)		0.03			06/01/2038		9,955,000		9,955,000
Eclipse Funding Trust 2006-0002 Solar Eclipse Los Angeles (GO-Local, U.S. Bank NA LOC)		0.07			07/01/2030		25,735,000		25,735,000
Eclipse Funding Trust 2007-0079 Solar Eclipse Los Angeles (GO-Local, U.S. Bank NA LOC)		0.07			08/01/2032		10,200,000		10,200,000
Eclipse Funding Trust California Educational Facilities 2006-0065 Solar Eclipse Pepperdine (Education Revenue, U.S. Bank NA LOC)		0.07			12/01/2013		2,175,000		2,175,000
Elsinore Valley CA Municipal Water District COP Series B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.05			07/01/2035		6,750,000		6,750,000
Fremont CA Treetops Apartments Series A (Housing Revenue, FNMA Insured)		0.19			08/15/2026		9,800,000		9,800,000
Glendale CA Water Authority(GO - Local, NATL-RE Insured)		0.08			09/01/2027		13,205,000		13,205,000
Golden State CA Tobacco Securitization Corporation Series 3123 (Miscellaneous Revenue)††		0.13			06/01/2045		21,290,000		21,290,000
Golden State CA Tobacco Securitization Corporation Tobacco Settlement ROC RR II R-11442 (Tobacco Revenue, AGC-ICC Insured)		0.28			06/01/2035		6,255,000		6,255,000
Grossmont CA USD Capital Appreciation Election of 2004 (Tobacco Revenue, FGIC Insured)		0.08			06/01/2035		3,375,000		3,375,000
Grossmont Cuyamaca CA Community College District ROC RR II R-11519 (GO-Local, Assured Guaranty Insured)		0.11			02/01/2016		7,425,000		7,425,000
Hayward CA MFHR Shorewood Series A (Housing Revenue, FNMA Insured)		0.09			07/15/2014		4,000,000		4,000,000
Hemet CA MFHR Sunwest Retirement Series A (Housing Revenue, FHLMC Insured)		0.18			01/01/2025		1,000,000		1,000,000
Hemet CA USD Facilities Project (Lease Revenue, State Street Bank & Trust Company LOC)		0.05			10/01/2036		3,970,000		3,970,000
Highland CA RDA Jeffrey Court Senior Apartments (Housing Revenue, East West Bank LOC)		0.09			03/01/2028		6,620,000		6,620,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
JPMorgan Chase PUTTER/DRIVER Trust Series 3903Z (Tax Revenue) (Tax Revenue, NATL-RE Insured)††		0.12	%		12/01/2027	$	5,000,000	$	5,000,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3931 (Tax Revenue)		0.21			08/12/2012		25,000,000		25,000,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3934 (Tax Revenue)††		0.20			08/07/2012		5,000,000		5,000,000
Kings County CA Housing Authority Edgewater Isle Apartments Series A (Housing Revenue, FNMA Insured)		0.08			02/15/2031		6,100,000		6,100,000
Lancaster CA Redevelopment Agency MFHR 20th Street Apartments Project Series C (Housing Revenue, FNMA Insured)		0.17			12/01/2026		5,500,000		5,500,000
Los Angeles CA Community RDA Second & Central Apartments Project (Housing Revenue, HSBC Bank USA NA LOC)		0.07			12/01/2038		26,665,000		26,665,000
Los Angeles CA Community RDA Security Building Project Series A (Housing Revenue, FNMA Insured)		0.14			12/15/2034		6,290,000		6,290,000
Los Angeles CA COP Notre Dame High School Series 2006-A (Lease Revenue, Bank of America NA LOC)		0.08			09/01/2036		6,790,000		6,790,000
Los Angeles CA COP Samuel A Fryer Yavney Series A (Education Revenue, California Bank & Trust LOC)		0.08			08/01/2038		10,000,000		10,000,000
Los Angeles CA Department Water & Power Revenue System Subseries A-2 (Water & Sewer Revenue, AGM-CR AMBAC Insured)††		0.12			01/01/2015		4,125,000		4,125,000
Los Angeles CA DW&P ROC RR II R-11531 (Water & Sewer Revenue, NATL-RE Insured)		0.11			01/01/2013		10,505,000		10,505,000
Los Angeles CA Mission Village Terrace Apartments (Housing Revenue, East West Bank LOC)		0.19			07/01/2027		3,540,000		3,540,000
Los Angeles CA Waste Water System Series 2254 (Water & Sewer Revenue, NATL-RE Insured)		0.12			06/01/2013		5,780,000		5,780,000
Los Angeles CA Waste Water System Subseries G (Water & Sewer Revenue, Bank of America NA LOC)		0.07			06/01/2032		8,330,000		8,330,000
Los Angeles CA Watts Athens Apartments Series A (Housing Revenue, CitiBank (West) FSB LOC)		0.18			08/15/2030		4,300,000		4,300,000
Los Angeles County CA CDA MFHR Met Apartments Project (Housing Revenue, FNMA Insured)		0.06			12/15/2024		635,000		635,000
Los Rios CA Community College District Series 2972 (GO-Local, FSA Insured)		0.12			02/01/2013		5,065,000		5,065,000
Manteca CA RDA Amended Merger Project (Tax Revenue, State Street Bank & Trust Company LOC)		0.33			10/01/2042		10,590,000		10,590,000
Menlo Park CA CDA Las Pulgas Community Development (Tax Revenue, State Street Bank & Trust Company LOC)		0.33			01/01/2031		29,985,000		29,985,000
Metropolitan Water District Southern California Waterworks (Water & Sewer Revenue)††		0.11			02/01/2015		12,515,000		12,515,000
Metropolitan Water District Southern California Waterworks Class A (Water & Sewer Revenue)		0.11			07/01/2037		29,800,000		29,800,000
Metropolitan Water District Southern California Waterworks Series A-2 (Water & Sewer Revenue)		0.14			07/01/2037		4,065,000		4,065,000
Metropolitan Water District Southern California Waterworks Series B4 (Water & Sewer Revenue)		0.07			07/01/2035		6,500,000		6,500,000
Metropolitan Water District Southern California Waterworks Series C (Water & Sewer Revenue)		0.10			07/01/2027		11,900,000		11,900,000
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue) (Housing Revenue, FNMA Insured)		0.08			09/15/2024		5,875,000		5,875,000
Modesto County CA Multifamily Housing Shadowbrook Apartments Series A (Housing Revenue, FNMA Insured)		0.09			05/15/2031		700,000		700,000
Morgan Hill CA RDA Tax Allocation Ojo de Agua Redevelopment Project A (Tax Revenue, Scotia Bank LOC)		0.05			09/01/2033		55,915,000		55,915,000
Napa CA Water Utility Improvements (Water & Sewer Revenue, AMBAC Insured)††		0.12			11/01/2015		10,585,000		10,585,000

14 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Oakland CA Redevelopment Authority MFHR (Housing Revenue, FHLMC Insured)		0.18	%		10/01/2050	$	29,500,000	$	29,500,000
Oceanside CA Ace-Shadow Way (Housing Revenue, FHLMC Insured)		0.07			03/01/2049		1,050,000		1,050,000
Ontario County CA Multifamily Revenue (Housing Revenue, FHLMC Insured)		0.15			12/01/2035		6,500,000		6,500,000
Orange County CA Apartment Development Authority Project Class A (Housing Revenue, FNMA Insured)		0.09			12/15/2028		6,070,000		6,070,000
Orange County CA Apartment Development Revenue Park Place Apartments Project Series A (Housing Revenue, FHLMC Insured)		0.17			04/01/2024		4,900,000		4,900,000
Orange County CA Apartment Development Revenue Park Ridge Villas Project (Housing Revenue, FNMA Insured)		0.16			11/15/2028		4,000,000		4,000,000
Orange County CA Apartment Development Revenue Series D Harbor Pointe Project (Housing Revenue, FHLMC Insured)		0.16			12/01/2022		449,000		449,000
Orange County CA Apartment Development Villas Aliento Series E Project (Housing Revenue, FNMA Insured)		0.10			08/15/2028		2,640,000		2,640,000
Orange County CA Water District Series A (Water & Sewer Revenue, CitiBank NA LOC)		0.06			08/01/2042		7,500,000		7,500,000
Peralta CA Community College District Election 2000 Project Series D (GO-Local)††		0.12			08/01/2015		30,205,000		30,205,000
Petaluma CA CDS MFHR Oakmont at Petaluma Series A (Housing Revenue, U.S. Bank NA LOC)		0.16			04/01/2026		500,000		500,000
Pittsburg CA Pubic Financing Authority (Water & Sewer Revenue, Bank of the West LOC)		0.06			06/01/2035		5,850,000		5,850,000
Poway CA School District Series 3063 (GO-Local, FSA Insured)††		0.08			08/01/2030		10,000,000		10,000,000
PFOTER PPT-1007 Class A (Housing Revenue, FHLMC Insured)		0.18			05/01/2027		6,420,000		6,420,000
PFOTER PPT-1007 Class A (Housing Revenue) (Housing Revenue, FHLMC Insured)		0.18			06/01/2032		1,090,000		1,090,000
Rancho CA Water District Financing Authority Series B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.04			08/15/2031		7,000,000		7,000,000
RBC Municipal Products Incorporated Trust Floater Certificates Series E-17 (Tax Revenue)††		0.08			03/01/2034		35,985,000		35,985,000
Riverside CA Electric Project PUTTER Series 3042Z (Utilities Revenue, FSA Insured)††		0.21			04/01/2016		3,245,000		3,245,000
Roseville CA Electric System Series A (Utilities Revenue, Morgan Stanley Bank LOC)		0.07			02/01/2035		20,000,000		20,000,000
Sacramento CA Housing Authority Shenandoah Apartments Series F (Housing Revenue, FNMA Insured)		0.18			09/15/2036		7,000,000		7,000,000
Sacramento County CA Housing Authority (Housing Revenue, FNMA Insured)		0.16			07/15/2029		5,000,000		5,000,000
Sacramento County CA Housing Authority Arlington Creek Apartment Series I (Housing Revenue, FNMA Insured)		0.18			05/15/2034		8,350,000		8,350,000
Sacramento County CA Housing Authority Logan Park Apartments Series E (Housing Revenue, FHLMC Insured)		0.20			05/01/2042		10,000,000		10,000,000
Sacramento County CA Housing Authority MFHR Cascades Series D (Housing Revenue, FNMA Insured)		0.18			09/15/2035		6,535,000		6,535,000
Sacramento County CA Housing Authority MFHR Normandy Park Apartments Series A (Housing Revenue, FNMA Insured)		0.18			02/15/2033		6,000,000		6,000,000
Sacramento County CA Housing Authority Seasons at Winter Series C2 (Housing Revenue, FHLMC Insured)		0.08			08/01/2034		2,900,000		2,900,000
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC Insured)		0.08			12/01/2022		6,555,000		6,555,000
Sacramento County CA Sanitation District Finance Authority Series B (Water & Sewer Revenue, Morgan Stanley Bank LOC)		0.21			12/01/2037		25,000,000		25,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Sacramento County CA Sanitation District Financing Authority Municipal Trust Receipts SGC-48 Class A (Water & Sewer Revenue, Societe Generale LOC, FGIC Insured)		0.11	%		12/01/2035	$	10,000,000	$	10,000,000
Sacramento County CA Sanitation District Financing Authority Series D (Water & Sewer Revenue, Morgan Stanley Bank LOC)		0.18			12/01/2039		15,000,000		15,000,000
Sacramento County CA Sanitation District Financing Authority Subordinate Lien Sacramento District E (Water & Sewer Revenue, JPMorgan Chase Bank LOC)		0.05			12/01/2040		5,000,000		5,000,000
Sacramento County CA Sanitation District Financing Authority Subordinate Lien Sacramento Regulation Series C (Water & Sewer Revenue, Bank of America NA LOC)		0.06			12/01/2030		11,520,000		11,520,000
San Bernardino CA RDA Silver Woods Apartments Project (Housing Revenue, FNMA Insured)		0.19			05/01/2026		7,000,000		7,000,000
San Bernardino County CA Flood Control District (Tax Revenue, Bank of America NA LOC)		0.06			08/01/2037		5,500,000		5,500,000
San Bernardino County CA MFHR Green Valley Apartments Project Series A (Housing Revenue, FNMA Insured)		0.16			05/15/2029		6,115,000		6,115,000
San Bernardino County CA MFHR Sycamore Terrace Project Series A (Housing Revenue, FNMA Insured)		0.16			05/15/2029		5,600,000		5,600,000
San Bernardino County CA Parkview Series A (Housing Revenue, FNMA Insured)		0.16			02/15/2027		1,500,000		1,500,000
San Diego County CA Housing Authority Multifamily Housing Studio 15 Series B (Housing Revenue, CitiBank NA LOC)		0.19			10/01/2039		5,395,000		5,395,000
San Diego County CA Regional Transportation Community Limited Tax Series A (Tax Revenue)		0.05			04/01/2038		4,600,000		4,600,000
San Diego County CA Regional Transportation Community Limited Tax Series B (Tax Revenue)		0.07			04/01/2038		3,925,000		3,925,000
San Diego County CA Water Authority COP Series 2873 (Water & Sewer Revenue, FSA Insured)		0.12			05/01/2013		1,545,000		1,545,000
San Francisco CA Bay Area Rapid Transit District (Tax Revenue)††		0.10			08/01/2030		7,500,000		7,500,000
San Francisco CA Bay Area Rapid Transportation District Election of 2004 Series B (Education Revenue, AGM-CR FGIC Insured)††		0.12			11/15/2015		4,700,000		4,700,000
San Francisco CA City & County Airports Commisison Second Series 36C (Port, Airport, & Marina Authority Revenue, U.S. Bank NA LOC)		0.06			05/01/2026		14,070,000		14,070,000
San Francisco CA City & County Airports Commission Second Series 37C (Port, Airport, & Marina Authority Revenue, Union Bank NA LOC)		0.04			05/01/2029		10,000,000		10,000,000
San Francisco CA City & County Airports Commission Series 36-B (Airport Revenue, U.S. Bank NA LOC)		0.06			05/01/2026		12,310,000		12,310,000
San Francisco CA City & County RDA Fillmore Center Series B1 (Housing Revenue, FHLMC Insured)		0.10			12/01/2017		38,900,000		38,900,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, CitiBank NA LOC)		0.09			12/01/2033		12,940,000		12,940,000
San Francisco CA City & County RDA Orlando Cepeda Place Series D (Housing Revenue, CitiBank NA LOC)		0.12			11/01/2033		8,525,000		8,525,000
San Jose CA Financing Authority Civic Center Project Series B (Lease Revenue, AMBAC Insured)††		0.12			12/01/2011		7,000,000		7,000,000
San Jose CA MFHR Raintree Apartments Series A (Housing Revenue, FHLMC Insured)		0.09			02/01/2038		10,600,000		10,600,000
San Jose CA Turnleaf Apartments Series A (Housing Revenue, FHLMC Insured)		0.11			06/01/2036		4,230,000		4,230,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured)		0.14			09/15/2032		1,120,000		1,120,000
San Mateo County CA Community College District Capital Appreciation Election 2001 Series B (GO-Local, NATL-RE Insured)		0.08			06/01/2031		9,716,000		9,716,000
Santa Clara Valley CA Transportation Authority Series A (Tax Revenue)		0.04			06/01/2026		25,385,000		25,385,000

16 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Santa Clara Valley CA Transportation Authority Series C (Tax Revenue)		0.06	%		06/01/2026	$	12,495,000	$	12,495,000
Santa Rosa CA Alderbrook Heights Apartments (Housing Revenue, Exchange Bank LOC)		0.14			05/01/2040		3,120,000		3,120,000
Sequoia CA University High School District (GO-Local, FSA Insured)		0.12			07/01/2014		2,025,000		2,025,000
Simi Valley CA MFHA Series A (Housing Revenue, FHLMC Insured)		0.15			07/01/2023		695,000		695,000
Simi Valley CA Shadowridge Apartments Project (Housing Revenue, FHLMC Insured)		0.09			09/01/2019		5,700,000		5,700,000
Stockton CA HCFR Series A (Hospital Revenue, CitiBank NA LOC)		0.33			12/01/2032		5,750,000		5,750,000
Sweetwater CA Union High School District ROC RR II-11484 (GO-Local, FSA Insured)		0.20			02/01/2013		8,220,000		8,220,000
Tahoe Forest CA Hospital District (Hospital Revenue, U.S. Bank NA LOC)		0.33			07/01/2033		2,540,000		2,540,000
Upland CA Community RDA Sunset Ridge Apartments (Housing Revenue, East West Bank LOC)		0.05			08/01/2037		18,000,000		18,000,000
Vacaville CA MFHR Sycamore Apartments Series A (Housing Revenue, FNMA Insured)		0.17			05/15/2029		2,350,000		2,350,000
Vallejo CA Housing Authority Multifamily Mortgage Refunding (Housing Revenue, FNMA Insured)		0.10			05/15/2022		885,000		885,000
Victorville CA Joint Powers Finance Authority Project A (Utilities Revenue, BNP Paribas LOC)		1.35			05/01/2040		1,990,000		1,990,000
Walnut Creek CA Creekside Drive (Housing Revenue, FHLMC Insured)		0.10			04/01/2027		3,620,000		3,620,000
Western Municipal Water District Facilities Authority (Water & Sewer Revenue, U.S. Bank NA LOC)		0.06			10/01/2032		11,400,000		11,400,000
Whittier CA Health Facilities Presbyterian Intercommunity Project Series C (Hospital Revenue, U.S. Bank NA LOC)		0.04			06/01/2036		5,800,000		5,800,000
Whittier CA Whittier College Series 2008 (Education Revenue, Bank of America NA LOC)		0.08			12/01/2038		7,655,000		7,655,000
									2,250,251,789
Other: 0.50%
Variable Rate Demand Notes§: 0.50%
FHMLC Multifamily Certificates (Housing Revenue)		0.18			08/15/2045		2,821,531		2,821,531
FHMLC Multifamily Certificates (Housing Revenue)		0.18			11/15/2034		10,298,778		10,298,778
									13,120,309
Puerto Rico: 2.48%
Variable Rate Demand Notes§: 2.48%
Puerto Rico Commonwealth Highway & Transportation Authority Series 2148 (Tax Revenue, AGC-ICC CIFG Insured)		0.13			07/01/2041		26,760,000		26,760,000
Puerto Rico Commonwealth Highway & Transportation Authority Series A (Tax Revenue, Scotia Bank LOC)		0.04			07/01/2028		2,605,000		2,605,000
Puerto Rico Electric Power Authority Municipal Trust Receipts-SGC-57 Class A (Utilities Revenue, Societe Generale LOC, FSA Insured)		0.11			07/01/2029		10,780,000		10,780,000
Puerto Rico Sales Tax Finance Corporation Deutsche Bank Spears Trust Series DBE-627A (Tax Revenue, AMBAC Insured)		0.08			08/01/2050		7,486,000		7,486,000
Puerto Rico Sales Tax Financing Corporation ROC RR II R-11760 (Tax Revenue, CitiBank NA Insured)††		0.11			12/01/2047		2,000,000		2,000,000
Puerto Rico Sales Tax Financing Corporation ROC-RR-II-R11763 (Tax Revenue)††		0.11			12/01/2047		12,750,000		12,750,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Puerto Rico Sales Tax Financing Corporation Series 11829 (Tax Revenue, AGM Insured)††		0.20	%		02/01/2034	$	1,900,000	$	1,900,000
									64,281,000

Total Investments in Securities (Cost $2,381,660,708)*	91.84	%		2,381,660,708
Other Assets and Liabilities, Net	8.16			211,562,935
Total Net Assets	100.00	%	$	2,593,223,643

†† Security 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 are subject to a demand feature which reduces the effective maturity.

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

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

18 Wells Fargo Advantage California Municipal Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	2,381,660,708
Cash		133,637,015
Receivable for investments sold		83,970,232
Receivable for Fund shares sold		135
Receivable for interest		565,896
Receivable from adviser		825,178
Total assets		2,600,659,164
Liabilities
Dividends payable		8,714
Payable for Fund shares redeemed		6,340,000
Distribution fees payable		85,561
Due to other related parties		493,213
Accrued expenses and other liabilities		508,033
Total liabilities		7,435,521
Total net assets	$	2,593,223,643
NET ASSETS CONSIST OF
Paid-in capital	$	2,593,171,754
Overdistributed net investment income		(5,862	)
Accumulated net realized gains on investments		57,751
Total net assets	$	2,593,223,643
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	1,306,616,214
Shares outstanding – Class A		1,306,594,920
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	100,024
Shares outstanding – Administrator Class		100,021
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	921,546,952
Shares outstanding – Institutional Class		921,514,121
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	101,122,270
Shares outstanding – Service Class		101,121,402
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	263,838,183
Shares outstanding – Sweep Class		263,829,821
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 19

Investment income
Interest	$	2,695,996
Expenses
Advisory fee		1,404,454
Administration fees
Fund level		702,227
Class A		1,568,675
Administrator Class		49
Institutional Class		365,864
Service Class		62,572
Sweep Class		400,172
Shareholder servicing fees
Class A		1,736,152
Administrator Class		49
Service Class		128,323
Sweep Class		454,741
Distribution fees
Sweep Class		636,637
Custody and accounting fees		85,499
Professional fees		14,509
Registration fees		20,241
Shareholder report expenses		652
Trustees’ fees and expenses		8,592
Other fees and expenses		22,260
Total expenses		7,611,668
Less: Fee waivers and/or expense reimbursements		(5,155,683	)
Net expenses		2,455,985
Net investment income		240,011
Net realized gains on investments		62,629
Net increase in net assets resulting from operations	$	302,640

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

20 Wells Fargo Advantage California Municipal Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	240,011					$	798,376					$	1,446,118
Net realized gains (losses) on investments					62,629						0						(4,878	)
Net increase in net assets resulting from operations					302,640						798,376						1,441,240
Distributions to shareholders from
Net investment income
Class A					(71,302	)					(155,827	)					(321,031	)
Administrator Class					(5	)					(16	)2					NA
Institutional Class					(145,299	)					(580,733	)					(765,282	)
Service Class					(5,214	)					(34,310	)					(359,805	)
Sweep Class					(18,191	)					(27,487	)2					NA
Net realized gains
Class A					0						0						(123,014	)
Institutional Class					0						0						(17,769	)
Service Class					0						0						(27,272	)
Total distributions to shareholders					(240,011	)					(798,373	)					(1,614,173	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,183,766,823			1,183,766,823			1,758,649,756			1,758,649,756			2,402,281,400			2,402,281,400
Administrator Class		0			0			100,000	2		100,000	2		NA			NA
Institutional Class		1,188,583,014			1,188,583,014			1,947,266,295			1,947,266,295			1,790,297,628			1,790,297,628
Service Class		60,321,905			60,321,905			602,791,622			602,791,622			742,085,161			742,085,161
Sweep Class		607,014,705			607,014,705			948,753,970	2		948,753,970	2		NA			NA
					3,039,686,447						5,257,561,643						4,934,664,189
Reinvestment of distributions
Class A		68,420			68,420			143,754			143,754			417,490			417,490
Administrator Class		5			5			16	2		16	2		NA			NA
Institutional Class		18,539			18,539			311,627			311,627			464,816			464,816
Service Class		2,993			2,993			7,386			7,386			108,140			108,140
Sweep Class		18,191			18,191			27,487	2		27,487	2		NA			NA
					108,148						490,270						990,446
Payment for shares redeemed
Class A		(1,364,126,195	)		(1,364,126,195	)		(2,228,327,432	)		(2,228,327,432	)		(3,746,180,886	)		(3,746,180,886	)
Institutional Class		(1,098,184,016	)		(1,098,184,016	)		(1,747,941,455	)		(1,747,941,455	)		(1,924,963,024	)		(1,924,963,024	)
Service Class		(60,506,193	)		(60,506,193	)		(899,182,277	)		(899,182,277	)		(1,053,686,469	)		(1,053,686,469	)
Sweep Class		(746,043,100	)		(746,043,100	)		(983,907,411	)2		(983,907,411	)2		NA			NA
					(3,268,859,504	)					(5,859,358,575	)					(6,724,830,379	)
Net asset value of shares issued in acquisitions
Class A		0			0			8,219,387			8,208,874			0			0
Institutional Class		0			0			395,086,399			395,098,848			0			0
Service Class		0			0			134,479			134,798			0			0
Sweep Class		0			0			437,965,979			437,916,409			NA			NA
					0						841,358,929						0
Net increase (decrease) in net assets resulting from capital share transactions					(229,064,909	)					240,052,267						(1,789,175,744	)
Total increase (decrease) in net assets					(229,002,280	)					240,052,270						(1,789,348,677	)
Net assets
Beginning of period					2,822,225,923						2,582,173,653						4,371,522,330
End of period				$	2,593,223,643					$	2,822,225,923					$	2,582,173,653
Overdistributed net investment income				$	(5,862	)				$	(5,862	)				$	(1,037	)

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

Financial Highlights Wells Fargo Advantage California Municipal Money Market Fund 21

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28
Class A							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	4		0.00	4		0.00	4		0.01			0.03			0.03			0.02
Net realized gains on investments		0.00	4		0.00			0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	4		0.00	4		0.00	4		0.01			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)4		(0.00	)4		(0.00	)4		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			0.00			(0.00	)4		(0.00	)4		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)4		(0.00	)4		(0.00	)4		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.02	%		1.22	%		2.85	%		2.85	%		1.85	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.69	%		0.87	%		0.85	%		0.83	%		0.84	%		0.84	%
Net expenses		0.18	%		0.32	%		0.44	%		0.66	%		0.65	%		0.65	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		1.19	%		2.79	%		2.81	%		2.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$1,306,616			$1,486,876			$1,948,313			$3,291,922			$3,837,463			$3,064,445			$2,552,430

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

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

4. Amount is less than $0.005.

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

22 Wells Fargo Advantage California Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

Administrator Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	3		0.00	3
Net realized gains on investments		0.00	3		0.00	3
Total from investment operations		0.00	3		0.00	3
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3
Net asset value, end of period	$	1.00		$	1.00
Total return2		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.37	%
Net expenses		0.18	%		0.30	%
Net investment income		0.01	%		0.03	%
Supplemental data
Net assets, end of period (000’s omitted)		$100			$100

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

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

3. Amount is less than $0.005.

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

Financial Highlights Wells Fargo Advantage California Municipal Money Market Fund 23

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28
Institutional Class								2010			2009	2
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	4		0.00	4		0.00	4		0.01
Net realized gains on investments		0.00	4		0.00	4		0.00			0.00
Total from investment operations		0.00	4		0.00	4		0.00	4		0.01
Distributions to shareholders from
Net investment income		(0.00	)4		(0.00	)4		(0.00	)4		(0.01	)
Net realized gains		0.00			0.00			(0.00	)4		(0.00	)4
Total distributions to shareholders		(0.00	)4		(0.00	)4		(0.00	)4		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.02	%		0.12	%		0.20	%		1.47	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.28	%		0.48	%		0.46	%
Net expenses		0.16	%		0.20	%		0.24	%		0.22	%
Net investment income		0.03	%		0.12	%		0.23	%		1.59	%
Supplemental data
Net assets, end of period (000’s omitted)		$921,547			$831,108			$236,353			$370,572

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from March 31, 2008 (commencement of class operations) to February 28, 2009.

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

4. Amount is less than $0.005.

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

24 Wells Fargo Advantage California Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28
Service Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	4		0.00	4		0.00	4		0.01			0.03			0.03			0.02
Net realized gains on investments		0.00	4		0.00	4		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	4		0.00	4		0.00	4		0.01			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)4		(0.00	)4		(0.00	)4		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			0.00			(0.00	)4		(0.00	)4		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)4		(0.00	)4		(0.00	)4		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.06	%		1.42	%		3.05	%		3.06	%		2.04	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.62	%		0.77	%		0.75	%		0.73	%		0.73	%		0.74	%
Net expenses		0.18	%		0.32	%		0.38	%		0.47	%		0.45	%		0.45	%		0.45	%
Net investment income		0.01	%		0.01	%		0.07	%		1.43	%		2.94	%		3.01	%		2.18	%
Supplemental data
Net assets, end of period (000’s omitted)		$101,122			$101,301			$397,508			$709,029			$970,945			$500,024			$416,048

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

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

4. Amount is less than $0.005.

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

Financial Highlights Wells Fargo Advantage California Municipal Money Market Fund 25

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111
Sweep Class
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	3		0.00	3
Net realized gains on investments		0.00	3		0.00
Total from investment operations		0.00	3		0.00	3
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3
Net asset value, end of period	$	1.00		$	1.00
Total return2		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.98	%		0.98	%
Net expenses		0.19	%		0.29	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$263,838			$402,840

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

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

3. Amount is less than $0.005.

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

26 Wells Fargo Advantage California Municipal Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage California Municipal Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

Certain investments which are not valued using any of the methods discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which are available to offset future net realized capital gains, in the amount of $4,875 expiring in 2018.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 27

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”) , an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of the Fund.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

28 Wells Fargo Advantage California Municipal Money Market Fund Notes to Financial Statements (Unaudited)

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of the class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITIONS

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen California Municipal Money Market Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of all of the shares of Evergreen California Municipal Money Market Fund for 446,319,845 shares of the Fund valued at $446,260,081 at an exchange ratio of 1.00 for each class. Shareholders holding Class A, Class S and Class I shares of Evergreen California Municipal Money Market Fund received Class A, Sweep Class and Service Class shares, respectively, of the Fund in the reorganization.

The investment portfolio of Evergreen California Municipal Money Market Fund with a fair value of $445,550,863 and amortized cost of $445,550,863 at July 9, 2010 were the principal assets acquired by the Fund. The aggregate net assets of Evergreen California Municipal Money Market Fund and the Fund immediately prior to the acquisition were $446,260,081 and $2,586,576,466, respectively. The aggregate net assets of the Fund immediately after the acquisition were $3,032,836,547. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen California Municipal Money Market Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 29

Assuming the acquisition had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	455,272
Net realized gains on investments	$	28,076
Net increase in net assets resulting from operations	$	483,358

In addition, after the close of business on November 5, 2010, the Fund also acquired the net assets of Wells Fargo Advantage California Municipal Money Market Trust. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Existing shareholders of Wells Fargo Advantage California Municipal Money Market Trust received Institutional Class shares of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage California Municipal Money Market Trust for 395,086,399 shares of the Fund valued at $395,098,848 at an exchange ratio of 1.00 for Institutional Class shares.

The investment portfolio of Wells Fargo Advantage California Municipal Money Market Trust with a fair value of $394,896,500 and amortized cost of $394,896,500 at November 5, 2010 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage California Municipal Money Market Trust and the Fund immediately prior to the acquisition were $395,098,848 and $2,730,601,555, respectively. The aggregate net assets of the Fund immediately after the acquisition were $3,125,700,403. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage California Municipal Money Market Trust was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisitions of Evergreen California Municipal Money Market Fund and Wells Fargo Advantage California Municipal Money Market Trust had both been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	850,232
Net realized gains on investments	$	28,242
Net increase in net assets resulting from operations	$	878,474

6. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

30 Wells Fargo Advantage California Municipal Money Market Fund Notes to Financial Statements (Unaudited)

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

Other Information (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 31

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

32 Wells Fargo Advantage California Municipal Money Market Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Other Information (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 33

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

34 Wells Fargo Advantage California Municipal Money Market Fund Other Information (Unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to California Municipal Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

Other Information (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 35

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens

36 Wells Fargo Advantage California Municipal Money Market Fund Other Information (Unaudited)

and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the

Other Information (Unaudited) Wells Fargo Advantage California Municipal Money Market Fund 37

Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

38 Wells Fargo Advantage California Municipal Money Market Fund List of Abbreviations

The following is a list of common abbreviations for terms and entities which may have appeared in this report.

ABAG —  Association of Bay Area Governments

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204797 09-11 SA301/SAR301 7-11

Wells Fargo Advantage

Cash Investment Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	23
Statement of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	26
Notes to Financial Statements	30
Other Information	34
List of Abbreviations	41

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM , Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM , Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM , Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Cash Investment Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Cash Investment Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Cash Investment Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Cash Investment Money Market Fund Letter to Shareholders

opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

October 14, 1987

PORTFOLIO COMPOSITION¹
(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

23 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

34 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Cash Investment Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Administrator Class (WFAXX)		07/31/2003		0.00		0.02		2.05		2.05		0.35%		0.35%
Institutional Class (WFIXX)		10/14/1987		0.04		0.12		2.18		2.20		0.23%		0.20%
Select Class (WFQXX)		06/29/2007		0.07		0.19		2.23		2.23		0.19%		0.13%
Service Class (NWIXX)		10/14/1987		0.00		0.01		1.94		1.94		0.52%		0.50%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Administrator Class		Institutional Class		Select Class		Service Class
7-Day Current Yield		0.01%		0.02%		0.09%		0.01%
7-Day Compound Yield		0.01%		0.02%		0.09%		0.01%
30-Day Simple Yield		0.01%		0.02%		0.09%		0.01%
30-Day Compound Yield		0.01%		0.02%		0.09%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through May 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.13)%, (0.01)%, 0.03% and (0.30)% for Administrator Class, Institutional Class, Select Class and Service Class, respectively.

Fund Expenses Wells Fargo Advantage Cash Investment Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the  Period1		Net Annual Expense Ratio
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Institutional Class
Actual	$	1,000.00	$	1,000.37	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,000.72	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.29		0.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.30		0.26	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Certificates of Deposit: 19.93%
Bank of Montreal		0.11	%		08/23/2011	$	50,000,000	$	50,000,000
Bank of Montreal		0.12			08/24/2011		75,000,000		75,000,000
Bank of Montreal		0.12			08/26/2011		80,000,000		80,000,000
Bank of Nova Scotia±		0.22			08/09/2011		30,000,000		30,000,000
Barclays Bank plc (New York)±		0.74			08/12/2011		105,000,000		105,000,000
Barclays Bank plc (New York)±		0.59			04/16/2012		49,000,000		49,000,000
Barclays Bank plc (New York)±		0.65			01/17/2012		50,000,000		50,000,000
Barclays Bank plc (New York)±		0.69			10/24/2011		49,000,000		49,000,000
BNP Paribas		0.13			08/01/2011		128,550,000		128,550,000
Credit Agricole		0.16			08/01/2011		76,000,000		76,000,000
Credit Agricole		0.23			08/12/2011		44,000,000		44,000,000
Credit Agricole		0.23			08/15/2011		69,000,000		69,000,000
Credit Industriel et Commercial		0.11			08/01/2011		43,000,000		43,000,000
Credit Suisse NY±		0.25			09/02/2011		127,000,000		127,000,975
DG Bank NY Branch		0.23			08/15/2011		162,000,000		162,000,000
National Bank of Canada±		0.35			09/21/2011		82,000,000		82,000,000
National Bank of Canada±		0.36			10/07/2011		133,000,000		133,000,000
Natixis Corporation±		0.34			08/15/2011		30,000,000		30,000,359
Natixis NY Branch±		0.50			08/08/2011		132,000,000		132,000,000
Nordea Bank Funding plc		0.15			09/14/2011		64,000,000		64,000,000
Nordea Bank Funding plc		0.15			09/19/2011		64,000,000		64,000,000
Norinchukin Bank		0.15			08/01/2011		55,000,000		55,000,000
Norinchukin Bank		0.15			08/02/2011		95,000,000		95,000,000
Rabobank Nederland NV±		0.27			12/06/2011		70,000,000		70,000,000
Rabobank Nederland NV±		0.27			01/10/2012		45,000,000		45,000,000
Rabobank Nederland NV		0.27			10/21/2011		60,000,000		60,000,000
Rabobank Nederland NV		0.28			04/24/2012		60,000,000		59,997,772
Rabobank Nederland NV±		0.29			08/08/2011		46,200,000		46,201,109
Royal Bank of Scotland plc±		0.46			10/31/2011		50,000,000		50,000,000
Royal Bank of Scotland plc±		0.47			09/13/2011		105,000,000		105,000,000
Skandinaviska Enskilda Banken AB		0.20			09/15/2011		41,000,000		41,000,000
Skandinaviska Enskilda Banken AB		0.20			09/19/2011		71,000,000		71,000,000
Skandinaviska Enskilda Banken AB		0.24			09/01/2011		64,000,000		64,000,000
Societe Generale (New York)		0.51			08/12/2011		112,000,000		112,000,000
Sumitomo Trust & Banking Corporation		0.14			08/03/2011		205,000,000		205,000,000
Sumitomo Trust & Banking Corporation		0.15			08/02/2011		107,000,000		107,000,000
Sumitomo Trust & Banking Corporation		0.15			08/04/2011		10,000,000		10,000,000
Toronto-Dominion Bank		0.12			08/19/2011		90,000,000		90,000,000
Toronto-Dominion Bank		0.12			08/22/2011		75,000,000		75,000,000
Toronto-Dominion Bank		0.17			08/02/2011		75,000,000		75,000,125
Toronto-Dominion Bank±		0.27			01/12/2012		30,000,000		30,000,000
Total Certificates of Deposit (Cost $3,108,750,340)									3,108,750,340
Commercial Paper: 51.36%
Asset-Backed Commercial Paper: 35.08%
Alpine Securitzation Corporation††^		0.13			08/19/2011		92,000,000		91,993,560
Alpine Securitzation Corporation††^		0.13			08/23/2011		20,000,000		19,998,289
Alpine Securitzation Corporation††^		0.13			08/26/2011		51,447,000		51,441,998
Amsterdam Funding Corporation††^		0.15			08/25/2011		8,000,000		7,999,147
Amsterdam Funding Corporation††^		0.15			08/30/2011		32,000,000		31,995,876
Amsterdam Funding Corporation††^		0.22			08/22/2011		3,000,000		2,999,598

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Antalis US Funding Corporation††^		0.00	%		08/01/2011	$	100,000,000	$	100,000,000
Arabella Finance LLC††^		0.38			08/08/2011		55,000,000		54,995,401
Argento Funding Companies Limited††^		0.17			08/24/2011		65,000,000		64,992,333
Argento Funding Companies Limited††^		0.19			08/04/2011		3,000,000		2,999,938
Argento Funding Companies Limited††^		0.19			08/05/2011		20,000,000		19,999,467
Argento Funding Companies Limited††^		0.21			09/07/2011		32,000,000		31,992,764
Argento Funding Companies Limited††^		0.21			09/09/2011		25,000,000		24,994,042
Argento Funding Companies Limited††^		0.22			08/11/2011		15,000,000		14,999,000
Argento Funding Companies Limited††^		0.23			08/09/2011		30,000,000		29,998,266
Argento Funding Companies Limited††^		0.23			08/17/2011		30,000,000		29,996,800
Argento Funding Companies Limited††^		0.29			08/08/2011		15,000,000		14,999,038
Aspen Funding Corporation††^		0.16			08/11/2011		35,000,000		34,998,250
Atlantic Asset Securitization Corporation††^		0.11			08/02/2011		27,000,000		26,999,835
Autobahn Funding Company LLC††^		0.00			08/01/2011		22,000,000		22,000,000
Autobahn Funding Company LLC††^		0.27			08/15/2011		10,000,000		9,998,872
Bryant Park Funding LLC††^		0.14			08/22/2011		75,000,000		74,993,438
Bryant Park Funding LLC††^		0.14			08/24/2011		12,000,000		11,998,850
CAFCO LLC††^		0.17			09/20/2011		21,000,000		20,995,042
Cancara Asset Securitization LLC††^		0.15			08/10/2011		25,000,000		24,998,938
Cancara Asset Securitization LLC††^		0.16			08/24/2011		40,000,000		39,995,656
Cancara Asset Securitization LLC††^		0.18			08/30/2011		32,000,000		31,995,102
Cancara Asset Securitization LLC††^		0.20			09/07/2011		21,000,000		20,995,468
Cancara Asset Securitization LLC††^		0.20			09/08/2011		35,000,000		34,992,242
Cancara Asset Securitization LLC††^		0.21			08/08/2011		38,000,000		37,998,227
Cancara Asset Securitization LLC††^		0.21			08/12/2011		25,000,000		24,998,243
Cancara Asset Securitization LLC††^		0.21			09/20/2011		45,000,000		44,986,875
Cancara Asset Securitization LLC††^		0.25			09/19/2011		29,000,000		28,990,132
Chariot Funding LLC††^		0.12			08/15/2011		137,000,000		136,992,880
Chariot Funding LLC††^		0.12			08/17/2011		7,703,000		7,702,555
Chariot Funding LLC††^		0.14			08/16/2011		29,300,000		29,298,169
Charta LLC††^		0.19			09/09/2011		29,000,000		28,994,031
Charta LLC††^		0.25			10/06/2011		21,000,000		20,990,375
Ciesco LLC††^		0.19			09/15/2011		16,800,000		16,795,940
Concord Minuteman Capital Company††^		0.36			08/09/2011		49,000,000		48,995,644
Concord Minuteman Capital Company††^		0.38			08/16/2011		15,000,000		14,997,500
Concord Minuteman Capital Company††^		0.38			08/17/2011		35,000,000		34,993,778
Concord Minuteman Capital Company††^		0.39			08/26/2011		24,000,000		23,993,333
CRC Funding LLC††^		0.17			09/19/2011		14,000,000		13,996,761
Crown Point Capital Company††^		0.27			08/03/2011		45,000,000		44,999,000
Crown Point Capital Company††^		0.36			08/10/2011		44,000,000		43,995,600
Crown Point Capital Company††^		0.36			08/11/2011		21,000,000		20,997,667
Crown Point Capital Company††^		0.37			08/12/2011		39,000,000		38,995,233
Crown Point Capital Company††^		0.38			08/17/2011		35,000,000		34,993,778
Crown Point Capital Company††^		0.38			08/18/2011		31,000,000		30,994,144
Crown Point Capital Company††^		0.38			08/19/2011		15,000,000		14,997,000
Crown Point Capital Company††^		0.39			08/26/2011		10,000,000		9,997,222
Falcon Asset Securitization Corporation LLC††^		0.10			08/05/2011		42,000,000		41,999,393
Falcon Asset Securitization Corporation LLC††^		0.13			08/18/2011		35,660,000		35,657,642
Gemini Securitization Corporation LLC††^		0.15			08/03/2011		23,000,000		22,999,707
Gemini Securitization Corporation LLC††^		0.16			08/09/2011		53,000,000		52,997,880
Gemini Securitization Corporation LLC††^		0.17			08/04/2011		3,000,000		2,999,943

10 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Gemini Securitization Corporation LLC††^		0.20	%		09/14/2011	$	25,032,000	$	25,025,881
Govco LLC††^		0.21			08/22/2011		51,500,000		51,493,391
Grampian Funding LLC††^		0.17			08/16/2011		85,000,000		84,993,625
Grampian Funding LLC††^		0.17			08/25/2011		15,000,000		14,998,200
Grampian Funding LLC††^		0.21			09/08/2011		48,000,000		47,988,853
Grampian Funding LLC††^		0.23			08/15/2011		56,000,000		55,994,505
Grampian Funding LLC††^		0.24			08/10/2011		43,000,000		42,997,023
Grampian Funding LLC††		0.34			09/02/2011		51,000,000		51,005,143
Grampian Funding LLCl††^		0.23			08/11/2011		11,000,000		10,999,236
Jupiter Securitization Company LLC††^		0.12			08/15/2011		40,000,000		39,997,978
Jupiter Securitization Company LLC††^		0.12			08/17/2011		7,703,000		7,702,555
Jupiter Securitization Company LLC††^		0.13			08/12/2011		5,000,000		4,999,786
Kells Funding LLC††		0.30			12/16/2011		85,000,000		85,000,000
Kells Funding LLC††±		0.33			11/29/2011		108,000,000		108,000,000
Legacy Capital Company LLC††^		0.30			08/04/2011		39,000,000		38,998,700
Legacy Capital Company LLC††^		0.37			08/12/2011		30,000,000		29,996,333
Legacy Capital Company LLC††^		0.39			08/26/2011		10,000,000		9,997,222
Lexington Parker Capital Company LLC††^		0.30			08/04/2011		36,000,000		35,998,800
Lexington Parker Capital Company LLC††^		0.35			08/08/2011		33,000,000		32,997,433
Lexington Parker Capital Company LLC††^		0.36			08/11/2011		20,000,000		19,997,778
Lexington Parker Capital Company LLC††^		0.38			08/16/2011		30,000,000		29,995,000
Lexington Parker Capital Company LLC††^		0.38			08/19/2011		35,000,000		34,993,000
Lexington Parker Capital Company LLC††^		0.38			08/22/2011		25,000,000		24,994,167
Lexington Parker Capital Company LLC††^		0.38			08/23/2011		32,000,000		31,992,178
Liberty Funding LLC††^		0.14			08/25/2011		49,000,000		48,995,100
LMA Americas LLC††^		0.00			08/01/2011		121,000,000		121,000,000
LMA Americas LLC††^		0.22			08/24/2011		8,000,000		7,998,824
LMA Americas LLC††^		0.24			08/30/2011		15,500,000		15,496,879
Metlife Short Term Funding LLC††^		0.14			08/17/2011		55,000,000		54,996,333
Metlife Short Term Funding LLC††^		0.14			08/18/2011		75,000,000		74,994,688
Metlife Short Term Funding LLC††^		0.14			08/19/2011		10,000,000		9,999,250
Metlife Short Term Funding LLC††^		0.20			08/09/2011		15,000,000		14,999,233
Metlife Short Term Funding LLC††^		0.21			08/11/2011		23,000,000		22,998,530
Metlife Short Term Funding LLC††^		0.21			08/12/2011		14,000,000		13,999,016
Metlife Short Term Funding LLC††^		0.21			08/15/2011		58,000,000		57,994,812
Mont Blanc Capital Corporation††^		0.19			08/08/2011		17,000,000		16,999,273
Mont Blanc Capital Corporation††^		0.20			09/06/2011		27,000,000		26,994,330
Mont Blanc Capital Corporation††^		0.20			09/07/2011		16,000,000		15,996,547
Mont Blanc Capital Corporation††^		0.20			09/09/2011		12,000,000		11,997,270
Mont Blanc Capital Corporation††^		0.20			09/14/2011		28,000,000		27,993,156
Newport Funding Corporation††^		0.16			08/10/2011		35,000,000		34,998,425
Newport Funding Corporation††^		0.24			09/23/2011		3,000,000		2,998,940
Nieuw Amsterdam Receivables Corporation††^		0.00			08/01/2011		35,000,000		35,000,000
Nieuw Amsterdam Receivables Corporation††^		0.15			08/03/2011		7,000,000		6,999,911
Nieuw Amsterdam Receivables Corporation††^		0.15			08/26/2011		15,000,000		14,998,333
Nieuw Amsterdam Receivables Corporation††^		0.17			08/04/2011		13,000,000		12,999,751
Nieuw Amsterdam Receivables Corporation††^		0.18			08/05/2011		4,000,000		3,999,902
Nieuw Amsterdam Receivables Corporation††^		0.18			08/16/2011		16,000,000		15,998,733
Nieuw Amsterdam Receivables Corporation††^		0.18			09/08/2011		19,000,000		18,996,390
Nieuw Amsterdam Receivables Corporation††^		0.18			09/22/2011		15,000,000		14,996,100
Nieuw Amsterdam Receivables Corporation††^		0.20			08/09/2011		10,000,000		9,999,511

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Nieuw Amsterdam Receivables Corporation††^		0.20	%		09/19/2011	$	37,000,000	$	36,989,928
Northern Pines Funding LLC††^		0.15			08/11/2011		32,000,000		31,998,578
Northern Pines Funding LLC††^		0.21			08/23/2011		31,000,000		30,995,007
Northern Pines Funding LLC††^		0.26			08/08/2011		3,000,000		2,999,825
Old Line Funding LLC††^		0.14			08/29/2011		13,941,000		13,939,482
Regency Markets #1 LLC††^		0.14			08/11/2011		50,000,000		49,997,917
Regency Markets #1 LLC††^		0.14			08/15/2011		125,000,000		124,992,708
Regency Markets #1 LLC††^		0.14			08/17/2011		40,000,000		39,997,333
Regency Markets #1 LLC††^		0.15			08/25/2011		75,000,000		74,992,000
Rhein-Main Security Limited††^		0.41			09/13/2011		37,000,000		36,981,438
Rhein-Main Security Limited††^		0.42			09/06/2011		21,000,000		20,990,970
Rhein-Main Security Limited††^		0.42			09/23/2011		6,000,000		5,996,202
Rheingold Securitization Limited††^		0.41			09/06/2011		38,000,000		37,983,850
Rheingold Securitization Limited††^		0.41			09/16/2011		52,000,000		51,972,093
Rheingold Securitization Limited††^		0.42			09/20/2011		20,000,000		19,988,056
Salisbury Receivables Company LLC††^		0.14			08/22/2011		9,000,000		8,999,213
Salisbury Receivables Company LLC††^		0.14			08/24/2011		11,000,000		10,998,946
Salisbury Receivables Company LLC††^		0.15			08/12/2011		9,000,000		8,999,560
Salisbury Receivables Company LLC††^		0.15			08/15/2011		7,000,000		6,999,564
Salisbury Receivables Company LLC††^		0.15			08/18/2011		12,000,000		11,999,093
Salisbury Receivables Company LLC††^		0.15			08/29/2011		6,000,000		5,999,253
Scaldis Capital LLC††^		0.00			08/01/2011		12,000,000		12,000,000
Scaldis Capital LLC††^		0.20			08/09/2011		20,000,000		19,999,022
Sheffield Receivable Corporation††^		0.17			09/21/2011		47,000,000		46,988,681
Sheffield Receivables Corporation††^		0.14			08/25/2011		25,000,000		24,997,500
Sheffield Receivables Corporation††^		0.15			08/15/2011		8,000,000		7,999,502
Sheffield Receivables Corporation††^		0.17			09/23/2011		7,000,000		6,998,248
Sheffield Receivables Corporation††^		0.17			09/26/2011		16,000,000		15,995,769
Sheffield Receivables Corporation††^		0.17			09/27/2011		25,000,000		24,993,271
Sheffield Receivables Corporation††^		0.18			10/03/2011		10,000,000		9,996,850
Solitaire Funding LLC††^		0.15			08/16/2011		10,000,000		9,999,333
Solitaire Funding LLC††^		0.15			08/22/2011		5,000,000		4,999,533
Solitaire Funding LLC††^		0.15			08/24/2011		20,000,000		19,997,956
Solitaire Funding LLC††^		0.15			08/25/2011		81,000,000		80,989,601
Solitaire Funding LLC††^		0.16			08/30/2011		15,000,000		14,997,946
Solitaire Funding LLC††^		0.20			09/09/2011		45,000,000		44,989,763
Solitaire Funding LLC††^		0.21			08/09/2011		15,000,000		14,999,200
Solitaire Funding LLC††^		0.21			09/02/2011		16,000,000		15,996,871
Solitaire Funding LLC††^		0.21			09/12/2011		65,000,000		64,984,075
Straight-A Funding LLC††^		0.74			10/27/2011		336,000,000		335,391,000
Surrey Funding Corporation††^		0.14			08/09/2011		25,000,000		24,999,111
Surrey Funding Corporation††^		0.15			08/30/2011		21,360,000		21,357,247
Surrey Funding Corporation††^		0.19			09/07/2011		16,293,000		16,289,651
Sydney Capital Corporation††^		0.30			08/10/2011		7,000,000		6,999,423
Sydney Capital Corporation††^		0.30			08/16/2011		5,000,000		4,999,333
Sydney Capital Corporation††^		0.34			09/12/2011		16,000,000		15,993,467
Sydney Capital Corporation††^		0.34			09/14/2011		20,000,000		19,991,444
Sydney Capital Corporation††^		0.34			09/16/2011		3,000,000		2,998,658
Tasman Funding Incorporated††^		0.16			08/11/2011		14,000,000		13,999,300
Tasman Funding Incorporated††^		0.18			08/16/2011		18,000,000		17,998,575
Tasman Funding Incorporated††^		0.18			08/18/2011		14,000,000		13,998,744

12 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Tasman Funding Incorporated††^		0.18	%		08/24/2011	$	11,000,000	$	10,998,665
Tasman Funding Incorporated††^		0.20			08/08/2011		13,000,000		12,999,419
Tasman Funding Incorporated††^		0.23			08/17/2011		3,000,000		2,999,680
Thames Asset Global Securitization #1 Incorporated††^		0.14			08/10/2011		95,000,000		94,996,200
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/12/2011		20,027,000		20,026,021
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/17/2011		13,315,000		13,314,053
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/18/2011		53,855,000		53,850,766
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/25/2011		4,111,000		4,110,534
Versailles CDS LLC††^		0.20			08/05/2011		80,000,000		79,997,778
Windmill Funding Corporation††^		0.11			08/04/2011		14,000,000		13,999,825
Windmill Funding Corporation††^		0.12			08/03/2011		5,000,000		4,999,950
Windmill Funding Corporation††^		0.15			08/23/2011		53,600,000		53,594,759
Windmill Funding Corporation††^		0.15			08/30/2011		20,000,000		19,997,422
Windmill Funding Corporation††^		0.22			08/22/2011		4,000,000		3,999,463
Working Capital Management Company††^		0.15			08/03/2011		10,000,000		9,999,872
									5,470,936,383
Financial Company Commerical Paper: 12.51%
ABN AMRO Funding USA LLC††^		0.18			08/15/2011		27,000,000		26,998,005
ABN AMRO Funding USA LLC††^		0.18			08/17/2011		57,000,000		56,995,187
ABN AMRO Funding USA LLC††^		0.18			08/19/2011		9,000,000		8,999,145
ABN AMRO Funding USA LLC††^		0.20			08/05/2011		5,000,000		4,999,861
ANZ National Limited††±		0.34			09/13/2011		71,000,000		71,000,000
ASB Finance Limited††±		0.35			12/02/2011		52,000,000		52,000,000
ASB Finance Limited††±		0.35			12/05/2011		53,000,000		53,000,000
ASB Finance Limited††±		0.35			09/02/2011		70,000,000		70,000,000
BNZ International Funding Limited††^		0.15			08/10/2011		17,000,000		16,999,278
BNZ International Funding Limited		0.34			10/07/2011		6,000,000		5,999,996
BNZ International Funding Limited††±		0.34			10/12/2011		23,000,000		23,000,228
BNZ International Funding Limited††±		0.35			01/06/2012		10,000,000		10,000,000
BNZ International Funding Limited††±		0.35			09/01/2011		49,000,000		49,000,172
Credit Suisse NY^		0.00			08/01/2011		63,000,000		63,000,000
Credit Suisse NY^		0.15			09/07/2011		99,000,000		98,984,738
ICICI Bank Limited^		0.64			09/16/2011		55,000,000		54,954,319
Macquarie Bank Limited††^		0.33			09/06/2011		22,000,000		21,992,520
Nordea North America Incorporated^		0.15			09/15/2011		136,000,000		135,974,500
Nordea North America Incorporated^		0.15			09/22/2011		45,000,000		44,990,250
PB Financing Incorporated††^		0.00			08/01/2011		11,000,000		11,000,000
PB Financing Incorporated††^		0.33			08/03/2011		15,000,000		14,999,582
PB Financing Incorporated††^		0.45			08/10/2011		13,000,000		12,998,375
PB Financing Incorporated††^		0.47			08/22/2011		23,000,000		22,993,426
PB Financing Incorporated††^		0.47			08/29/2011		7,000,000		6,997,332
PB Financing Incorporated††^		0.49			09/08/2011		28,000,000		27,985,222
PB Financing Incorporated††^		0.49			09/09/2011		28,000,000		27,984,833
PB Financing Incorporated††^		0.50			09/16/2011		13,000,000		12,991,528
PB Financing Incorporated††^		0.50			09/19/2011		13,000,000		12,990,976
PB Financing Incorporated††^		0.51			09/23/2011		10,000,000		9,992,344
Prudential plc††^		0.20			08/18/2011		33,000,000		32,996,728
Prudential plc††^		0.21			09/08/2011		12,000,000		11,997,213
Prudential plc††^		0.22			09/13/2011		12,000,000		11,996,847
Prudential plc††^		0.23			09/06/2011		12,000,000		11,997,120

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Financial Company Commerical Paper (continued)
Prudential plc††^		0.23	%		09/12/2011	$	18,000,000	$	17,994,960
RBS Holdings USA Incorporated^		0.22			08/11/2011		125,000,000		124,991,667
Skandinaviska Enskilda Banken AB††^		0.23			08/29/2011		25,000,000		24,995,333
Skandinaviska Enskilda Banken AB††^		0.23			09/08/2011		100,000,000		99,974,667
Sumitomo Trust & Banking Corporation††^		0.00			08/01/2011		95,000,000		95,000,000
Suncorp-Metway Limited††^		0.26			08/03/2011		11,000,000		10,999,765
Suncorp-Metway Limited††^		0.36			08/09/2011		10,000,000		9,999,111
Suncorp-Metway Limited††^		0.39			09/08/2011		73,000,000		72,969,178
Suncorp-Metway Limited††^		0.39			09/12/2011		30,000,000		29,986,000
Swedbank AB^		0.11			08/02/2011		15,000,000		14,999,908
Swedbank AB^		0.18			08/03/2011		25,000,000		24,999,625
Swedbank AB^		0.20			08/04/2011		25,000,000		24,999,438
Swedbank AB^		0.23			08/08/2011		45,000,000		44,997,681
Swedbank AB^		0.24			08/09/2011		32,000,000		31,998,116
Swedbank AB^		0.24			08/10/2011		45,000,000		44,997,019
Swedbank AB^		0.26			09/29/2011		22,000,000		21,990,445
Westpac Securities NZ Limited††^		0.17			08/24/2011		34,000,000		33,996,199
Westpac Securities NZ Limited††±		0.33			08/19/2011		57,000,000		57,000,000
Westpac Securities NZ Limited††±		0.34			10/13/2011		65,000,000		65,000,000
									1,950,698,837
Other Commercial Paper: 3.77%
ACTS Retirement Life Communities Incorporated^		0.22			09/15/2011		3,000,000		2,999,175
Alaska Housing Finance Corporation^		0.21			08/15/2011		2,000,000		1,999,821
Caisse D’amortissement de la Dette Sociale††^		0.22			09/28/2011		35,000,000		34,987,594
Caisse D’amortissement de la Dette Sociale††^		0.22			10/03/2011		36,000,000		35,986,140
Caisse D’amortissement de la Dette Sociale††^		0.22			10/24/2011		51,000,000		50,973,820
Caisse D’amortissement de la Dette Sociale††^		0.23			10/11/2011		120,000,000		119,944,383
EDF SA††^		0.12			08/05/2011		44,000,000		43,999,267
EDF SA††^		0.19			09/06/2011		26,000,000		25,995,060
EDF SA††^		0.19			09/07/2011		18,000,000		17,996,485
Erste Abwicklungsanstalt††^		0.19			08/08/2011		40,000,000		39,998,289
Erste Abwicklungsanstalt††^		0.24			09/28/2011		26,000,000		25,989,947
Erste Abwicklungsanstalt††^		0.25			09/07/2011		40,000,000		39,989,311
Erste Abwicklungsanstalt††^		0.25			09/14/2011		40,000,000		39,987,289
Louis Dreyfus Corporation^		0.00			08/01/2011		8,000,000		8,000,000
SBAB Bank AB††^		0.16			08/02/2011		6,000,000		5,999,947
SBAB Bank AB††^		0.20			08/03/2011		3,000,000		2,999,950
SBAB Bank AB††^		0.24			08/04/2011		6,000,000		5,999,840
SBAB Bank AB††^		0.27			09/01/2011		27,000,000		26,993,490
SBAB Bank AB††^		0.27			09/09/2011		39,000,000		38,987,899
SBAB Bank AB††^		0.29			09/13/2011		2,000,000		1,999,283
Trinity Health Corporation^		0.00			08/01/2011		9,000,000		9,000,000
Trinity Health Corporation^		0.15			08/16/2011		7,000,000		6,999,533
									587,826,523
Total Commercial Paper (Cost $8,009,461,743)									8,009,461,743
Government Agency Debt: 0.39%
FHLMC±		0.11			02/02/2012		60,000,000		59,975,521
Total Government Agency Debt (Cost $59,975,521)									59,975,521

14 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 12.76%
Alabama: 0.70%
Variable Rate Demand Notes§: 0.70%
Lower Alabama Gas District Supply Revenue Series A (Utilities Revenue, Societe Generale LOC)		0.13	%		11/01/2027	$	32,000,000	$	32,000,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		77,000,000		77,000,000
									109,000,000
Arizona: 0.07%
Variable Rate Demand Note§: 0.07%
Phoenix AZ IDA (Housing Revenue, FHLMC Insured)		0.08			10/01/2029		11,500,000		11,500,000
California: 4.23%
Other Municipal Debt: 0.62%
City of San Francisco CA (Miscellaneous Revenue)		0.17			09/12/2011		4,000,000		4,000,000
City of San Francisco CA (Miscellaneous Revenue)		0.17			10/03/2011		21,000,000		21,000,000
City of San Francisco CA (Miscellaneous Revenue)		0.19			08/03/2011		7,000,000		7,000,000
City of San Francisco CA (Miscellaneous Revenue)		0.20			10/03/2011		19,000,000		19,000,000
San Jose CA International Airport (Airport Revenue)		0.22			08/02/2011		25,000,000		25,000,000
San Jose CA International Airport Series C-2 (Airport Revenue)		0.22			08/02/2011		5,000,000		5,000,000
San Jose CA International Airport Series F (Airport Revenue)		0.20			08/02/2011		16,000,000		16,000,000
									97,000,000
Variable Rate Demand Notes§: 3.61%
ABAG Finance Authority for Nonprofit Corporation CA Marin Country Day School (Education Revenue, U.S. Bank NA LOC)		0.06			07/01/2037		3,000,000		3,000,000
California Educational Facilities Authority (Education Revenue, Bank of America NA LOC, NATL-RE Insured)		0.07			10/01/2043		19,690,000		19,690,000
California HFA Revenue Home Mortgage Series M (Housing Revenue, FNMA LOC)		0.07			08/01/2034		14,300,000		14,300,000
California HFFA Catholic Healthcare Series C (Health Revenue, JPMorgan Chase Bank LOC, NATL-RE Insured)		0.05			07/01/2020		18,000,000		18,000,000
California PCFA Pacific Gas & Electric Series B (Utilities Revenue, JPMorgan Chase Bank LOC)		0.31			11/01/2026		51,800,000		51,800,000
California State Series A Subseries C-2 (GO- State, Bank of Nova Scotia LOC)		0.04			05/01/2033		21,000,000		21,000,000
California State Series B Subseries B1 (GO-State, Bank of America NA LOC)		0.06			05/01/2040		10,000,000		10,000,000
California State Series I (Health Revenue, Bank of America NA LOC)		0.05			07/01/2035		22,000,000		22,000,000
California Statewide CDA Dublin Ranch Senior Apartments (Housing Revenue)		0.19			12/15/2037		14,900,000		14,900,000
California Statewide CDA Ivy Hill Apartments Project Series I (Housing Revenue, FNMA Insured)		0.18			02/01/2033		11,337,000		11,337,000
California Statewide CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured)		0.18			08/01/2031		3,000,000		3,000,000
California Statewide CDA Pravillions Apartments Series M (Housing Revenue, FNMA Insured)		0.18			08/15/2034		7,700,000		7,700,000
Camarillo CA Hacienda de Camarillo Project (Housing Revenue, FNMA Insured)		0.17			10/15/2026		12,000,000		12,000,000
Contra Costa County CA Creekview Apartments Series B (Housing Revenue, FHLMC Insured)		0.17			07/01/2036		10,500,000		10,500,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Irvine Ranch CA Water District Series A (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		0.07	%		07/01/2035	$	39,900,000	$	39,900,000
Los Angeles CA Beverly Park Apartments Series A (Housing Revenue, FHLMC Insured)		0.06			08/01/2018		12,000,000		12,000,000
Los Angeles CA Community RDA Academy Village Apartments (Housing Revenue, FHLMC Insured)		0.15			10/01/2019		16,000,000		16,000,000
Metropolitan Water District of Southern California (Water & Sewer Revenue)		0.05			07/01/2027		8,800,000		8,800,000
Metropolitan Water District of Southern California Series B-2 (Water & Sewer Revenue)		0.08			07/01/2035		7,000,000		7,000,000
Newport Beach CA Hoag Memorial Hospital Series F (Health Revenue, Bank of America NA LOC)		0.06			12/01/2040		21,180,000		21,180,000
Pasadena CA COP Series A (Lease Revenue, Bank of America NA LOC)		0.09			02/01/2035		53,650,000		53,650,000
Riverside CA COP Riverside Renaissance Project Series 2008 (Lease Revenue, Bank of America NA LOC)		0.09			03/01/2037		53,260,000		53,260,000
Riverside CA Series C (Lease Revenue, Bank of America NA LOC)		0.06			10/01/2035		16,135,000		16,135,000
Sacramento County CA Housing Authority Natomas Park Apartments Issue B (Housing Revenue, FNMA Insured)		0.17			07/15/2035		15,550,000		15,550,000
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC Insured)		0.08			12/01/2022		7,945,000		7,945,000
San Diego CA HFA MFHR Stratton Apartments Project Series A (Housing Revenue, FNMA Insured)		0.17			01/15/2033		11,325,000		11,325,000
San Diego CA Housing Authority MFHR Hillside Garden Apartments Series B (Housing Revenue, FNMA Insured)		0.19			01/15/2035		8,500,000		8,500,000
San Francisco CA City & County Finance Corporation Moscone Center Project (Lease Revenue, Bank of America NA LOC)		0.05			04/01/2030		2,775,000		2,775,000
San Francisco CA City & County Redevelopment Agency Community (Lease Revenue, FNMA Insured)		0.18			06/15/2034		8,700,000		8,700,000
San Francisco CA City & County Redevelopment Agency Community (Lease Revenue)††		0.23			11/01/2041		2,000,000		2,000,000
San Francisco CA City & County Redevelopment Agency Community Facilities District # 4 (Tax Revenue, Bank of America NA LOC)		0.07			08/01/2032		14,000,000		14,000,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured)		0.14			09/15/2032		5,800,000		5,800,000
Simi Valley CA MFHA Series A (Housing Revenue, FHLMC Insured)		0.15			07/01/2023		9,000,000		9,000,000
Southern California Public Power Authority Magnolia Power Project Series 2009-1-A (Utilities Revenue, KBC Bank NV LOC)		0.07			07/01/2036		20,120,000		20,120,000
Whittier CA Whittier College Series 2008 (Education Revenue, Bank of America NA LOC)		0.08			12/01/2038		10,000,000		10,000,000
									562,867,000
Colorado: 0.43%
Variable Rate Demand Notes§: 0.43%
Colorado HFA Class 1 Series B-2 (Housing Revenue, GO of Authority Insured)		0.17			10/01/2038		12,661,000		12,661,000
Colorado HFA Taxable MFHR Project Series B-2 (Housing Revenue, FNMA Insured)		0.16			05/01/2050		34,805,000		34,805,000
Colorado Springs CO Utility Improvement Bond Series A (Utilities Revenue)		0.10			11/01/2038		4,000,000		4,000,000
Denver CO Public Schools Series A-4 (Education Revenue, Royal Bank of Canada LOC, AGM Insured)		0.11			12/15/2037		16,000,000		16,000,000
									67,466,000
Connecticut: 0.14%
Variable Rate Demand Note§: 0.14%
City of New Britain CT Taxable Pension Series C (Tax Revenue, JPMorgan Chase Bank LOC)		0.26			02/01/2026		21,800,000		21,800,000

16 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Delaware: 0.17%
Variable Rate Demand Notes§: 0.17%
Delaware State EDA Clean Power Project Series 1997-D (Resource Recovery Revenue)		0.21	%		08/01/2029	$	7,000,000	$	7,000,000
Delaware State EDA Series B (Resource Recovery Revenue)		0.28			08/01/2029		19,700,000		19,700,000
									26,700,000
District of Columbia: 0.36%
Other Municipal Debt: 0.09%
District of Columbia (Miscellaneous Revenue, GO-State)		0.26			08/01/2011		14,000,000		14,000,000
Variable Rate Demand Note§: 0.27%
District of Columbia The American University Series A (Education Revenue, PNC Bank NA LOC)		0.06			04/01/2038		42,400,000		42,400,000
Florida: 0.22%
Other Municipal Debt: 0.13%
Hillsborough County FL (Miscellaneous Revenue)		0.26			08/11/2011		20,000,000		20,000,000
Variable Rate Demand Note§: 0.09%
Palm Beach County FL Pine Crest Preparatory (Education Revenue, Bank of America NA LOC)		0.13			06/01/2032		14,260,000		14,260,000
Georgia: 0.13%
Variable Rate Demand Note§: 0.13%
Columbus GA Housing Development Authority PFOTER (Housing Revenue, ACA Insured)††		0.34			10/01/2039		20,490,000		20,490,000
Illinois: 0.48%
Variable Rate Demand Notes§: 0.48%
Cook County IL GO Series D-1 (GO-Local)		0.19			11/01/2030		46,600,000		46,600,000
Cook County IL GO Series D-2 (GO-Local)		0.19			11/01/2030		17,400,000		17,400,000
Illinois State Toll Highway Authority (Transportation Revenue, PNC Bank NA LOC)		0.08			07/01/2030		4,000,000		4,000,000
Illinois State Toll Highway Authority (Transportation Revenue, CitiBank NA LOC)		0.09			07/01/2030		7,000,000		7,000,000
									75,000,000
Indiana: 0.07%
Variable Rate Demand Notes§: 0.07%
Richmond IN Reid Hospital & Health Care Services Incorporated (Hospital Revenue, AGM Insured)		0.20			01/01/2040		5,865,000		5,865,000
Indiana State Financing Authority (Resource Recovery Revenue, Bank of America NA LOC)		0.07			12/01/2039		5,000,000		5,000,000
									10,865,000
Iowa: 0.06%
Variable Rate Demand Note§: 0.06%
Iowa Finance Authority Student Housing Des Moines LLC Project A (Housing Revenue, CitiBank NA LOC)		0.09			06/01/2039		10,000,000		10,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Louisiana: 0.14%
Other Municipal Debt: 0.05%
Louisiana Department of Airport (Airport Revenue)		0.25	%		08/05/2011	$	7,000,000	$	7,000,000
Variable Rate Demand Notes§: 0.09%
Louisiana Public Facilities Authority (Health Revenue, JPMorgan Chase Bank LOC)		0.07			08/01/2023		2,985,000		2,985,000
Parish of St. James LA Series A-1 (Energy Revenue)		0.08			11/01/2040		6,500,000		6,500,000
Parish of St. James LA Series B-1 (Energy Revenue)		0.10			11/01/2040		5,000,000		5,000,000
									14,485,000
Maryland: 0.13%
Variable Rate Demand Notes§: 0.13%
Maryland CDA Department of Housing & Community Development Series 2007-J (Housing Revenue)		0.11			09/01/2031		6,910,000		6,910,000
Maryland CDA Series 2006-G (Housing Revenue)		0.15			09/01/2040		13,700,000		13,700,000
									20,610,000
Massachusetts: 0.19%
Variable Rate Demand Notes§: 0.19%
Massachusetts State Development Finance Agency Babson College B (Education Revenue, Citizens Bank LOC)		0.13			10/01/2031		25,130,000		25,130,000
Massachusetts State HEFA Series N-3 (Health Revenue, JPMorgan Chase Bank LOC)		0.04			10/01/2038		4,000,000		4,000,000
									29,130,000
Michigan: 0.05%
Variable Rate Demand Notes§: 0.05%
Michigan State Housing Development Authority Series A (Housing Revenue, GO of Authority Insured)		0.21			10/01/2037		3,970,000		3,970,000
Wayne County MI IDA (IDR, Bank of America NA LOC)		0.14			05/01/2020		3,000,000		3,000,000
									6,970,000
Minnesota: 0.17%
Variable Rate Demand Notes§: 0.17%
Bloomington Associates MN (Housing Revenue, LaSalle Bank NA LOC)		0.23			08/01/2037		20,500,000		20,500,000
Ramsey County MN Housing & Redevelopment MFHR Gateway Apartments LP Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2038		6,000,000		6,000,000
									26,500,000
Mississippi: 0.21%
Variable Rate Demand Note§: 0.21%
Mississippi State GO Bonds Nissan North America Incorporated Project Series 2003A (Tax Revenue, GO of Commonwealth Insured)		0.13			11/01/2028		31,875,000		31,873,734
Missouri: 0.06%
Variable Rate Demand Note§: 0.06%
Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation (IDR)		0.33			04/01/2027		10,000,000		10,000,000

18 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Nebraska: 0.22%
Variable Rate Demand Note§: 0.22%
Central Plains NE Nebraska Gas Project #2 Series 2009 (Utilities Revenue)		0.08	%		08/01/2039	$	34,695,000	$	34,695,000
Nevada: 0.22%
Variable Rate Demand Notes§: 0.22%
Las Vegas NV EDFA Andre Agassi Foundation Project (Education Revenue, Bank of America NA LOC)		0.09			10/01/2035		18,000,000		18,000,000
Las Vegas NV EDFA Keep Memory Alive Project (Miscellaneous Revenue, PNC Bank NA LOC)		0.06			05/01/2037		15,800,000		15,800,000
									33,800,000
New Jersey: 0.58%
Variable Rate Demand Notes§: 0.58%
New Jersey EDA NUI Corporation Project Series A (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2026		7,000,000		7,000,000
New Jersey EDA Pivotal Utility Holdings Incorporated Project Series 2007 (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2032		9,000,000		9,000,000
New Jersey HFFA Princeton Healthcare Series A (Hospital Revenue, Bank of America NA LOC)		0.10			07/01/2041		2,000,000		2,000,000
New Jersey State Housing & Mortgage Finance Agency Series B (Housing Revenue, Bank of America NA LOC)		0.10			05/01/2048		34,755,000		34,755,000
New Jersey State Turnpike Authority Series C (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.06			06/15/2032		13,000,000		13,000,000
New Jersey State Turnpike Authority Series D (Miscellaneous Revenue, Societe Generale LOC, NATL-RE FGIC Insured)		0.19			01/01/2018		21,000,000		21,000,000
Salem County NJ PCFA Atlantic City Electric Company Project Series A (Utilities Revenue, JPMorgan Chase Bank LOC)		0.08			04/15/2014		4,000,000		4,000,000
									90,755,000
New York: 0.69%
Other Municipal Debt: 0.10%
New York Metropolitan Transportation Authority (Transportation Revenue)		0.19			08/03/2011		5,000,000		5,000,000
New York Metropolitan Transportation Authority (Transportation Revenue)		0.27			08/02/2011		11,000,000		11,000,000
									16,000,000
Variable Rate Demand Notes§: 0.59%
New York City NY Housing Development Corporation Multifamily Rental Housing The Balton Project Series A (Housing Revenue, Bank of America NA LOC, FHLMC Insured)		0.06			09/01/2049		10,875,000		10,875,000
New York City NY Municipal Water Finance Authority (Water & Sewer Revenue)††		0.24			06/15/2044		8,000,000		8,000,000
New York City NY Municipal Water Finance Authority Subseries B-1 (Water & Sewer Revenue)		0.05			06/15/2024		6,998,000		6,998,000
New York City NY Subseries B (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		9,000,000		9,000,000
New York City NY Subseries C-4 (GO-Local, Bank of Tokyo-Mitsubishi UFJ LOC)		0.16			08/01/2020		2,000,000		2,000,000
New York City NY Transitional Financing Authority Class A (Miscellaneous Revenue, FSA-CR FGIC State Aid Withholding Insured)		0.12			07/15/2036		30,500,000		30,500,000
New York HFA Victory Housing Project Series 2000-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		4,500,000		4,500,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 19

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New York Metropolitan Transportation Authority ROC RR 11 R-11645 (Transportation Revenue, FSA Insured)††		0.23	%		11/15/2025	$	805,000	$	805,000
New York PFOTER (Miscellaneous Revenue)††		0.34			06/15/2050		9,000,000		9,000,000
New York State Housing Finance Agency Series A (Housing Revenue, FNMA Insured)		0.18			05/01/2029		5,000,000		5,000,000
New York State Housing Finance Agency Taxable 600 West 42nd B (Housing Revenue, Bank of New York LOC)		0.28			11/01/2041		4,260,000		4,260,000
									90,938,000
North Carolina: 0.09%
Variable Rate Demand Note§: 0.09%
North Carolina Education Care Community Health Care Facilities University Health Systems of Eastern Carolina Series 2008-B-2 (Hospital Revenue, Branch Banking & Trust LOC)		0.07			12/01/2036		14,405,000		14,405,000
Ohio: 0.22%
Variable Rate Demand Notes§: 0.22%
Cleveland-Cuyahoga County OH Port Authority Carnagie 89th Garage & Service Center LLC Project Series 2007 (Health Revenue, JPMorgan Chase Bank LOC)		0.10			01/01/2037		4,700,000		4,700,000
Lake County OH Hospital Facilities Series A (Health Revenue, JPMorgan Chase Bank LOC)		0.07			08/15/2041		3,980,000		3,980,000
Ohio State HFA Residential Management Taxable Series I (Housing Revenue, GNMA/FNMA Insured)		0.19			09/01/2039		24,707,000		24,707,000
									33,387,000
Oregon: 0.08%
Variable Rate Demand Notes§: 0.08%
Forest City OR Residential Management Incorporated PFOTER (Miscellaneous Revenue)††		0.34			07/26/2012		6,000,000		6,000,000
Oregon Housing & Community Services Department Series E (Housing Revenue)		0.19			07/01/2038		7,000,000		7,000,000
									13,000,000
Pennsylvania: 0.20%
Variable Rate Demand Notes§: 0.20%
Delaware River Port Authority Series B (Transportation Revenue, Bank of America NA LOC)		0.09			01/01/2026		10,000,000		10,000,000
Doylestown PA Hospital Authority Series B (Health Revenue, PNC Bank NA LOC)		0.06			07/01/2037		20,400,000		20,400,000
									30,400,000
South Carolina: 0.20%
Other Municipal Debt: 0.05%
South Carolina Public Service Authority (Miscellaneous Revenue)		0.18			08/16/2011		8,500,000		8,500,000
Variable Rate Demand Notes§: 0.15%
South Carolina Public Service Authority (Miscellaneous Revenue)		0.18			08/17/2011		8,000,000		8,000,000
South Carolina Public Service Authority (Miscellaneous Revenue)††		0.24			01/01/2050		15,000,000		15,000,000
									23,000,000

20 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
South Dakota: 0.03%
Variable Rate Demand Note§: 0.03%
South Dakota Housing Development Authority Series C (Housing Revenue, FNMA Insured)		0.17	%		05/01/2037	$	5,000,000	$	5,000,000
Tennessee: 0.20%
Other Municipal Debt: 0.02%
Montgomery County TN (GO-Local)		0.24			08/01/2011		3,000,000		3,000,000
Variable Rate Demand Notes§: 0.18%
Metropolitan Government Nashville & Davidson County TN Stewarts Ferry Apartments (Housing Revenue, FHLMC Insured)		0.11			01/01/2034		5,000,000		5,000,000
Metropolitan Government Nashville & Davidson County TN Weatherly Ridge Apartments Series A (Housing Revenue, U.S. Bank NA LOC)		0.21			12/01/2041		3,000,000		3,000,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			07/01/2034		15,065,000		15,065,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			02/01/2036		5,130,000		5,130,000
									28,195,000
Texas: 1.31%
Other Municipal Debt: 0.10%
Texas Municipal Power Agency (Utilities Revenue)		0.30			08/09/2011		16,000,000		16,000,000
Variable Rate Demand Notes§: 1.21%
Austin TX Airport System Series A (Airport Revenue, State Street Bank & Trust Company LOC)		0.08			11/15/2017		7,000,000		7,000,000
Bexar County TX Health Facilities (Health Revenue, JPMorgan Chase Bank LOC)		0.10			12/01/2032		2,450,000		2,450,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series A (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2038		10,000,000		10,000,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D1 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.07			06/01/2029		7,000,000		7,000,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D2 (Health Revenue, JPMorgan Chase & Company LOC)		0.07			06/01/2029		16,500,000		16,500,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3812 (Miscellaneous Revenue)††		0.21			08/31/2011		100,000,000		100,000,000
Midlothian TX Industrial Development Corporation (IDR, UBS AG LOC)		0.05			08/01/2034		15,700,000		15,700,000
Mission TX Economic Development Corporation (Miscellaneous Revenue, Bank of America NA LOC)		0.13			04/01/2022		6,000,000		6,000,000
Pasadena TX Independent School District Series B (Education Revenue, AGM Insured)		0.16			02/01/2035		2,000,000		2,000,000
Texas State Taxable Product Development Program Series A (Miscellaneous Revenue)		0.15			06/01/2045		13,500,000		13,500,000
Tyler TX Health Facilities Development Corporation Mother Frances Hospital Series B (Hospital Revenue, Bank of America NA LOC)		0.18			07/01/2020		8,500,000		8,500,000
									188,650,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 21

Security Name	Interest Rate			Maturity Date		Principal		Value
Vermont: 0.21%
Variable Rate Demand Note§: 0.21%
Vermont State Student Assistance Corporation (Education Revenue, Lloyds Bank LOC)		0.08	%		12/15/2040	$	32,645,000	$	32,645,000
Virginia: 0.13%
Variable Rate Demand Notes§: 0.13%
Harrisonburg VA Redevelopment & Housing Authority (Housing Revenue, Bank of America NA LOC)		0.15			05/01/2026		6,110,000		6,110,000
Norfolk VA Redevelopment & Housing Authority Old Dominion University Project (Housing Revenue, Bank of America NA LOC)		0.26			08/01/2033		13,815,000		13,815,000
									19,925,000
Washington: 0.06%
Other Municipal Debt: 0.06%
Providence WA Health and Services (Miscellaneous Revenue, Bank of America NA LOC)		0.26			08/01/2011		10,000,000		10,000,000
West Virginia: 0.06%
Variable Rate Demand Note§: 0.06%
Cabell County WV University Facilities (Education Revenue, Bank of America NA LOC)		0.11			07/01/2039		8,995,000		8,995,000
Wisconsin: 0.04%
Variable Rate Demand Notes§: 0.04%
Wisconsin Housing & EDA (Housing Revenue, FNMA LOC, GO of Authority Insured)		0.08			09/01/2035		4,335,000		4,335,000
Wisconsin State HEFA (Education Revenue, U.S. Bank NA LOC)		0.04			12/01/2033		2,000,000		2,000,000
									6,335,000
Wyoming: 0.21%
Variable Rate Demand Notes§: 0.21%
Sweetwater County WY Pacific Corporation Project Series A (Utilities Revenue, Barclays Bank plc LOC)		0.06			07/01/2015		31,400,000		31,400,000
Wyoming Student Loan Corporation Series A-1 (Education Revenue, Royal Bank of Canada LOC)		0.08			06/01/2035		1,660,000		1,660,000
									33,060,000
Total Municipal Bonds and Notes (Cost $1,990,601,734)									1,990,601,734
Other Instruments: 1.11%
Alaska Housing Finance Corporation Municipal Commercial Paper^		0.20			08/16/2011		4,000,000		3,999,650
Bank of America Bankers Acceptance Note^		0.20			08/31/2011		34,367,957		34,361,942
GBG LLC Custody Receipts††§		0.33			09/01/2027		12,292,000		12,292,000
Illinois Educational Facilities Authority Series 1990 Variable Rate Demand Obligation Commercial Paper		0.18			08/04/2011		10,000,000		10,000,000
ING Bank NV Floating Rate Note††±		0.78			02/10/2012		40,000,000		40,000,000
ING Bank NV Floating Rate Note††±		0.78			02/02/2012		42,000,000		42,000,000
St. Joseph County IN Municipal Commercial Paper^		0.16			08/18/2011		28,053,000		28,050,748
St. Joseph County IN Municipal Commercial Paper^		0.19			08/04/2011		2,000,000		1,999,958
Total Other Instruments (Cost $172,704,298)									172,704,298

22 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Notes: 3.13%
Corporate Bonds and Notes: 2.92%
ACTS Retirement Life Communities Incorporated§		0.21	%		11/15/2029	$	12,335,000	$	12,335,000
Bank of America Corporation±		1.07			12/02/2011		240,390,000		241,101,671
Bear Stearns & Companies Incorporated±		0.47			08/15/2011		19,175,000		19,176,227
Citigroup Funding Incorporated±		0.23			11/15/2011		3,000,000		2,999,437
General Electric Capital Corporation±		0.45			03/12/2012		25,000,000		25,037,795
General Electric Capital Corporation±		1.18			12/09/2011		76,773,000		77,045,247
JPMorgan Chase & Company±		0.48			06/15/2012		15,000,000		15,035,989
LTF Real Estate LLC††±§		0.23			06/01/2033		15,400,000		15,400,000
Morgan Stanley±		1.10			12/01/2011		9,100,000		9,127,671
Seariver Maritime Incorporated(i)±		0.35			10/01/2011		4,400,000		4,400,000
State Street Bank & Trust Company±		0.45			09/15/2011		30,000,000		30,009,472
US Central Federal Credit Union±		0.25			10/19/2011		3,000,000		3,000,215
									454,668,724
Yankee Corporate Bonds and Notes: 0.21%
Eksportfinans ASA±		0.26			09/22/2011		33,000,000		33,000,000
Total Other Notes (Cost $487,668,724)									487,668,724
Repurchase Agreements(z): 0.72%
Deutsche Bank Securities, dated 07/29/2011, maturity value $112,002,800(1)		0.30			08/01/2011		112,000,000		112,000,000
Total Repurchase Agreements (Cost $112,000,000)									112,000,000
	Yield
Treasury Debt: 3.94%
US Treasury Bill		0.12			10/06/2011		208,000,000		207,954,240
US Treasury Bill		0.15			08/11/2011		156,000,000		155,992,711
US Treasury Bill		0.15			08/25/2011		130,000,000		129,986,567
US Treasury Bill		0.16			08/18/2011		121,000,000		120,990,572
Total Treasury Debt (Cost $614,924,090)									614,924,090

Total Investments in Securities
(Cost $14,556,086,450)*	93.34	%		14,556,086,450
Other Assets and Liabilities, Net	6.66			1,038,870,963
Total Net Assets	100.00	%	$	15,594,957,413

†† Security 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.

(i) Illiquid security

§ These securities are subject to a demand feature which reduces the effective maturity.

± Variable rate investments.

^ Zero coupon security. Rate represents yield to maturity.

(z) Collateralized by:

(1) Commercial papers, 0.00%, 8/3/2011 to 10/20/2011, market value is $114,240,001.

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 23

Assets
Investments in unaffiliated securities, at amortized cost	$	14,556,086,450
Cash		897,053,404
Receivable for investments sold		138,045,000
Receivable for Fund shares sold		5,638,615
Receivable for interest		2,431,801
Prepaid expenses and other assets		155,884
Total assets		15,599,411,154
Liabilities
Dividends payable		202,641
Payable for Fund shares redeemed		834,512
Advisory fee payable		317,401
Due to other related parties		1,611,633
Shareholder report expenses payable		378,496
Custodian and accounting fees payable		474,763
Shareholder servicing fees payable		544,331
Accrued expenses and other liabilities		89,964
Total liabilities		4,453,741
Total net assets	$	15,594,957,413
NET ASSETS CONSIST OF
Paid-in capital	$	15,598,713,252
Overdistributed net investment income		(6,475	)
Accumulated net realized losses on investments		(3,749,364	)
Total net assets	$	15,594,957,413
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	631,901,490
Shares outstanding – Administrator Class		631,910,941
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	7,130,924,400
Shares outstanding – Institutional Class		7,131,215,629
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	5,509,588,154
Shares outstanding – Select Class		5,509,765,491
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	2,322,543,369
Shares outstanding – Service Class		2,322,593,626
Net asset value per share – Service Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

24 Wells Fargo Advantage Cash Investment Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	25,398,523
Expenses
Advisory fee		9,226,995
Administration fees
Fund level		3,511,934
Administrator Class		358,263
Institutional Class		3,321,442
Select Class		1,440,727
Service Class		1,338,133
Shareholder servicing fees
Administrator Class		355,473
Service Class		2,773,188
Custody and accounting fees		474,290
Professional fees		21,418
Registration fees		22,477
Trustees’ fees and expenses		5,245
Shareholder report expense		10,000
Other fees and expenses		148,771
Total expenses		23,008,356
Less: Fee waivers and/or expense reimbursements		(6,129,146	)
Net expenses		16,879,210
Net investment income		8,519,313
Net realized gains on investments		173,775
Net increase in net assets resulting from operations	$	8,693,088

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

Statements of Changes in Net Assets Wells Fargo Advantage Cash Investment Money Market Fund 25

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	8,519,313					$	23,412,743					$	68,948,804
Net realized gains on investments					173,775						3,948,898						1,305,502
Net increase in net assets resulting from operations					8,693,088						27,361,641						70,254,306
Distributions to shareholders from
Net investment income
Administrator Class					(35,827	)					(283,173	)					(3,197,134	)
Institutional Class					(3,158,305	)					(12,418,004	)					(36,416,120	)
Select Class					(5,213,667	)					(10,392,091	)					(21,381,205	)
Service Class					(111,514	)					(319,475	)					(7,953,067	)
Net realized gains
Administrator Class					0						(3,449	)					(17,127	)
Institutional Class					0						(39,822	)					(130,942	)
Select Class					0						(28,406	)					(64,816	)
Service Class					0						(13,653	)					(59,895	)
Total distributions to shareholders					(8,519,313	)					(23,498,073	)					(69,220,306	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Administrator Class		1,317,783,123			1,317,783,123			5,107,054,074			5,107,054,074			2,254,684,919			2,254,684,919
Institutional Class		18,664,072,325			18,664,072,325			45,806,193,396			45,806,193,396			52,907,799,957			52,907,799,957
Select Class		21,541,019,120			21,541,019,120			52,309,085,388			52,309,085,388			32,433,686,427			32,433,686,427
Service Class		6,473,259,770			6,473,259,770			33,567,738,393			33,567,738,393			45,102,274,340			45,102,274,340
					47,996,134,338						136,790,071,251						132,698,445,643
Reinvestment of distributions
Administrator Class		27,613			27,613			240,723			240,723			2,808,526			2,808,526
Institutional Class		1,695,322			1,695,322			6,927,909			6,927,909			18,872,660			18,872,660
Select Class		4,174,053			4,174,053			8,102,833			8,102,833			3,522,975			3,522,975
Service Class		50,500			50,500			131,403			131,403			15,869,130			15,869,130
					5,947,488						15,402,868						41,073,291
Payment for shares redeemed
Administrator Class		(1,450,511,786	)		(1,450,511,786	)		(5,355,821,692	)		(5,355,821,692	)		(2,659,762,118	)		(2,659,762,118	)
Institutional Class		(19,803,154,046	)		(19,803,154,046	)		(49,008,978,375	)		(49,008,978,375	)		(54,171,372,667	)		(54,171,372,667	)
Select Class		(23,629,523,727	)		(23,629,523,727	)		(49,620,548,019	)		(49,620,548,019	)		(34,780,768,334	)		(34,780,768,334	)
Service Class		(6,435,391,802	)		(6,435,391,802	)		(35,299,088,279	)		(35,299,088,279	)		(43,954,038,008	)		(43,954,038,008	)
					(51,318,581,361	)					(139,284,436,365	)					(135,565,941,127	)
Net asset value of shares issued in acquisition
Institutional Class		0			0			2,576,607,084			2,572,517,911			0			0
Net increase (decrease) in net assets resulting from capital share transactions					(3,316,499,535	)					93,555,665						(2,826,422,193	)
Total increase (decrease) in net assets					(3,316,325,760	)					97,419,233						(2,825,388,193	)
Net assets
Beginning of period					18,911,283,173						18,813,863,940						21,639,252,133
End of period				$	15,594,957,413					$	18,911,283,173					$	18,813,863,940
Overdistributed net investment income				$	(6,475	)				$	(6,475	)				$	(6,470	)

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

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

26 Wells Fargo Advantage Cash Investment Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Administrator Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Net realized gains (losses) on investments		0.00			0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.00	%		0.03	%		0.24	%		2.19	%		4.92	%		4.96	%		3.06	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.35	%		0.38	%		0.38	%		0.37	%		0.37	%		0.37	%
Net expenses		0.27	%		0.32	%		0.34	%		0.34	%		0.33	%		0.35	%		0.35	%
Net investment income		0.01	%		0.04	%		0.25	%		2.23	%		4.77	%		4.87	%		3.37	%
Supplemental data
Net assets, end of period (000’s omitted)		$631,901			$764,595			$1,013,058			$1,415,264			$2,249,470			$1,364,223			$1,150,617

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

4. Returns for periods less than one year are not annualized.

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

Financial Highlights Wells Fargo Advantage Cash Investment Money Market Fund 27

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Institutional Class							2010			2009			2008			2007			20062
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Net realized gains (losses) on investments		0.00			0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.04	%		0.15	%		0.36	%		2.32	%		5.06	%		5.12	%		3.21	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.23	%		0.26	%		0.26	%		0.25	%		0.25	%		0.25	%
Net expenses		0.20	%		0.20	%		0.22	%		0.21	%		0.20	%		0.20	%		0.20	%
Net investment income		0.08	%		0.16	%		0.37	%		2.28	%		4.94	%		5.01	%		3.50	%
Supplemental data
Net assets, end of period (000’s omitted)		$7,130,924			$8,268,232			$8,887,844			$10,132,093			$9,194,540			$7,830,847			$6,497,267

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

4. Returns for periods less than one year are not annualized.

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

28 Wells Fargo Advantage Cash Investment Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Select Class							2010			2009			20082
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.03
Net realized gains (losses) on investments		0.00			0.00	3		0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.07	%		0.21	%		0.43	%		2.40	%		3.31	%
Ratios to average net assets (annualized)
Gross expenses		0.19	%		0.19	%		0.22	%		0.23	%		0.20	%
Net expenses		0.13	%		0.13	%		0.15	%		0.15	%		0.13	%
Net investment income		0.14	%		0.22	%		0.41	%		2.29	%		4.81	%
Supplemental data
Net assets, end of period (000’s omitted)		$5,509,588			$7,593,851			$4,897,725			$3,733,381			$3,025,485

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from June 29, 2007 (commencement of class operations) to February 28, 2008.

3. Amount is less than $0.005.

4. Returns for periods less than one year are not annualized.

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

Financial Highlights Wells Fargo Advantage Cash Investment Money Market Fund 29

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Service Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Net realized gains (losses) on investments		0.00			0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.00	%		0.01	%		0.14	%		2.02	%		4.75	%		4.80	%		2.92	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.52	%		0.56	%		0.56	%		0.54	%		0.54	%		0.54	%
Net expenses		0.26	%		0.35	%		0.46	%		0.52	%		0.50	%		0.50	%		0.50	%
Net investment income		0.01	%		0.01	%		0.16	%		1.99	%		4.64	%		4.71	%		3.12	%
Supplemental data
Net assets, end of period (000’s omitted)		$2,322,543			$2,284,605			$4,015,237			$6,358,514			$7,374,749			$6,328,867			$5,793,762

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

4. Returns for periods less than one year are not annualized.

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

30 Wells Fargo Advantage Cash Investment Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Cash Investment Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The 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 custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the 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 the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $3,975,892 expiring in 2018.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 31

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive at an annual rate of 0.10% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

32 Wells Fargo Advantage Cash Investment Money Market Fund Notes to Financial Statements (Unaudited)

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

Funds Management and has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund is charged a fee at an annual rate of 0.25% of its average daily net assets. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITION

After the close of business on November 5, 2010, the Fund acquired the net assets of Wells Fargo Advantage Money Market Trust. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Existing shareholders of Wells Fargo Advantage Money Market Trust received Institutional Class shares of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Money Market Trust for 2,576,607,084 shares of the Fund valued at $2,572,517,911 at an exchange ratio of 1.00 for Institutional Class shares. The investment portfolio of Wells Fargo Advantage Money Market Trust with a fair value of $2,621,390,044 and amortized cost of $2,621,390,044 at November 5, 2010 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage Money Market Trust and the Fund immediately prior to the acquisition were $2,572,517,911 and $16,493,176,644, respectively. The aggregate net assets of the Fund immediately after the acquisition were $19,065,694,555. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Money Market Trust was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	25,883,533
Net realized losses on investments	$	(3,855,630	)
Net increase in net assets resulting from operations	$	22,027,903

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 33

into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

34 Wells Fargo Advantage Cash Investment Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 35

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

36 Wells Fargo Advantage Cash Investment Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 37

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Cash Investment Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

38 Wells Fargo Advantage Cash Investment Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

Other Information (Unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 39

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

40 Wells Fargo Advantage Cash Investment Money Market Fund Other Information (Unaudited)

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Cash Investment Money Market Fund 41

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204798 09-11 SA302/SAR302 7-11

Wells Fargo Advantage

Government Money Market Fund

Semi-Annual Report

July 31, 2011

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	20
Other Information	24
List of Abbreviations	31

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Government Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Government Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately, the drop may be more attributable to a decline in the labor force than to a

Letter to Shareholders Wells Fargo Advantage Government Money Market Fund 3

meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Government Money Market Fund Letter to Shareholders

not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Government Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

November 16, 1987

PORTFOLIO COMPOSITION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹
(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²
(AS OF JULY 31, 2011)

26 Days

WEIGHTED AVERAGE FINAL MATURITY³
(AS OF JULY 31, 2011)

40 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Government Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (WFGXX)		11/08/1999		0.00		0.01		1.66		1.68		0.62%		0.62%
Administrator Class (WGAXX)		07/31/2003		0.00		0.01		1.81		1.90		0.35%		0.35%
Institutional Class (GVIXX)		07/28/2003		0.01		0.02		1.91		1.99		0.23%		0.20%
Service Class (NWGXX)		11/16/1987		0.00		0.01		1.73		1.81		0.52%		0.50%
Sweep Class		06/30/2010		0.00		0.01		1.73		1.81		0.97%		0.97%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Administrator Class		Institutional Class		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The U.S. Government guarantee applies to certain of the underlying securities held by the Fund and not to shares of the Fund itself.

4. Historical performance shown for the Administrator Class and Institutional Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and has not been adjusted to reflect the higher expenses applicable to the Sweep Class shares. If these expenses had been adjusted, returns would be lower.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.65% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.50% for Service Class, and 1.05% for Sweep Class shares. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.49)%, (0.22)%, (0.10)%, (0.39)% and (0.84)% for Class A, Administrator Class, Institutional Class, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage Government Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.69		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.69		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Institutional Class
Actual	$	1,000.00	$	1,000.05	$	0.69		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.69		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.69		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Government Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Paper: 3.85%
Asset-Backed Commercial Paper: 3.85%
Straight-A Funding LLC††^		0.16	%		09/26/2011	$	30,510,000	$	30,502,406
Straight-A Funding LLC††^		0.13			09/19/2011		40,013,000		40,005,920
Straight-A Funding LLC††^		0.16			10/13/2011		22,747,000		22,739,620
Straight-A Funding LLC††^		0.16			09/27/2011		32,207,000		32,198,841
Straight-A Funding LLC††^		0.16			10/05/2011		88,000,000		87,974,578
Straight-A Funding LLC††^		0.13			09/20/2011		45,328,000		45,319,816
Straight-A Funding LLC††^		0.16			10/06/2011		104,996,000		104,965,201
Straight-A Funding LLC††^		0.15			10/04/2011		120,106,000		120,073,972
Straight-A Funding LLC††^		0.16			10/19/2011		100,070,000		100,034,864
Straight-A Funding LLC††^		0.15			10/03/2011		110,116,000		110,087,095
Straight-A Funding LLC††^		0.16			10/05/2011		115,058,000		115,024,761
Straight-A Funding LLC††^		0.16			10/14/2011		115,753,000		115,714,930
Straight-A Funding LLC††^		0.16			10/17/2011		85,000,000		84,970,911
Straight-A Funding LLC††^		0.15			09/21/2011		36,024,000		36,016,345
Total Commercial Paper (Cost $1,045,629,260)									1,045,629,260
Government Agency Debt: 40.46%
FFCB±		0.08			02/22/2012		26,500,000		26,483,645
FFCB^		0.10			10/27/2011		25,000,000		24,993,958
FFCB±		0.11			01/25/2012		145,000,000		144,944,118
FFCB±		0.13			06/18/2012		50,000,000		49,995,964
FFCB^		0.15			10/12/2011		25,000,000		24,992,500
FFCB^		0.16			08/23/2011		25,000,000		24,997,403
FFCB±		0.17			03/14/2012		200,000,000		199,980,747
FFCB±		0.19			10/07/2011		200,000,000		200,007,684
FFCB^		0.19			08/11/2011		25,000,000		24,998,542
FFCB±		0.20			02/13/2012		50,000,000		50,002,685
FFCB^		0.20			08/09/2011		100,000,000		99,995,111
FFCB^		0.20			08/24/2011		50,000,000		49,993,292
FFCB		0.55			09/30/2011		24,110,000		24,126,833
FFCB		0.68			09/01/2011		6,000,000		6,002,736
FFCB		1.13			10/03/2011		30,500,000		30,549,226
FFCB		3.50			10/03/2011		60,200,000		60,547,607
FHLB^		0.04			09/02/2011		100,000,000		99,996,000
FHLB^		0.06			09/23/2011		250,000,000		249,974,052
FHLB^		0.07			08/17/2011		226,050,000		226,042,767
FHLB^		0.07			08/19/2011		236,000,000		235,991,240
FHLB^		0.07			08/24/2011		50,000,000		49,997,604
FHLB^		0.07			08/26/2011		300,000,000		299,983,611
FHLB^		0.08			09/09/2011		249,000,000		248,977,071
FHLB^		0.09			08/31/2011		136,000,000		135,990,027
FHLB^		0.09			09/06/2011		150,000,000		149,986,500
FHLB±		0.10			08/12/2011		150,000,000		149,998,177
FHLB±		0.14			02/28/2012		250,000,000		249,949,883
FHLB^		0.15			10/07/2011		100,000,000		99,972,083
FHLB		0.20			08/03/2011		50,000,000		50,000,080
FHLB		0.21			08/10/2011		83,265,000		83,264,588
FHLB±		0.22			10/13/2011		251,400,000		251,418,303
FHLB±		0.22			11/07/2011		150,000,000		149,983,667
FHLB		0.26			11/29/2011		100,000,000		100,038,175

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Government Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Government Agency Debt (continued)
FHLB		0.79	%		11/25/2011	$	150,000,000	$	150,303,497
FHLB		3.75			09/09/2011		15,565,000		15,624,745
FHLB		4.88			10/05/2011		50,000,000		50,419,565
FHLMC^		0.00			08/01/2011		250,000,000		250,000,000
FHLMC^		0.02			09/14/2011		250,000,000		249,993,889
FHLMC^		0.04			09/20/2011		100,000,000		99,994,444
FHLMC^		0.05			09/16/2011		125,000,000		124,992,014
FHLMC^		0.05			10/06/2011		250,000,000		249,977,083
FHLMC^		0.06			11/10/2011		250,000,000		249,957,917
FHLMC^		0.07			08/15/2011		222,144,000		222,133,953
FHLMC^		0.08			08/29/2011		262,770,000		262,753,650
FHLMC^		0.09			08/12/2011		100,000,000		99,996,944
FHLMC^		0.09			09/12/2011		256,050,000		256,018,144
FHLMC^		0.09			09/27/2011		31,100,000		31,095,568
FHLMC^		0.10			09/01/2011		87,000,000		86,992,508
FHLMC^		0.10			09/06/2011		50,000,000		49,995,000
FHLMC^		0.10			09/21/2011		125,000,000		124,982,292
FHLMC±		0.11			02/02/2012		23,007,000		22,997,602
FHLMC^		0.11			11/08/2011		50,000,000		49,984,875
FHLMC^		0.11			11/14/2011		30,000,000		29,990,375
FHLMC^		0.12			10/31/2011		100,000,000		99,969,667
FHLMC^		0.14			12/12/2011		55,187,000		55,158,456
FHLMC^		0.15			08/16/2011		113,429,000		113,421,438
FHLMC^		0.15			10/04/2011		25,500,000		25,493,200
FHLMC±		0.16			09/26/2011		50,000,000		49,999,604
FHLMC^		0.16			08/09/2011		96,031,000		96,027,159
FHLMC±		0.17			05/11/2012		150,000,000		149,941,667
FHLMC^		0.17			08/08/2011		113,429,000		113,424,809
FHLMC^		0.17			08/22/2011		94,000,000		93,990,130
FHLMC^		0.17			09/19/2011		50,000,000		49,988,090
FHLMC^		0.18			09/26/2011		179,334,000		179,283,786
FHLMC		3.63			09/16/2011		125,675,000		126,227,340
FHLMC		5.50			09/15/2011		6,010,000		6,049,179
FNMA^		0.05			10/11/2011		225,000,000		224,965,486
FNMA^		0.06			11/07/2011		50,000,000		49,991,833
FNMA^		0.06			11/08/2011		200,000,000		199,967,000
FNMA^		0.06			11/28/2011		100,000,000		99,980,167
FNMA^		0.08			08/08/2011		125,000,000		124,997,424
FNMA^		0.08			09/07/2011		76,454,000		76,446,619
FNMA^		0.08			10/12/2011		240,780,000		240,736,989
FNMA^		0.09			10/05/2011		122,360,000		122,332,245
FNMA±		0.10			08/11/2011		150,000,000		149,997,931
FNMA^		0.11			08/22/2011		150,000,000		149,987,750
FNMA^		0.11			08/23/2011		200,000,000		199,985,333
FNMA^		0.11			09/22/2011		50,000,000		49,992,056
FNMA^		0.11			11/01/2011		195,000,000		194,945,183
FNMA^		0.11			11/02/2011		50,000,000		49,985,792
FNMA^		0.11			11/09/2011		31,230,000		31,220,458
FNMA^		0.11			11/14/2011		35,000,000		34,988,771
FNMA^		0.11			12/12/2011		55,000,000		54,977,649
FNMA^		0.12			08/03/2011		200,000,000		199,997,944

10 Wells Fargo Advantage Government Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Government Agency Debt (continued)
FNMA^		0.12	%		09/26/2011	$	54,800,000	$	54,789,771
FNMA^		0.13			09/27/2011		82,200,000		82,183,081
FNMA^		0.14			08/25/2011		225,000,000		224,977,500
FNMA^		0.14			10/19/2011		150,000,000		149,952,271
FNMA^		0.17			08/17/2011		21,582,000		21,580,273
FNMA^		0.17			08/24/2011		150,000,000		149,982,750
FNMA^		0.17			09/21/2011		88,000,000		87,978,807
FNMA^		0.17			09/28/2011		204,840,000		204,780,943
FNMA		1.16			09/08/2011		10,000,000		10,009,963
FNMA		3.63			08/15/2011		25,988,000		26,022,620
Total Government Agency Debt (Cost $10,979,109,078)									10,979,109,078
Other Notes: 4.92%
Corporate Bonds and Notes: 4.92%
American Express Bank FSB±		1.17			12/09/2011		50,000,000		50,175,619
Bank of America Corporation±		0.55			04/30/2012		146,835,000		147,215,593
Bank of America Corporation±		1.07			12/02/2011		84,268,000		84,516,830
Citibank NA±		0.30			05/07/2012		39,970,000		39,992,036
Citibank NA		1.25			09/22/2011		35,367,000		35,423,753
Citibank NA		1.38			08/10/2011		139,046,000		139,084,666
Citigroup Funding Incorporated±		0.55			03/30/2012		12,315,000		12,343,213
Citigroup Funding Incorporated±		0.58			04/30/2012		21,485,000		21,545,151
General Electric Capital Corporation±		0.22			05/08/2012		60,045,000		60,057,255
General Electric Capital Corporation±		0.32			04/24/2012		5,000,000		65,053,621
General Electric Capital Corporation±		0.42			06/01/2012		96,100,000		96,296,659
General Electric Capital Corporation±		0.45			03/12/2012		50,000,000		50,075,591
General Electric Capital Corporation±		1.18			12/09/2011		50,000,000		50,174,937
Goldman Sachs Group Incorporated±		0.52			11/09/2011		146,705,000		146,833,590
HSBC USA Incorporated		3.13			12/16/2011		156,980,000		158,725,102
JPMorgan Chase & Company±		0.48			06/15/2012		125,000,000		125,300,368
JPMorgan Chase & Company		3.13			12/01/2011		9,535,000		9,628,648
Morgan Stanley±		0.55			02/10/2012		10,000,000		10,017,187
Morgan Stanley		2.00			09/22/2011		30,925,000		31,007,695
Total Other Notes (Cost $1,333,467,514)									1,333,467,514
Repurchase Agreements(z): 39.25%
Bank of America NA, dated 07/29//2011, maturity value $1,000,012,500(1)		0.15			08/01/2011		1,000,000,000		1,000,000,000
Barclays Capital Incorporated, dated 07/29/2011, maturity value $1,045,014,804(2)		0.17			08/01/2011		1,045,000,000		1,045,000,000
BNP Paribas Securities, dated 07/29/2011, maturity value $1,750,029,167(3)		0.20			08/01/2011		1,750,000,000		1,750,000,000
Citibank NA, dated 07/29/2011, maturity value $100,018,333(4)		0.22			08/01/2011		1,000,000,000		1,000,000,000
Citigroup Global Markets, dated 07/29/2011, maturity value $500,009,167(5)		0.22			08/01/2011		500,000,000		500,000,000
Deutsche Bank Securities, dated 07/29/2011, maturity value $1,254,420,907(6)		0.20			08/01/2011		1,254,400,000		1,254,400,000
Goldman Sachs & Company, dated 07/29/2011, maturity value $650,010,833(7)		0.20			08/01/2011		650,000,000		650,000,000
HSBC Securities, dated 07/29/2011, maturity value $538,406,730(8)		0.15			08/01/2011		538,400,000		538,400,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Government Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Repurchase Agreements (continued)
JPMorgan Securities, dated 07/29/2011, maturity value $500,008,333(9)		0.20	%		08/01/2011	$	500,000,000	$	500,000,000
Merrill Lynch Pierce Fenner & Smith Incorporated, dated 07/29/2011, maturity value $100,001,417(10)		0.17			08/01/2011		100,000,000		100,000,000
Morgan Stanley & Company, dated 07/29/2011, maturity value $100,001,667(11)		0.20			08/01/2011		100,000,000		100,000,000
RBC Capital Markets, dated 07/29/2011, maturity value $150,002,500(12)		0.20			08/01/2011		150,000,000		150,000,000
RBS Securities Incorporated, dated 07/29/2011, maturity value $1,000,016,667(13)		0.20			08/01/2011		1,000,000,000		1,000,000,000
Societe Generale, dated 07/29/2011, maturity value $750,012,500(14)		0.20			08/01/2011		750,000,000		750,000,000
UBS Securities LLC, dated 07/29/2011, maturity value $314,455,503(15)		0.21			08/01/2011		314,450,000		314,450,000
Total Repurchase Agreements (Cost $10,652,250,000)									10,652,250,000
	Yield
Treasury Debt: 0.92%
US Treasury Bill		0.05			08/04/2011		250,000,000		249,998,750
Total Treasury Debt (Cost $249,998,750)									249,998,750

Total Investments in Securities
(Cost $24,260,454,602)*	89.40	%		24,260,454,602
Other Assets and Liabilities, Net	10.60			2,876,152,258
Total Net Assets	100.00	%	$	27,136,606,860

(z) Collateralized by:

(1) U.S. government securities, 2.72% to 6.50%, 4/1/2018 to 7/1/2039, market value including accrued interest is $1,030,000,000.

(2) U.S. government securities, 3.50% to 5.00%, 11/1/2025 to 7/1/2041, market value including accrued interest is $1,076,350,001.

(3) U.S. government securities, 0.00% to 6.50%, 8/1/2021 to 8/1/2041, market value including accrued interest is $1,802,500,000.

(4) U.S. government securities, 3.00% to 9.00%, 9/1/2011 to 11/1/2049, market value including accrued interest is $1,030,000,000.

(5) U.S. government securities, 2.375% to 6.50%, 12/1/2017 to 7/1/2041, market value including accrued interest is $515,000,000.

(6) U.S. government securities, 1.00% to 5.50%, 4/30/2012 to 8/1/2041, market value including accrued interest is $1,290,301,877.

(7) U.S. government securities, 2.96% to 6.00%, 8/1/2037 to 5/1/2041, market value including accrued interest is $669,500,001.

(8) U.S. government securities, 0.00% to 7.125%, 8/31/2011 to 2/15/2023, market value including accrued interest is $549,169,988.

(9) U.S. government securities, 4.00% to 7.00%, 2/1/2031 to 7/1/2041, market value including accrued interest is $515,004,373.

(10) U.S. government securities, 3.37% to 6.00%, 6/1/2036 to 5/1/2041, market value including accrued interest is $103,000,000.

(11) U.S. government securities, 4.50% to 6.00%, 9/1/2040 to 12/1/2048, market value including accrued interest is $103,000,000.

(12) U.S. government securities, 3.50% to 5.00%, 8/1/2026 to 6/20/2040, market value including accrued interest is $154,500,000.

(13) U.S. government securities, 3.00% to 6.50%, 9/1/2013 to 7/1/2041, market value including accrued interest is $1,030,003,962.

(14) U.S. government securities, 2.00% to 6.50%, 9/1/2013 to 2/1/2041, market value including accrued interest is $772,500,000.

(15) U.S. government securities, 3.50% to 5.50%, 9/1/2024 to 8/1/2041, market value including accrued interest is $323,883,501.

†† Security 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.

^ Zero coupon security. Rate represents yield to maturity.

± Variable rate investments.

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

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

12 Wells Fargo Advantage Government Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments
Investments in unaffiliated securities, at amortized cost	$	13,608,204,602
Investments in repurchase agreements, at amortized cost		10,652,250,000
Total investments, at amortized cost		24,260,454,602
Cash		2,871,904,038
Receivable for Fund shares sold		256,193
Receivable for interest		7,682,396
Receivable from adviser		2,607,622
Total assets		27,142,904,851
Liabilities
Dividends payable		138,098
Payable for Fund shares redeemed		289,445
Distribution fees payable		33,986
Due to other related parties		3,140,038
Custodian and accounting fees payable		602,669
Shareholder report expenses payable		338,717
Shareholder servicing fees payable		1,504,105
Accrued expenses and other liabilities		250,933
Total liabilities		6,297,991
Total net assets	$	27,136,606,860
NET ASSETS CONSIST OF
Paid-in capital	$	27,136,460,457
Overdistributed net investment income		(27,043	)
Accumulated net realized gains on investments		173,446
Total net assets	$	27,136,606,860
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	946,442,970
Shares outstanding – Class A		946,444,661
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	525,860,000
Shares outstanding – Administrator Class		525,858,356
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	19,558,156,663
Shares outstanding – Institutional Class		19,558,143,267
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	5,984,936,881
Shares outstanding – Service Class		5,984,868,103
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	121,210,346
Shares outstanding – Sweep Class		121,209,288
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage Government Money Market Fund 13

Investment income
Interest	$	20,154,346
Expenses
Advisory fee		13,612,815
Administration fees
Fund level		4,827,680
Class A		1,073,340
Administrator Class		257,930
Institutional Class		7,786,369
Service Class		3,687,747
Sweep Class		134,021
Shareholder servicing fees
Class A		1,110,785
Administrator Class		257,698
Service Class		7,665,069
Sweep Class		152,296
Distribution fees
Sweep Class		213,214
Custody and accounting fees		646,099
Professional fees		19,749
Registration fees		28,795
Shareholder report expenses		72,845
Trustees’ fees and expenses		6,252
Other fees and expenses		295,103
Total expenses		41,847,807
Less: Fee waivers and/or expense reimbursements		(23,065,417	)
Net expenses		18,782,390
Net investment income		1,371,956
Net realized gains on investments		504,695
Net increase in net assets resulting from operations	$	1,876,651

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

14 Wells Fargo Advantage Government Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	1,371,956					$	6,880,736					$	27,921,421
Net realized gains (losses) on investments					504,695						(173,048	)					43,897
Net increase in net assets resulting from operations					1,876,651						6,707,688						27,965,318
Distributions to shareholders from
Net investment income
Class A					(48,790	)					(90,131	)					(91,755	)
Administrator Class					(25,793	)					(57,540	)					(315,227	)
Institutional Class					(983,968	)					(6,281,889	)					(26,978,458	)
Service Class					(307,313	)					(441,454	)					(535,979	)
Sweep Class					(6,092	)					(9,722	)2					NA
Net realized gains
Class A					0						(362	)					(1,173	)
Administrator Class					0						(185	)					(1,273	)
Institutional Class					0						(7,100	)					(25,269	)
Service Class					0						(1,640	)					(6,849	)
Sweep Class					0						(52	)2					NA
Total distributions to shareholders					(1,371,956	)					(6,890,075	)					(27,955,983	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,038,005,199			1,038,005,199			1,799,814,679			1,799,814,679			372,562,738			372,562,738
Administrator Class		2,652,748,122			2,652,748,122			7,166,336,947			7,166,336,947			6,962,786,773			6,962,786,773
Institutional Class		71,937,749,329			71,937,749,329			149,069,477,734			149,069,477,734			151,931,715,902			151,931,715,902
Service Class		19,153,416,589			19,153,416,589			35,059,498,304			35,059,498,304			31,167,330,727			31,167,330,727
Sweep Class		334,716,411			334,716,411			347,512,112	2		347,512,112	2		NA			NA
					95,116,635,650						193,442,639,776						190,434,396,140
Reinvestment of distributions
Class A		47,569			47,569			88,954			88,954			91,388			91,388
Administrator Class		10,992			10,992			26,226			26,226			168,503			168,503
Institutional Class		436,422			436,422			2,809,820			2,809,820			13,377,226			13,377,226
Service Class		18,839			18,839			36,315			36,315			65,367			65,367
Sweep Class		6,092			6,092			9,774	2		9,774	2		NA			NA
					519,914						2,971,089						13,702,484
Payment for shares redeemed
Class A		(1,170,499,558	)		(1,170,499,558	)		(2,006,438,358	)		(2,006,438,358	)		(697,095,949	)		(697,095,949	)
Administrator Class		(2,674,186,191	)		(2,674,186,191	)		(7,407,543,227	)		(7,407,543,227	)		(7,954,771,554	)		(7,954,771,554	)
Institutional Class		(72,140,705,949	)		(72,140,705,949	)		(151,297,225,953	)		(151,297,225,953	)		(173,677,551,165	)		(173,677,551,165	)
Service Class		(18,989,290,978	)		(18,989,290,978	)		(33,933,581,717	)		(33,933,581,717	)		(32,914,867,678	)		(32,914,867,678	)
Sweep Class		(341,305,607	)		(341,305,607	)		(389,336,456	)2		(389,336,456	)2		NA			NA
					(95,315,988,283	)					(195,034,125,711	)					(215,244,286,346	)
Net asset value of shares issued in acquisitions
Class A		0			0			507,981,859			507,924,424			0			0
Institutional Class		0			0			1,324,050,351			1,323,902,436			0			0
Service Class		0			0			99,516,216			99,469,544			0			0
Sweep Class		0			0			169,606,962			169,618,707			NA			NA
					0						2,100,915,111						0
Net increase (decrease) in net assets resulting from capital share transactions					(198,832,719	)					512,400,265						(24,796,187,722	)
Total increase (decrease) in net assets					(198,328,024	)					512,217,878						(24,796,178,387	)
Net assets
Beginning of period					27,334,934,884						26,822,717,006						51,618,895,393
End of period				$	27,136,606,860					$	27,334,934,884					$	26,822,717,006
Undistributed (overdistributed) net investment income				$	(27,043	)				$	(27,043	)				$	31,023

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

Financial Highlights Wells Fargo Advantage Government Money Market Fund 15

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class A							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Net realized gains (losses) on investments		0.00	3		(0.00	)3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		1.22	%		4.38	%		4.61	%		2.78	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.58	%		0.65	%		0.64	%		0.64	%		0.64	%		0.65	%
Net expenses		0.14	%		0.22	%		0.28	%		0.64	%		0.64	%		0.64	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		1.29	%		4.39	%		4.57	%		3.13	%
Supplemental data
Net assets, end of period (000’s omitted)		$946,443			$1,078,873			$777,462			$1,101,904			$1,921,647			$2,866,700			$1,224,209

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

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

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

16 Wells Fargo Advantage Government Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Administrator Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Net realized gains (losses) on investments		0.00	3		(0.00	)3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.02	%		1.50	%		4.68	%		4.92	%		3.05	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.35	%		0.39	%		0.37	%		0.37	%		0.37	%		0.38	%
Net expenses		0.14	%		0.21	%		0.28	%		0.36	%		0.35	%		0.35	%		0.35	%
Net investment income		0.01	%		0.01	%		0.03	%		1.42	%		4.55	%		4.82	%		3.33	%
Supplemental data
Net assets, end of period (000’s omitted)		$525,860			$547,278			$788,478			$1,780,294			$1,944,435			$1,179,768			$876,234

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

4. Returns for periods less than one year are not annualized.

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

Financial Highlights Wells Fargo Advantage Government Money Market Fund 17

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Institutional Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Net realized gains (losses) on investments		0.00	3		(0.00	)3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Distributions to shareholders
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.01	%		0.03	%		0.08	%		1.65	%		4.83	%		5.07	%		3.19	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.23	%		0.27	%		0.26	%		0.25	%		0.25	%		0.26	%
Net expenses		0.14	%		0.20	%		0.21	%		0.22	%		0.20	%		0.20	%		0.20	%
Net investment income		0.01	%		0.03	%		0.10	%		1.42	%		4.54	%		5.00	%		3.45	%
Supplemental data
Net assets, end of period (000’s omitted)		$19,558,157			$19,760,296			$20,661,470			$42,393,921			$23,265,323			$7,766,684			$4,508,755

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

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

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

18 Wells Fargo Advantage Government Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Service Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Net realized gains (losses) on investments		0.00	3		(0.00	)3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		1.35	%		4.52	%		4.76	%		2.91	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.52	%		0.56	%		0.54	%		0.54	%		0.54	%		0.55	%
Net expenses		0.14	%		0.22	%		0.28	%		0.51	%		0.50	%		0.50	%		0.50	%
Net investment income		0.01	%		0.01	%		0.01	%		1.31	%		4.42	%		4.66	%		3.13	%
Supplemental data
Net assets, end of period (000’s omitted)		$5,984,937			$5,820,697			$4,595,307			$6,342,777			$6,350,025			$5,656,867			$5,350,480

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Government Money Market Fund 19

(For a share outstanding throughout each period)
Sweep Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		(0.00	)2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.94	%
Net expenses		0.14	%		0.22	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$121,210			$127,791

1. For the period from June 30, 2010 (commencement of class operation) to January 31, 2011.

2. Amount represents less than $0.005.

3. Returns for periods less than one year are not annualized.

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

20 Wells Fargo Advantage Government Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Government Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The 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 custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the 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 the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $329,732 with $10,880 expiring in 2016, $134,086 expiring in 2017 and $184,766 expiring in 2019.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Government Money Market Fund 21

As of January 31, 2011, the Fund had $1,511 of current year deferred post-October capital losses, which would be treated as realized for tax purposes on the first day of the succeeding year.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the

22 Wells Fargo Advantage Government Money Market Fund Notes to Financial Statements (Unaudited)

Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets for Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITIONS

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen U.S. Government Money Market Fund and Evergreen Institutional U.S. Government Money Market Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen U.S. Government Money Market Fund and Evergreen Institutional U.S. Government Money Market Fund at an exchange ratio of 1.00 for each class. Shareholders holding Class A and Class S shares of Evergreen U.S. Government Money Market Fund received Class A and Sweep Class shares, respectively, of the Fund in the reorganization. Shareholders holding Class IS, Class I, Class IN, and Class P shares of Evergreen Institutional U.S. Government Money Market Fund received Service Class, Institutional Class, Institutional Class and Service Class shares, respectively, of the Fund in the reorganization. The investment portfolio of Evergreen U.S. Government Money Market Fund and Evergreen Institutional U.S. Government Money Market Fund with fair values of $677,045,951 and $1,421,726,121, respectively, and amortized costs of $677,045,951and $1,421,726,121, respectively, at July 9, 2010, were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen U.S. Government Money Market Fund and Evergreen Institutional U.S. Government Money Market Fund were carried forward to align ongoing

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Government Money Market Fund 23

reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, and number of shares issued were as follows:

Acquired Fund	Value of Net Assets Acquired		Number of Shares Issued
Evergreen U.S. Government Money Market Fund	$	677,543,131		507,981,859	Class A
				169,606,962	Sweep Class
Evergreen Institutional U.S. Government Money Market Fund	$	1,423,371,980		99,516,216	Service Class
				1,324,050,351	Institutional Class

The aggregate net assets of the Fund immediately before and after the acquisitions were $25,563,224,306 and $27,664,139,417, respectively. Assuming the acquisitions had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	7,686,752
Net realized losses on investments	$	(179,078	)
Net increase in net assets resulting from operations	$	7,507,674

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

24 Wells Fargo Advantage Government Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Government Money Market Fund 25

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

26 Wells Fargo Advantage Government Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Government Money Market Fund 27

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Government Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

28 Wells Fargo Advantage Government Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

Other Information (Unaudited) Wells Fargo Advantage Government Money Market Fund 29

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that

30 Wells Fargo Advantage Government Money Market Fund Other Information (Unaudited)

have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Government Money Market Fund 31

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204799 09-11 SA303/SAR303 7-11

Wells Fargo Advantage

Heritage Money Market Fund

Semi-Annual Report

July 31,2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	27
Statement of Operations	28
Statements of Changes in Net Assets	29
Financial Highlights	30
Notes to Financial Statements	34
Other Information	38
List of Abbreviations	45

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM , Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM , Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM , Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Heritage Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Heritage Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Heritage Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Federal Reserve (Fed) reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets.¹ Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Heritage Money Market Fund Letter to Shareholders

classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

June 29, 1995

PORTFOLIO COMPOSITION¹
(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹
(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

16 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

33 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Heritage Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Administrator Class (SHMXX)		06/29/1995		0.00		0.02		2.03		2.03		0.34%		0.34%
Institutional Class (SHIXX)		03/31/2000		0.04		0.11		2.17		2.20		0.22%		0.20%
Select Class (WFJXX)		06/29/2007		0.07		0.18		2.22		2.23		0.18%		0.13%
Service Class (WHTXX)**		06/30/2010		0.00		0.01		2.03		2.02		0.51%		0.43%

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

** Service Class shares are closed to new investors.

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Administrator Class		Institutional Class		Select Class		Service Class
7-Day Current Yield		0.01%		0.01%		0.08%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.08%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.07%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.07%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

4. Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Service Class shares prior to their inception reflects the performance of the Administrator Class shares and includes the higher expenses that are applicable to Administrator Class shares. If these expenses had not been included, returns would be higher.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.35% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class and 0.43% for Service Class. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.14)%, (0.02)%, 0.02% and (0.31)% for Administrator Class, Institutional Class, Select Class and Service Class, respectively.

Fund Expenses Wells Fargo Advantage Heritage Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	1.29		0.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.30		0.26	%
Institutional Class
Actual	$	1,000.00	$	1,000.35	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,000.69	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.29		0.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.30		0.26	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Certificates of Deposit: 24.89%
Banco Del Estado De Chile		0.21	%		08/04/2011	$	67,000,000	$	67,000,000
Bank of Montreal		0.11			08/23/2011		146,000,000		146,000,000
Bank of Montreal		0.12			08/24/2011		109,000,000		109,000,000
Bank of Montreal		0.12			08/26/2011		71,000,000		71,000,000
Bank of Nova Scotia±		0.22			08/09/2011		32,000,000		32,000,000
Barclays Bank plc (New York)±		0.74			08/12/2011		173,000,000		173,000,000
Barclays Bank plc (New York)±		0.59			04/16/2012		101,000,000		101,000,000
Barclays Bank plc (New York)±		0.65			01/17/2012		262,000,000		262,000,000
Barclays Bank plc (New York)±		0.69			10/24/2011		86,000,000		86,000,000
BNP Paribas		0.13			08/01/2011		587,650,000		587,650,000
Commerzbank (London)		0.15			08/01/2011		561,000,000		561,000,000
Credit Agricole		0.16			08/01/2011		520,000,000		520,000,000
Credit Agricole		0.23			08/12/2011		78,000,000		78,000,000
Credit Agricole		0.23			08/15/2011		121,000,000		121,000,000
Credit Industriel et Commercial		0.11			08/01/2011		203,000,000		203,000,000
Credit Suisse (New York)±		0.25			09/02/2011		163,000,000		163,001,252
DG Bank (New York)		0.23			08/15/2011		235,000,000		235,000,000
Groupe BPCE		0.13			08/01/2011		561,000,000		561,000,000
KBC Bank NV Brussels		0.15			08/01/2011		476,000,000		476,000,000
National Bank of Canada±		0.35			09/21/2011		126,000,000		126,000,000
National Bank of Canada±		0.36			10/07/2011		224,000,000		224,000,000
Natixis (New York)±		0.34			08/15/2011		155,000,000		155,001,857
Natixis (New York)±		0.50			08/08/2011		224,000,000		224,000,000
Nordea Bank Finland plc±		0.55			10/14/2011		38,970,000		38,993,666
Nordea Bank Finland plc±		0.55			10/20/2011		25,000,000		25,020,757
Nordea Bank Funding plc		0.15			09/14/2011		111,000,000		111,000,000
Nordea Bank Funding plc		0.15			09/19/2011		113,000,000		113,000,000
Norinchukin Bank		0.15			08/01/2011		128,000,000		128,000,000
Norinchukin Bank		0.15			08/02/2011		216,000,000		216,000,000
Rabobank Nederland NV±		0.27			12/06/2011		131,000,000		131,000,000
Rabobank Nederland NV±		0.27			01/10/2012		147,000,000		147,000,000
Rabobank Nederland NV		0.27			10/21/2011		108,000,000		108,000,000
Rabobank Nederland NV		0.28			04/24/2012		248,000,000		247,990,792
Rabobank Nederland NV±		0.29			08/08/2011		100,000,000		100,002,401
Royal Bank of Scotland plc±		0.44			10/31/2011		317,000,000		317,000,000
Royal Bank of Scotland plc±		0.47			09/13/2011		251,000,000		251,000,000
Skandinaviska Enskilda Banken AB		0.20			09/15/2011		122,000,000		122,000,000
Skandinaviska Enskilda Banken AB		0.20			09/19/2011		56,000,000		56,000,000
Skandinaviska Enskilda Banken AB		0.24			09/01/2011		228,000,000		228,000,000
Societe Generale (New York)		0.51			08/12/2011		245,000,000		245,000,000
Sumitomo Trust & Banking Corporation		0.14			08/03/2011		464,000,000		464,000,000
Sumitomo Trust & Banking Corporation		0.15			08/02/2011		246,000,000		246,000,000
Sumitomo Trust & Banking Corporation		0.15			08/04/2011		65,000,000		65,000,000
Svenska Handsbanken AB		0.17			08/04/2011		75,000,000		75,000,031
Toronto-Dominion Bank		0.12			08/19/2011		120,000,000		120,000,000
Toronto-Dominion Bank		0.12			08/22/2011		102,000,000		102,000,000
Toronto-Dominion Bank		0.17			08/02/2011		27,000,000		27,000,045
Toronto-Dominion Bank±		0.27			01/12/2012		167,000,000		167,000,000
Total Certificates of Deposit (Cost $9,132,660,801)									9,132,660,801

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Paper: 40.93%
Asset-Backed Commercial Paper: 27.35%
Alpine Securitzation Corporation††^		0.13	%		08/19/2011	$	158,000,000	$	157,988,940
Alpine Securitzation Corporation††^		0.13			08/23/2011		25,000,000		24,997,861
Amsterdam Funding Corporation††^		0.15			08/25/2011		13,000,000		12,998,613
Amsterdam Funding Corporation††^		0.15			08/30/2011		53,000,000		52,993,169
Amsterdam Funding Corporation††^		0.22			08/22/2011		27,000,000		26,996,378
Antalis US Funding Corporation††^		0.00			08/01/2011		497,000,000		497,000,000
Arabella Finance LLC††^		0.38			08/08/2011		68,500,000		68,494,272
Argento Funding Companies Limited††^		0.17			08/24/2011		51,000,000		50,993,675
Argento Funding Companies Limited††^		0.19			08/04/2011		37,000,000		36,999,229
Argento Funding Companies Limited††^		0.21			09/07/2011		129,000,000		128,970,830
Argento Funding Companies Limited††^		0.21			09/09/2011		43,000,000		42,989,751
Argento Funding Companies Limited††^		0.22			08/11/2011		19,000,000		18,998,733
Argento Funding Companies Limited††^		0.23			08/09/2011		107,000,000		106,993,817
Argento Funding Companies Limited††^		0.23			08/17/2011		57,000,000		56,993,920
Argento Funding Companies Limited††^		0.29			08/08/2011		99,000,000		98,993,647
Argento Funding Companies Limited††^		0.19			08/22/2011		9,000,000		8,998,950
Aspen Funding Corporation††^		0.16			08/11/2011		19,000,000		18,999,050
Atlantic Asset Securitization Corporation††^		0.11			08/02/2011		91,000,000		90,999,444
Autobahn Funding Company LLC††^		0.00			08/01/2011		7,000,000		7,000,000
Autobahn Funding Company LLC††^		0.27			08/15/2011		29,000,000		28,996,729
Barton Capital Corporation††^		0.00			08/01/2011		634,652,000		634,652,000
Bryant Park Funding LLC††^		0.14			08/22/2011		136,813,000		136,801,029
CAFCO LLC††^		0.17			09/20/2011		7,000,000		6,998,347
Cancara Asset Securitization LLC††^		0.15			08/10/2011		20,000,000		19,999,150
Cancara Asset Securitization LLC††^		0.16			08/24/2011		60,000,000		59,993,483
Cancara Asset Securitization LLC††^		0.18			08/30/2011		93,000,000		92,985,766
Cancara Asset Securitization LLC††^		0.20			09/07/2011		35,100,000		35,092,424
Cancara Asset Securitization LLC††^		0.21			08/08/2011		84,000,000		83,996,080
Cancara Asset Securitization LLC††^		0.21			08/12/2011		44,000,000		43,996,908
Cancara Asset Securitization LLC††^		0.21			09/20/2011		96,000,000		95,972,000
Chariot Funding LLC††^		0.12			08/15/2011		206,227,000		206,216,209
Chariot Funding LLC††^		0.12			08/17/2011		7,000,000		6,999,596
Charta LLC††^		0.19			09/09/2011		23,000,000		22,995,266
Charta LLC††^		0.25			10/06/2011		13,000,000		12,994,042
Concord Minuteman Capital Company††^		0.36			08/09/2011		52,000,000		51,995,378
Concord Minuteman Capital Company††^		0.38			08/16/2011		32,000,000		31,994,667
Concord Minuteman Capital Company††^		0.38			08/17/2011		2,000,000		1,999,644
Concord Minuteman Capital Company††^		0.39			08/26/2011		53,000,000		52,985,278
Concord Minuteman Capital Company††^		0.39			08/29/2011		83,000,000		82,974,178
Concord Minutemen Capital Company††^		0.20			08/02/2011		175,000,000		174,998,056
CRC Funding LLC††^		0.16			09/21/2011		36,000,000		35,991,840
CRC Funding LLC††^		0.17			09/19/2011		4,000,000		3,999,074
Crown Point Capital Company††^		0.27			08/03/2011		121,000,000		120,997,311
Crown Point Capital Company††^		0.32			08/05/2011		71,000,000		70,996,844
Crown Point Capital Company††^		0.36			08/10/2011		48,000,000		47,995,200
Crown Point Capital Company††^		0.36			08/11/2011		49,000,000		48,994,556
Crown Point Capital Company††^		0.37			08/12/2011		39,000,000		38,995,233
Crown Point Capital Company††^		0.38			08/17/2011		38,000,000		37,993,244
Crown Point Capital Company††^		0.38			08/18/2011		70,000,000		69,986,778
Crown Point Capital Company††^		0.38			08/19/2011		22,000,000		21,995,600

10 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Crown Point Capital Company††^		0.39	%		08/26/2011	$	14,000,000	$	13,996,111
Falcon Asset Securitization Corporation LLC††^		0.10			08/05/2011		69,371,000		69,369,998
Falcon Asset Securitization Corporation LLC††^		0.13			08/18/2011		18,000,000		17,998,810
Gemini Securitization Corporation LLC††^		0.15			08/03/2011		98,036,000		98,034,761
Gemini Securitization Corporation LLC††^		0.16			08/09/2011		74,040,000		74,037,038
Gemini Securitization Corporation LLC††^		0.17			08/04/2011		13,000,000		12,999,751
Govco LLC††^		0.21			08/22/2011		25,000,000		24,996,792
Grampian Funding LLC††^		0.17			08/16/2011		98,000,000		97,992,650
Grampian Funding LLC††^		0.17			08/17/2011		85,000,000		84,993,200
Grampian Funding LLC††^		0.17			08/25/2011		75,000,000		74,991,000
Grampian Funding LLC††^		0.23			08/15/2011		111,000,000		110,989,030
Grampian Funding LLC††^		0.24			08/10/2011		87,000,000		86,993,643
Grampian Funding LLC††^		0.34			09/02/2011		91,000,000		91,009,176
Grampian Funding LLC††^		0.23			08/11/2011		104,000,000		103,992,778
Jupiter Securitization Company LLC††^		0.12			08/15/2011		66,227,000		66,223,652
Jupiter Securitization Company LLC††^		0.12			08/17/2011		7,000,000		6,999,596
Jupiter Securitization Company LLC††^		0.13			08/12/2011		10,134,000		10,133,566
Kells Funding LLC††		0.30			12/16/2011		117,000,000		117,000,000
Kells Funding LLC±††		0.33			11/29/2011		246,000,000		246,000,000
Kells Funding LLC±††		0.34			02/21/2012		229,000,000		229,000,000
Legacy Capital Company LLC††^		0.37			08/12/2011		64,000,000		63,992,178
Legacy Capital Company LLC††^		0.39			08/26/2011		26,000,000		25,992,778
Lexington Parker Capital Company LLC††^		0.35			08/08/2011		47,000,000		46,996,344
Lexington Parker Capital Company LLC††^		0.36			08/11/2011		47,000,000		46,994,778
Lexington Parker Capital Company LLC††^		0.38			08/16/2011		65,000,000		64,989,167
Lexington Parker Capital Company LLC††^		0.38			08/19/2011		54,000,000		53,989,200
Lexington Parker Capital Company LLC††^		0.38			08/22/2011		58,000,000		57,986,467
Lexington Parker Capital Company LLC††^		0.38			08/23/2011		77,000,000		76,981,178
LMA Americas LLC††^		0.00			08/01/2011		570,000,000		570,000,000
LMA Americas LLC††^		0.22			08/16/2011		51,000,000		50,995,113
LMA Americas LLC††^		0.22			08/24/2011		8,000,000		7,998,824
LMA Americas LLC††^		0.24			08/30/2011		30,100,000		30,093,938
Matchpoint Master Trust††^		0.00			08/01/2011		414,000,000		414,000,000
Metlife Short Term Funding LLC††^		0.14			08/17/2011		24,000,000		23,998,400
Metlife Short Term Funding LLC††^		0.14			08/18/2011		93,000,000		92,993,413
Metlife Short Term Funding LLC††^		0.14			08/19/2011		16,000,000		15,998,800
Metlife Short Term Funding LLC††^		0.20			08/09/2011		15,000,000		14,999,233
Metlife Short Term Funding LLC††^		0.21			08/11/2011		37,500,000		37,497,604
Metlife Short Term Funding LLC††^		0.21			08/12/2011		23,000,000		22,998,384
Metlife Short Term Funding LLC††^		0.21			08/15/2011		30,000,000		29,997,317
Mont Blanc Capital Corporation††^		0.19			08/08/2011		32,000,000		31,998,631
Mont Blanc Capital Corporation††^		0.20			09/06/2011		131,063,000		131,035,477
Mont Blanc Capital Corporation††^		0.20			09/07/2011		16,000,000		15,996,547
Mont Blanc Capital Corporation††^		0.20			09/09/2011		12,000,000		11,997,270
Nieuw Amsterdam Receivables Corporation††^		0.15			08/03/2011		26,000,000		25,999,668
Nieuw Amsterdam Receivables Corporation††^		0.15			08/26/2011		40,000,000		39,995,556
Nieuw Amsterdam Receivables Corporation††^		0.17			08/04/2011		46,000,000		45,999,118
Nieuw Amsterdam Receivables Corporation††^		0.18			08/05/2011		15,000,000		14,999,633
Nieuw Amsterdam Receivables Corporation††^		0.18			08/16/2011		57,000,000		56,995,488
Nieuw Amsterdam Receivables Corporation††^		0.18			09/08/2011		27,000,000		26,994,870
Nieuw Amsterdam Receivables Corporation††^		0.18			09/22/2011		30,000,000		29,992,200

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Nieuw Amsterdam Receivables Corporation††^		0.20	%		08/09/2011	$	37,000,000	$	36,998,191
Northern Pines Funding LLC††^		0.26			08/08/2011		49,000,000		48,997,142
Northern Pines Funding LLC††^		0.30			08/23/2011		101,000,000		100,980,866
Old Line Funding LLC††^		0.14			08/29/2011		32,000,000		31,996,516
Regency Markets #1 LLC††^		0.14			08/11/2011		23,000,000		22,999,042
Regency Markets #1 LLC††^		0.14			08/15/2011		114,275,000		114,268,334
Regency Markets #1 LLC††^		0.14			08/17/2011		62,000,000		61,995,867
Regency Markets #1 LLC††^		0.15			08/25/2011		127,000,000		126,986,453
Rhein-Main Security Limited††^		0.41			09/13/2011		29,159,000		29,144,372
Rheingold Securitization Limited††^		0.41			09/06/2011		64,218,000		64,191,028
Rheingold Securitization Limited††^		0.41			09/16/2011		76,900,000		76,858,730
Salisbury Receivables Company LLC††^		0.14			08/24/2011		7,000,000		6,999,329
Salisbury Receivables Company LLC††^		0.15			08/12/2011		14,750,000		14,749,279
Salisbury Receivables Company LLC††^		0.15			08/15/2011		7,000,000		6,999,564
Salisbury Receivables Company LLC††^		0.15			08/19/2011		20,000,000		19,998,400
Scaldis Capital LLC††^		0.00			08/01/2011		17,675,000		17,675,000
Scaldis Capital LLC††^		0.20			08/09/2011		28,000,000		27,998,631
Sheffield Receivables Corporation††^		0.17			09/21/2011		45,200,000		45,189,114
Sheffield Receivables Corporation††^		0.14			08/25/2011		9,000,000		8,999,100
Sheffield Receivables Corporation††^		0.15			08/15/2011		13,400,000		13,399,166
Sheffield Receivables Corporation††^		0.17			09/23/2011		3,000,000		2,999,249
Sheffield Receivables Corporation††^		0.17			09/26/2011		16,000,000		15,995,769
Sheffield Receivables Corporation††^		0.17			09/27/2011		55,000,000		54,985,196
Sheffield Receivables Corporation††^		0.18			10/03/2011		15,000,000		14,995,275
Solitaire Funding LLC††^		0.15			08/16/2011		25,000,000		24,998,333
Solitaire Funding LLC††^		0.15			08/18/2011		192,000,000		191,985,493
Solitaire Funding LLC††^		0.15			08/22/2011		15,000,000		14,998,600
Solitaire Funding LLC††^		0.15			08/23/2011		47,000,000		46,995,404
Solitaire Funding LLC††^		0.15			08/24/2011		19,000,000		18,998,058
Solitaire Funding LLC††^		0.15			08/25/2011		124,000,000		123,986,774
Solitaire Funding LLC††^		0.16			08/30/2011		38,000,000		37,994,796
Solitaire Funding LLC††^		0.20			09/09/2011		42,000,000		41,990,445
Solitaire Funding LLC††^		0.21			08/09/2011		62,000,000		61,996,693
Solitaire Funding LLC††^		0.21			09/02/2011		29,000,000		28,994,329
Solitaire Funding LLC††^		0.21			09/12/2011		14,000,000		13,996,570
Surrey Funding Corporation††^		0.14			08/09/2011		14,000,000		13,999,502
Surrey Funding Corporation††^		0.15			08/30/2011		8,000,000		7,998,969
Sydney Capital Corporation††^		0.30			08/10/2011		23,000,000		22,998,103
Sydney Capital Corporation††^		0.30			08/16/2011		13,000,000		12,998,267
Sydney Capital Corporation††^		0.34			09/12/2011		16,000,000		15,993,467
Tasman Funding Incorporated††^		0.16			08/11/2011		24,177,000		24,175,791
Tasman Funding Incorporated††^		0.18			08/16/2011		29,000,000		28,997,704
Tasman Funding Incorporated††^		0.18			08/18/2011		4,000,000		3,999,641
Tasman Funding Incorporated††^		0.18			08/24/2011		6,000,000		5,999,272
Tasman Funding Incorporated††^		0.20			08/08/2011		32,039,000		32,037,567
Tasman Funding Incorporated††^		0.23			08/17/2011		45,000,000		44,995,200
Thames Asset Global Securitization #1 Incorporated††^		0.14			08/10/2011		155,106,000		155,099,318
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/12/2011		9,000,000		8,999,560
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/17/2011		13,000,000		12,999,076
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/18/2011		67,000,000		66,994,706
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/23/2011		4,570,000		4,569,525

12 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Thames Asset Global Securitization #1 Incorporated††^		0.16	%		08/25/2011	$	9,000,000	$	8,998,980
Versailles CDS LLC††^		0.20			08/05/2011		118,000,000		117,996,722
Windmill Funding Corporation††^		0.11			08/04/2011		15,000,000		14,999,813
Windmill Funding Corporation††^		0.12			08/03/2011		8,050,000		8,049,920
Windmill Funding Corporation††^		0.15			08/23/2011		60,000,000		59,994,133
Windmill Funding Corporation††^		0.15			08/30/2011		10,000,000		9,998,711
Windmill Funding Corporation††^		0.22			08/22/2011		45,000,000		44,993,963
Working Capital Management Company††^		0.15			08/03/2011		24,000,000		23,999,693
									10,037,454,026
Financial Company Commerical Paper: 10.25%
ABN AMRO Funding USA LLC††^		0.18			08/15/2011		40,000,000		39,997,044
ABN AMRO Funding USA LLC††^		0.18			08/17/2011		87,000,000		86,992,653
ABN AMRO Funding USA LLC††^		0.18			08/19/2011		14,000,000		13,998,670
ABN AMRO Funding USA LLC††^		0.20			08/05/2011		49,000,000		48,998,639
ANZ National Limited±††		0.34			09/13/2011		120,000,000		120,000,000
ASB Finance Limited±††		0.35			12/02/2011		108,000,000		108,000,000
ASB Finance Limited±††		0.35			12/05/2011		107,000,000		107,000,000
ASB Finance Limited±††		0.35			09/02/2011		136,000,000		136,000,000
BNZ International Funding Limited††		0.15			08/10/2011		27,000,000		26,998,853
BNZ International Funding Limited±††		0.24			09/20/2011		17,500,000		17,494,167
BNZ International Funding Limited±††		0.34			10/07/2011		10,000,000		9,999,994
BNZ International Funding Limited±††		0.34			10/12/2011		44,000,000		44,000,436
BNZ International Funding Limited±††		0.35			01/06/2012		69,000,000		69,000,000
BNZ International Funding Limited±††		0.35			09/01/2011		104,000,000		104,000,364
Credit Suisse (New York)^		0.00			08/01/2011		146,000,000		146,000,000
Credit Suisse (New York)^		0.15			09/07/2011		68,000,000		67,989,517
ICICI Bank Limited^		0.64			09/16/2011		135,000,000		134,887,875
Nordea North America Incorporated^		0.15			09/15/2011		200,000,000		199,962,500
Nordea North America Incorporated^		0.15			09/22/2011		121,000,000		120,973,783
PB Financing Incorporated††^		0.00			08/01/2011		28,000,000		28,000,000
PB Financing Incorporated††^		0.33			08/03/2011		50,000,000		49,998,611
PB Financing Incorporated††^		0.45			08/10/2011		44,000,000		43,994,500
PB Financing Incorporated††^		0.47			08/22/2011		38,000,000		37,989,138
PB Financing Incorporated††^		0.47			08/29/2011		11,749,000		11,744,522
PB Financing Incorporated††^		0.49			09/08/2011		39,000,000		38,979,417
PB Financing Incorporated††^		0.49			09/09/2011		39,000,000		38,978,875
PB Financing Incorporated††^		0.50			09/16/2011		48,000,000		47,968,720
PB Financing Incorporated††^		0.50			09/19/2011		48,000,000		47,966,680
Prudential plc††^		0.20			08/18/2011		54,000,000		53,994,645
Prudential plc††^		0.21			09/08/2011		21,000,000		20,995,123
Prudential plc††^		0.23			09/06/2011		21,000,000		20,994,960
Prudential plc††^		0.23			09/12/2011		18,000,000		17,994,960
RBS Holdings USA Incorporated^		0.22			08/11/2011		135,000,000		134,991,000
Skandinaviska Enskilda Banken AB††^		0.23			08/29/2011		174,000,000		173,967,520
Skandinaviska Enskilda Banken AB††^		0.23			09/08/2011		144,000,000		143,963,520
Sumitomo Trust & Banking Corporation††^		0.00			08/01/2011		218,000,000		218,000,000
Suncorp-Metway Limited††^		0.26			08/03/2011		111,000,000		110,997,626
Suncorp-Metway Limited††^		0.36			08/09/2011		70,000,000		69,993,778
Suncorp-Metway Limited††^		0.39			09/08/2011		72,000,000		71,969,600
Suncorp-Metway Limited††^		0.39			09/12/2011		32,000,000		31,985,067

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Financial Company Commerical Paper (continued)
Swedbank AB^		0.11	%		08/02/2011	$	57,450,000	$	57,449,649
Swedbank AB^		0.18			08/03/2011		44,000,000		43,999,340
Swedbank AB^		0.20			08/04/2011		44,000,000		43,999,010
Swedbank AB^		0.23			08/08/2011		138,000,000		137,992,889
Swedbank AB^		0.24			08/09/2011		97,000,000		96,994,288
Swedbank AB^		0.24			08/10/2011		139,000,000		138,990,791
Westpac Securities NZ Limited±††		0.33			08/19/2011		114,000,000		114,000,000
Westpac Securities NZ Limited±††		0.34			10/13/2011		110,000,000		110,000,000
									3,761,188,724
Other Commercial Paper: 3.33%
ACTS Retirement Life Communities Incorporated^		0.22			09/15/2011		6,000,000		5,998,350
Alaska Housing Finance Corporation^		0.20			08/15/2011		23,400,000		23,397,956
Caisse D’amortissement de la Dette Sociale††^		0.22			09/28/2011		128,000,000		127,954,631
Caisse D’amortissement de la Dette Sociale††^		0.22			10/03/2011		36,000,000		35,986,140
Caisse D’amortissement de la Dette Sociale††^		0.23			10/11/2011		214,000,000		213,900,817
EDF SA††^		0.12			08/05/2011		160,000,000		159,997,333
EDF SA††^		0.19			09/06/2011		96,000,000		95,981,760
EDF SA††^		0.19			09/07/2011		63,000,000		62,987,698
Erste Abwicklungsanstalt††^		0.19			08/08/2011		104,000,000		103,995,551
Erste Abwicklungsanstalt††^		0.25			09/07/2011		104,000,000		103,972,209
Erste Abwicklungsanstalt††^		0.25			09/14/2011		104,000,000		103,966,951
Louis Dreyfus Corporation^		0.00			08/01/2011		36,000,000		36,000,000
SBAB Bank AB††^		0.16			08/02/2011		23,000,000		22,999,796
SBAB Bank AB††^		0.20			08/03/2011		23,050,000		23,049,616
SBAB Bank AB††^		0.24			08/04/2011		25,000,000		24,999,333
SBAB Bank AB††^		0.27			09/01/2011		38,000,000		37,990,838
SBAB Bank AB††^		0.27			09/09/2011		40,000,000		39,987,650
									1,223,166,629
Total Commercial Paper (Cost $15,021,809,379)									15,021,809,379
Municipal Bonds and Notes: 16.62%
Alabama: 0.90%
Variable Rate Demand Notes§: 0.90%
Lower Alabama Gas District Supply Revenue Series A (Utilities Revenue, Societe Generale LOC)		0.13			11/01/2027		85,500,000		85,500,000
Mobile AL Infirmary Health System Special Care Facilities Series A (Hospital Revenue, Bank of Nova Scotia LOC)		0.07			02/01/2040		23,700,000		23,700,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		211,751,000		211,751,000
Tuscaloosa County AL IDA Tax Exempt Gulf Opportunity Zone Hunt Refining Project Series 2008-A (Energy Revenue, JPMorgan Chase Bank LOC)		0.08			03/01/2027		10,000,000		10,000,000
									330,951,000
Arizona: 0.02%
Variable Rate Demand Note§: 0.02%
Glendale AZ IDA Thunderbird Garvin School Series A (IDR, JPMorgan Chase Bank LOC)		0.10			07/01/2035		6,725,000		6,725,000

14 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
California: 3.30%
Other Municipal Debt: 0.46%
Los Angeles CA Department of Airport (Airport Revenue)		0.25	%		08/05/2011	$	25,000,000	$	25,000,000
San Francisco CA City and County Public Utilities Commission (Miscellaneous Revenue)		0.19			08/03/2011		36,000,000		36,000,000
San Francisco CA City and County Public Utilities Commission (Miscellaneous Revenue)		0.17			09/12/2011		9,000,000		9,000,000
San Francisco CA City and County Public Utilities Commission (Miscellaneous Revenue)		0.17			10/03/2011		21,000,000		21,000,000
San Jose CA International Airport Series C-1 (Airport Revenue)		0.22			08/02/2011		19,422,000		19,422,000
San Jose CA International Airport Series C-2 (Airport Revenue)		0.22			08/02/2011		4,744,000		4,744,000
San Jose CA International Airport Series F (Airport Revenue)		0.20			08/02/2011		53,600,000		53,600,000
									168,766,000
Variable Rate Demand Notes§: 2.84%
ABAG Finance Authority for Nonprofit Corporation CA Marin Country Day School (Education Revenue, U.S. Bank NA LOC)		0.06			07/01/2037		18,175,000		18,175,000
Big Bear Lake CA Southwest Gas Corporation Project Series A (Utilities Revenue, KBC Bank NV LOC)		0.09			12/01/2028		36,000,000		36,000,000
California Series B-2 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.05			05/01/2040		45,000,000		45,000,000
California Educational Facilities Authority Saint Mary’s (Education Revenue, Bank of America NA LOC, NATL-RE Insured)		0.07			10/01/2043		3,940,000		3,940,000
California HFA Home Mortgage Revenue Series M (Housing Revenue, FNMA LOC)		0.07			08/01/2034		15,825,000		15,825,000
California HFA Program Series A (Housing Revenue, FNMA LOC)		0.05			08/01/2036		10,500,000		10,500,000
California HFFA Catholic Healthcare West Series H (Health Revenue, Citibank NA LOC)		0.06			07/01/2033		9,000,000		9,000,000
California HFFA Catholic Healthcare West Series H (Health Revenue, Bank of America NA LOC)		0.06			07/01/2035		40,700,000		40,700,000
California Housing Finance Agency Series B (Housing Revenue, FNMA LOC)		0.14			08/01/2036		6,450,000		6,450,000
California PCFA Pacific Gas & Electric Series B (Utilities Revenue, JPMorgan Chase Bank LOC)		0.31			11/01/2026		26,200,000		26,200,000
California Series A Subseries C-2 (GO-State, Bank of Nova Scotia LOC)		0.04			05/01/2033		8,000,000		8,000,000
California State Series B Subseries B1 (GO-State, Bank of America NA LOC)		0.06			05/01/2040		47,000,000		47,000,000
California Statewide CDA Rady Children’s Hospital Series A (Hospital Revenue, U.S. Bank NA LOC)		0.06			08/15/2047		63,845,000		63,845,000
California Statewide CDA Sweep Loan Program Series A (Hospital Revenue, Citibank NA LOC)		0.06			08/01/2035		17,460,000		17,460,000
City of Newport Beach CA Memorial Hospital Series E (Health Revenue, Bank of America NA LOC)		0.04			12/01/2040		35,000,000		35,000,000
El Dorado CA Irrigation District & El Dorado Water Agency Series A (Lease Revenue, Citibank NA LOC)		0.06			03/01/2036		41,595,000		41,595,000
JPMorgan Chase PUTTER Trust Series 3931 (Tax Revenue)		0.21			08/12/2012		35,745,000		35,745,000
JPMorgan Chase PUTTER Trust Series 3934 (Miscellaneous Revenue)††		0.20			08/07/2012		30,000,000		30,000,000
Loma Linda CA Loma Linda University Series B (Education Revenue, Bank of America NA LOC)		0.06			12/01/2037		12,000,000		12,000,000
Los Angeles CA MFHR Series II-B (Housing Revenue, FNMA Insured)		0.15			03/15/2034		32,615,000		32,615,000
Los Angeles CA Power System Subseries A5 (Utilities Revenue)		0.05			07/01/2035		29,400,000		29,400,000
Los Angeles CA Wastewater Systems Sub-Series F-1 (Water & Sewer Revenue, Bank of America NA LOC)		0.09			06/01/2028		21,925,000		21,925,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Los Angeles CA Wastewater Systems Sub-Series F-2 (Water & Sewer Revenue, Bank of America NA LOC)		0.09	%		06/01/2032	$	20,000,000	$	20,000,000
Los Angeles CA USD COP Administration Building Project Series A (Lease Revenue, Bank of America NA LOC)		0.06			10/01/2024		10,370,000		10,370,000
Metropolitan Water District of Southern California (Water & Sewer Revenue)		0.05			07/01/2027		22,000,000		22,000,000
Metropolitan Water District of Southern California Series B-2 (Water & Sewer Revenue)		0.08			07/01/2035		34,100,000		34,100,000
Morgan Hill CA RDA Tax Allocation Ojo de Agua Redevelopment Project A (Tax Revenue, Scotia Bank LOC)		0.05			09/01/2033		15,000,000		15,000,000
Newport Beach CA Hoag Memorial Hospital Series F (Health Revenue, Bank of America NA LOC)		0.06			12/01/2040		31,400,000		31,400,000
Riverside CA COP Riverside Renaissance Project Series 2008 (Lease Revenue, Bank of America NA LOC)		0.09			03/01/2037		8,985,000		8,985,000
Sacramento County CA Musical Theatre Project Series 2002 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.15			07/01/2022		60,000,000		60,000,000
Sacramento County CA Taxable Series B (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.15			07/01/2020		65,000,000		65,000,000
San Diego County CA Regional Transportation Community Limited Tax Series A (Tax Revenue)		0.05			04/01/2038		44,695,000		44,695,000
San Diego County CA Regional Transportation Community Limited Tax Series B (Tax Revenue)		0.07			04/01/2038		76,200,000		76,200,000
San Francisco CA City & County Cops Floater Series B001 (Lease Revenue)††		0.23			11/01/2041		4,000,000		4,000,000
San Francisco CA City & County Finance Corporation Moscone Center Project (Lease Revenue, Bank of America NA LOC)		0.05			04/01/2030		20,765,000		20,765,000
San Jose CA Financing Authority Taxable Land Series F (Lease Revenue, Bank of America NA LOC)		0.14			06/01/2034		10,000,000		10,000,000
Santa Clara County CA Financing Authority Multiple Facilities Projects Series M (Lease Revenue, Bank of America NA LOC)		0.06			05/15/2035		10,725,000		10,725,000
Whittier CA Whittier College Series 2008 (Education Revenue, Bank of America NA LOC)		0.08			12/01/2038		22,395,000		22,395,000
									1,042,010,000
Colorado: 0.97%
Variable Rate Demand Notes§: 0.97%
Colorado HFA Class 1 Series B3 (Housing Revenue)		0.13			11/01/2036		25,445,000		25,445,000
Colorado HFA Class I Series B1 (Housing Revenue, FNMA Insured)		0.14			05/01/2038		25,280,000		25,280,000
Colorado HFA Class I Series B1 (Housing Revenue, GO of Authority Insured)		0.17			10/01/2038		9,657,500		9,657,500
Colorado HFA Series A1 (Housing Revenue)		0.20			10/01/2033		8,805,000		8,805,000
Colorado HFA Series A1 (Housing Revenue)		0.20			11/01/2036		2,155,000		2,155,000
Colorado HFA Taxable MFHR Project B2 (Housing Revenue, FNMA Insured)		0.16			05/01/2050		81,735,000		81,735,000
Colorado Springs CO Utility Improvement Bond Series A (Utilities Revenue)		0.10			11/01/2038		21,375,000		21,375,000
Denver CO Public Schools Series A-4 (Education Revenue, JPMorgan Chase Bank LOC, AGM Insured)		0.10			12/15/2037		15,300,000		15,300,000
Denver CO Public Schools Series A-4 (Education Revenue, Royal Bank of Canada LOC, AGM Insured)		0.11			12/15/2037		46,000,000		46,000,000
Denver CO Public Schools Series A-4 (Education Revenue, JPMorgan Chase Bank LOC, AGM Insured)		0.13			12/15/2037		14,845,000		14,845,000

16 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Southern Ute Indian Tribe Reservation (Miscellaneous Revenue)††		0.11	%		04/01/2040	$	62,735,000	$	62,735,000
University of Colorado Series B (Hospital Revenue, JPMorgan Chase Bank LOC)		0.06			11/15/2031		41,000,000		41,000,000
									354,332,500
Delaware: 0.22%
Variable Rate Demand Notes§: 0.22%
Delaware EDA Clean Power Project Series 1997-C (Resource Recovery Revenue)		0.25			08/01/2029		26,700,000		26,700,000
Delaware EDA Clean Power Project Series 1997-D (Resource Recovery Revenue)		0.21			08/01/2029		34,800,000		34,800,000
Delaware EDA Clean Power Project Series B (Resource Recovery Revenue)		0.28			08/01/2029		17,600,000		17,600,000
									79,100,000
District of Columbia: 0.15%
Variable Rate Demand Notes§: 0.15%
District of Columbia Georgetown University Series B2 (Education Revenue, JPMorgan Chase Bank LOC)		0.05			04/01/2041		9,645,000		9,645,000
District of Columbia The American University Series A (Education Revenue, PNC Bank NA LOC)		0.06			04/01/2038		28,000,000		28,000,000
Metropolitan Washington DC Airports Authority Subseries D-1 (Airport Revenue, Bank of America NA LOC)		0.10			10/01/2039		16,715,000		16,715,000
									54,360,000
Florida: 0.25%
Other Municipal Debt: 0.12%
Hillsborough County FL (Miscellaneous Revenue)		0.26			08/11/2011		43,110,000		43,110,000
Variable Rate Demand Note§: 0.13%
Orlando FL Utilities Commision (Utilities Revenue)		0.04			10/01/2033		47,000,000		47,000,000
Georgia: 0.12%
Variable Rate Demand Notes§: 0.12%
Main Street Natural Gas Incorporated Georgia Gas Project Series A (Utilities Revenue)		0.08			08/01/2040		25,285,000		25,285,000
Savannah GA College of Art & Design Series 2004 BD (Education Revenue, Bank of America NA LOC)		0.12			04/01/2024		11,400,000		11,400,000
Wayne County GA IDA Various Rayonier Project (IDR, Bank of America NA LOC)		0.14			05/01/2020		8,000,000		8,000,000
									44,685,000
Illinois: 0.88%
Variable Rate Demand Notes§: 0.88%
Chicago IL Midway Series A-2 (Airport Revenue, JPMorgan Chase Bank LOC)		0.23			01/01/2025		5,500,000		5,500,000
Chicago IL Midway Series C-1 (Airport Revenue, Bank of Montreal LOC)		0.12			01/01/2035		20,535,000		20,535,000
Cook County IL GO Series D-1 (GO-Local)		0.19			11/01/2030		19,000,000		19,000,000
Cook County IL Series D-2 (GO-Local)		0.19			11/01/2030		28,000,000		28,000,000
Illinois Finance Authority Resurrection Health Project Series 2005-B (Health Revenue, JPMorgan Chase Bank LOC)		0.20			05/15/2035		14,785,000		14,785,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Illinois Finance Authority Bradley University Series A (Education Revenue, PNC Bank NA LOC)		0.06	%		04/01/2033	$	24,635,000	$	24,635,000
Illinois Finance Authority Revenue University of Chicago (Education Revenue)		0.05			07/01/2038		46,534,000		46,534,000
Illinois Finance Authority Revenue University of Chicago Medical Center Series A (Health Revenue, Bank of America NA LOC)		0.22			08/01/2044		46,250,000		46,250,000
Illinois Finance Authority Spertus Institute (Education Revenue, Northern Trust Company LOC)		0.09			09/01/2035		43,570,000		43,570,000
Illinois Finance Authority St. Ignatius College (Education Revenue, JPMorgan Chase Bank LOC)		0.09			12/01/2036		13,000,000		13,000,000
Illinois Housing Development Authority Larkin Village Project Series A (Housing Revenue, JPMorgan Chase Bank LOC)		0.18			01/01/2027		13,450,000		13,450,000
Illinois International Port District (Port Authority Revenue, U.S. Bank NA LOC)		0.08			01/01/2023		8,000,000		8,000,000
Illinois State Toll Highway Authority (Transportation Revenue, PNC Bank NA LOC)		0.08			07/01/2030		16,000,000		16,000,000
Illinois State Toll Highway Authority (Transportation Revenue, Citibank NA LOC)		0.09			07/01/2030		25,000,000		25,000,000
									324,259,000
Indiana: 0.42%
Variable Rate Demand Notes§: 0.42%
Indiana Finance Authority Series J (Hospital Revenue, JPMorgan Chase Bank LOC)		0.13			03/01/2033		15,625,000		15,625,000
Indiana Finance Authority Series K (Hospital Revenue, JPMorgan Chase Bank LOC)		0.22			03/01/2033		20,800,000		20,800,000
Richmond IN Reid Hospital & Health Care Services Incorporated (Hospital Revenue, AGM Insured)		0.20			01/01/2040		50,630,000		50,630,000
Indiana State Financing Authority (Resource Recovery Revenue, Bank of America NA LOC)		0.07			12/01/2039		54,125,000		54,125,000
Indiana Financing Authority (Hospital Revenue, Northern Trust Company LOC)		0.06			03/01/2033		13,000,000		13,000,000
									154,180,000
Kentucky: 0.14%
Variable Rate Demand Notes§: 0.14%
Carroll County KY Environmental Facility Revenue Series A (Utilities Revenue, Sumitomo Mitsui Banking LOC)		0.08			10/01/2034		26,000,000		26,000,000
Kentucky Municipal Power Agency (Energy Revenue, Assured Guaranty Insured)††		0.23			09/01/2037		20,000,000		20,000,000
Logan County KY Solid Waste Disposal Waste Management LLC Project (Resource Recovery Revenue, PNC Bank NA LOC)		0.09			03/01/2021		6,000,000		6,000,000
									52,000,000
Louisiana: 0.45%
Variable Rate Demand Notes§: 0.45%
East Baton Rouge Parish LA Road & Street Improvement Project Series A (Transportation Revenue, JPMorgan Chase Bank LOC)		0.07			08/01/2030		71,440,000		71,440,000
Louisiana Public Facilities Authority (Health Revenue, JPMorgan Chase Bank LOC)		0.07			08/01/2023		11,845,000		11,845,000
Louisiana Stadium & Exposition PFOTER (Miscellaneous Revenue)††		0.34			07/01/2036		23,690,000		23,690,000

18 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
St. James Parish LA Series A-1 (Energy Revenue)		0.08	%		11/01/2040	$	39,200,000	$	39,200,000
St. James Parish LA Series B-1 (Energy Revenue)		0.10			11/01/2040		18,700,000		18,700,000
									164,875,000
Maryland: 0.37%
Other Municipal Debt: 0.14%
Maryland HEFA (Health Revenue)		0.15			09/08/2011		37,600,000		37,600,000
Montgomery County MD Series 2009 A2 (GO-Local)		0.24			08/01/2011		12,500,000		12,500,000
									50,100,000
Variable Rate Demand Notes§: 0.23%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC)		0.13			07/01/2032		45,910,000		45,910,000
Howard County MD MFHR (Housing Revenue, FNMA Insured)		0.09			07/15/2033		8,910,000		8,910,000
Maryland CDA Department of Housing & Community Development Series 2007-J (Housing Revenue)		0.11			09/01/2031		13,380,000		13,380,000
Maryland HEFA Suburban Hospital (Hospital Revenue, PNC Bank NA LOC)		0.06			07/01/2029		7,890,000		7,890,000
Maryland State Economic Development Corporate Revenue (Education Revenue, Bank of America NA LOC)		0.13			07/01/2040		10,465,000		10,465,000
									86,555,000
Massachusetts: 0.60%
Other Municipal Debt: 0.02%
Massachusetts Water Resources Authority Series 99 (Water & Sewer Revenue)		0.27			08/10/2011		8,000,000		8,000,000
Variable Rate Demand Notes§: 0.58%
Massachusetts Department of Transportation Series A6 (Transportation Revenue, GO of Commonwealth Insured)		0.07			01/01/2029		15,000,000		15,000,000
Massachusetts HEFA (Education Revenue, Bank of America NA LOC)		0.11			10/01/2034		41,590,000		41,590,000
Massachusetts HEFA Series N-3 (Health Revenue, JPMorgan Chase Bank LOC)		0.04			10/01/2038		49,000,000		49,000,000
Massachusetts State Water Resources Authority Series A-1 (Water & Sewer Revenue, GO of Authority Insured)		0.07			08/01/2037		19,675,000		19,675,000
Massachusetts State Water Resources Authority Series A-2 (Water & Sewer Revenue, GO of Authority Insured)		0.06			08/01/2037		12,500,000		12,500,000
Massachusetts State Water Resources Authority Series C-1 (Water & Sewer Revenue, GO of Authority Insured)		0.04			11/01/2026		20,900,000		20,900,000
Massachusetts State Water Resources Authority Series C-2 (Water & Sewer Revenue, GO of Authority Insured)		0.04			11/01/2026		20,800,000		20,800,000
Massachusetts State Water Resources Authority Series E (Water & Sewer Revenue, GO of Authority Insured)		0.08			08/01/2037		32,810,000		32,810,000
									212,275,000
Michigan: 0.69%
Variable Rate Demand Notes§: 0.69%
Michigan Finance Authority Series A (Miscellaneous Revenue, Bank of America NA LOC)		0.11			09/01/2050		50,000,000		50,000,000
Michigan Finance Authority Series B (Miscellaneous Revenue, PNC Bank NA LOC)		0.13			09/01/2050		25,000,000		25,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 19

Security Name	Interest Rate			Maturity Date		Principal			Value
Variable Rate Demand Notes§ (continued)
Michigan Finance Authority Series C (Miscellaneous Revenue, Bank of Montreal LOC)		0.14	%		09/01/2050	$	22,000,000		$	22,000,000
Michigan HEFAR Calvin College Project Series A (Education Revenue, JPMorgan Chase Bank LOC)		0.09			09/01/2037		20,000,000			20,000,000
Michigan HEFAR Calvin College Project Series B (Education Revenue, JPMorgan Chase Bank LOC)		0.09			09/01/2037		15,000,000			15,000,000
Michigan Housing Development Authority Series A (Housing Revenue, GO of Authority Insured)		0.21			10/01/2037		58,105,000			58,105,000
Wayne County MI Airport Authority Series E-1 (Airport Revenue, JPMorgan Chase Bank LOC)		0.10			12/01/2028		25,000,000			25,000,000
Wayne County MI Airport Authority Series F (Airport Revenue, JPMorgan Chase Bank LOC)		0.08			12/01/2033		37,320,000	��		37,320,000
										252,425,000
Minnesota: 0.15%
Variable Rate Demand Notes§: 0.15%
Minnesota State HFA Residential Housing Series E (Housing Revenue, GO of Agency Insured)		0.18			07/01/2038		4,380,000			4,380,000
Minnesota State HFA Residential Housing Series T (Housing Revenue, GO of Agency Insured)		0.21			07/01/2048		5,110,000			5,110,000
St. Anthony MN Landings Silver Lake Project Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2037		13,400,000			13,400,000
St. Cloud MN Cenracare Health Series A (Hospital Revenue, U.S. Bank NA LOC)		0.10			05/01/2042		20,000,000			20,000,000
St. Paul MN Housing & RDA Bridgecreek Place Limited Project Series 2004-A (Housing Revenue, LaSalle Bank NA LOC)		0.15			06/15/2037		10,750,000			10,750,000
										53,640,000
Mississippi: 0.10%
Variable Rate Demand Notes§: 0.10%
Mississippi State Nissan Project Series A (GO-State, GO of Commonwealth Insured)		0.13			11/01/2028		430,000			430,000
Mississippi State Nissan Project Series B (Tax Revenue)		0.17			11/01/2028		37,995,000			37,995,000
										38,425,000
Missouri: 0.17%
Variable Rate Demand Notes§: 0.17%
Missouri Development Finance Board Nelson Gallery Foundation (Miscellaneous Revenue)		0.20			12/01/2037		35,400,000			35,400,000
Missouri State HEFA Sister Mercy Health Series C (Health Revenue)		0.13			06/01/2019		27,195,000			27,195,000
										62,595,000
Nevada: 0.13%
Variable Rate Demand Notes§: 0.13%
Clark County NV Southwest Gas Project Series A (IDR, JPMorgan Chase Bank LOC)		0.09			03/01/2038		29,000,000			29,000,000
Las Vegas NV EDFA Keep Memory Alive Project (Miscellaneous Revenue, PNC Bank NA LOC)		0.06			05/01/2037		20,300,000			20,300,000
										49,300,000

20 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
New Hampshire: 0.07%
Variable Rate Demand Note§: 0.07%
New Hampshire HEFA St. Anselm College Series 2008 (Education Revenue, RBS Citizens NA LOC)		0.07	%		06/01/2038	$	25,350,000	$	25,350,000
New Jersey: 0.37%
Variable Rate Demand Notes§: 0.37%
New Jersey EDA NUI Corporation Project Series A (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2026		16,000,000		16,000,000
New Jersey EDA Pivotal Utility Holdings Incorporated Project Series 2007 (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2032		24,000,000		24,000,000
New Jersey HFFA Princeton Healthcare Series A (Hospital Revenue, Bank of America NA LOC)		0.10			07/01/2041		59,500,000		59,500,000
New Jersey State Turnpike Authority Series C (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.06			06/15/2032		13,000,000		13,000,000
New Jersey State Turnpike Authority Series D (Miscellaneous Revenue, Societe Generale LOC, NATL-RE FGIC Insured)		0.19			01/01/2018		22,000,000		22,000,000
									134,500,000
New Mexico: 0.05%
Variable Rate Demand Note§: 0.05%
Merrill Lynch PFOTER (Education Revenue, Guaranteed Student Loans Insured)††		0.39			04/01/2037		18,000,000		18,000,000
New York: 1.65%
Other Municipal Debt: 0.17%
New York Metropolitan Transportation Authority Series C (Transportation Revenue)		0.19			08/03/2011		29,000,000		29,000,000
New York Metropolitan Transportation Authority Series D (Transportation Revenue)		0.27			08/02/2011		36,000,000		36,000,000
									65,000,000
Variable Rate Demand Notes§: 1.48%
Abraham Joshua Hesehal School New York Series 2010 (Education Revenue, TD Bank NA LOC)		0.19			01/01/2040		25,910,000		25,910,000
New York City NY Housing Development Corporation Mortgage Thessalonica Court Series A (Housing Revenue, Citibank NA LOC)		0.10			01/01/2036		9,360,000		9,360,000
New York City NY Housing Development Corporation Series A (Housing Revenue, JPMorgan Chase Bank LOC)		0.13			01/01/2016		7,000,000		7,000,000
New York City NY Municipal Water Finance Authority Subseries B-1 (Water & Sewer Revenue)		0.05			06/15/2024		107,400,000		107,400,000
New York City NY Subseries B (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		17,170,000		17,170,000
New York City NY Subseries C-4 (GO-Local, Bank of Tokyo-Mitsubishi UFJ LOC)		0.16			08/01/2020		11,000,000		11,000,000
New York City NY Subseries H-1 (Tax Revenue)		0.19			03/01/2034		28,740,000		28,740,000
New York HFA Victory Housing Project Series 2000-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		8,000,000		8,000,000
New York Housing Finance Agency Series A (Housing Revenue, FNMA Insured)		0.18			05/01/2029		74,505,000		74,505,000
New York Housing Finance Agency Victory Housing Series 2004-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		2,000,000		2,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 21

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New York Metropolitan Transportation Authority ROC RR 11 R-11645 (Transportation Revenue, FSA Insured)††		0.23	%		11/15/2025	$	16,100,000	$	16,100,000
New York PFOTER (Miscellaneous Revenue)††		0.34			06/15/2053		20,710,000		20,710,000
New York State Dormitory Authority St. John University Series B-1 (Education Revenue, Bank of America NA LOC)		0.05			07/01/2034		19,525,000		19,525,000
New York State Housing Finance Agency Affordable Housing 8 East 102 2nd Street (Housing Revenue, Bank of America NA LOC)		0.07			05/01/2044		35,000,000		35,000,000
New York State Housing Finance Agency Series A (Housing Revenue, FHLMC Insured)		0.05			11/01/2037		10,000,000		10,000,000
New York State Housing Finance Agency Series A (Housing Revenue, Bank of America NA LOC)		0.06			11/01/2044		32,500,000		32,500,000
New York State Urban Development Corporate Revenue Series A3D (Tax Revenue)		0.08			03/15/2033		18,500,000		18,500,000
New York State Urban Development Corporate Revenue Series A3A (Tax Revenue)		0.08			03/15/2033		24,150,000		24,150,000
New York State Urban Development Corporate Revenue Series A3B (Tax Revenue)		0.15			03/15/2033		74,615,000		74,615,000
									542,185,000
Ohio: 0.63%
Variable Rate Demand Notes§: 0.63%
Cleveland-Cuyahoga County OH Port Authority Carnagie 89th Garage & Service Center LLC Project Series 2007 (Health Revenue, JPMorgan Chase Bank LOC)		0.10			01/01/2037		33,500,000		33,500,000
Cuyahoga County OH Housing Corporation Series A (Housing Revenue, PNC Bank NA LOC)		0.06			08/01/2042		6,000,000		6,000,000
Franklin County OH Presbyterian Series A (Health Revenue, PNC Bank NA LOC)		0.06			07/01/2036		11,450,000		11,450,000
Hamilton County OH Parking System (Miscellaneous Revenue, JPMorgan Chase & Company LOC)		0.09			12/01/2026		12,400,000		12,400,000
Lake County OH Hospital Facilities Series A (Health Revenue, JPMorgan Chase Bank LOC)		0.07			08/15/2041		9,945,000		9,945,000
Lancaster OH Port Authority Gas Series 2008 (Utilities Revenue)		0.08			05/01/2038		19,000,000		19,000,000
Ohio HFA Residential Mortgage Project Series B (Housing Revenue)		0.08			09/01/2029		56,435,000		56,435,000
Ohio HFA Residential Mortgage Project Series C (Housing Revenue)		0.08			03/01/2038		21,185,000		21,185,000
Ohio State HEFR Ohio Dominican University Project (Education Revenue, JPMorgan Chase Bank LOC)		0.08			12/01/2037		12,850,000		12,850,000
Ohio State University Hospitals Health System Incorporated Project Series 2008D (Education Revenue, JPMorgan Chase Bank LOC)		0.06			01/15/2035		13,225,000		13,225,000
Wood County OH Hospital Facilities Wood County Hospital Association Project Series 2008 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.10			03/01/2039		34,100,000		34,100,000
									230,090,000
Oregon: 0.15%
Variable Rate Demand Notes§: 0.15%
Forest City OR Residential Management Incorporated PFOTER (Miscellaneous Revenue)††		0.34			07/26/2012		26,075,000		26,075,000
Oregon Housing & Community Services Department Series E (Housing Revenue)		0.19			07/01/2038		16,000,000		16,000,000
Oregon State Department PFOTER (Miscellaneous Revenue)††		0.34			05/01/2035		12,000,000		12,000,000
									54,075,000

22 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Pennsylvania: 0.65%
Variable Rate Demand Notes§: 0.65%
Beaver County PA IDA FirstEnergy Nuclear Series B (IDR, Citibank NA LOC)		0.06	%		12/01/2035	$	25,105,000	$	25,105,000
Berks County PA Municipal Authority Reading Hospital & Education Center Project Series 2008A-1 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			11/01/2011		11,000,000		11,000,000
Delaware River Port Authority Series B (Transportation Revenue, Bank of America NA LOC)		0.09			01/01/2026		114,000,000		114,000,000
Doylestown PA Hospital Authority Series B (Health Revenue, PNC Bank NA LOC)		0.06			07/01/2037		17,700,000		17,700,000
Lancaster County PA Hospital Authority Health System Lancaster General Hospital (Hospital Revenue, Bank of America NA LOC)		0.25			07/01/2041		11,510,000		11,510,000
Pennsylvania Housing Finance Agency Series 81C (Housing Revenue)		0.06			10/01/2034		15,000,000		15,000,000
Pennsylvania Housing Finance Agency Series 85C (Housing Revenue, FNMA LOC)		0.07			10/01/2035		10,000,000		10,000,000
Pennsylvania Housing Finance Agency Series C (Housing Revenue)		0.07			07/01/2020		12,005,000		12,005,000
Philadelphia PA IDA Series B (Industrials, JPMorgan Chase Bank LOC)		0.09			10/01/2030		21,500,000		21,500,000
									237,820,000
South Dakota: 0.14%
Variable Rate Demand Notes§: 0.14%
South Dakota HEFA Sioux Valley Hospital & Health Systems Project Series 2001-C (Hospital Revenue, U.S. Bank NA LOC)		0.09			11/01/2019		15,000,000		15,000,000
South Dakota Housing Development Authority Series C (Housing Revenue, FNMA Insured)		0.17			05/01/2037		10,800,000		10,800,000
South Dakota State HEFA Avera Health Subseries A1 (Health Revenue, U.S. Bank NA LOC)		0.08			07/01/2038		24,240,000		24,240,000
									50,040,000
Tennessee: 0.50%
Variable Rate Demand Notes§: 0.50%
Johnson City TN Health & Educational Facilities Board (Health Revenue, U.S. Bank NA LOC)		0.11			07/01/2033		8,955,000		8,955,000
Johnson City TN Health & Educational Facilities Board (Health Revenue, PNC Bank NA LOC)		0.12			07/01/2033		7,585,000		7,585,000
Knox County TN Health Educational & Housing Facilities Board (Health Revenue, Bank of America NA LOC)		0.09			01/01/2033		10,000,000		10,000,000
Metropolitan Government Nashville & Davidson County TN Stewarts Ferry Apartments (Housing Revenue, FHLMC Insured)		0.11			01/01/2034		13,985,000		13,985,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			07/01/2034		33,895,000		33,895,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			02/01/2036		15,465,000		15,465,000
Sevier County TN Public Building Authority Local Government Public Improvement Series VI-L-1 (Miscellaneous Revenue, Guaranteed Student Loans Insured)		0.11			06/01/2020		26,870,000		26,870,000
Sullivan County TN Health Educational & Housing Facilities Board Wellmont Health System Project (Health Revenue, JPMorgan Chase Bank LOC)		0.10			09/01/2032		29,790,000		29,790,000
Tennessee Municipal Energy Acquisition Corporation (Utilities Revenue)		0.17			12/01/2016		35,775,000		35,775,000
									182,320,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 23

Security Name	Interest Rate			Maturity Date		��	Principal		Value
Texas: 1.67%
Variable Rate Demand Notes§: 1.67%
Austin TX Airport System Series A (Airport Revenue, State Street Bank & Trust Company LOC)		0.08	%		11/15/2017		$	13,200,000	$	13,200,000
Gregg County TX Health Facilities Development Corporation (Hospital Revenue, JPMorgan Chase Bank LOC, Radian Insured)		0.33			10/01/2029			21,200,000		21,200,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D2 (Health Revenue, JPMorgan Chase & Company LOC)		0.07			06/01/2029			500,000		500,000
Harris County TX Cultural Education Facilities Finance Corporation Revenue YMCA Series A (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2038			23,800,000		23,800,000
Harris County TX Cultural Education Facilities Finance Corporation Revenue YMCA Series B (Miscellaneous Revenue, Bank of America NA LOC)		0.20			06/01/2038			25,000,000		25,000,000
Harris County TX Cultural Education Facilities Finance Corporation Revenue YMCA Series E (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2038			25,000,000		25,000,000
Harris County TX Industrial Development Corporation Solid Waste Disposal Deer Park Refining Project Series A (Resource Recovery Revenue)		0.24			03/01/2023			36,405,000		36,405,000
Houston TX Utilities System Series 2004B (Water & Sewer Revenue, State Street Bank & Trust Company LOC)		0.05			05/15/2034			20,100,000		20,100,000
JPMorgan Chase PUTTER Trust Series 3812 (Miscellaneous Revenue)††		0.21			08/31/2011			260,700,000		260,700,000
Mission TX Economic Development Corporation (Miscellaneous Revenue, Bank of America NA LOC)		0.13			04/01/2022			9,000,000		9,000,000
North Texas Higher Education Authority Incorporated (Education Revenue, Lloyds TSB Bank LOC, Guaranteed Student Loans Insured)		0.07			12/01/2032			28,000,000		28,000,000
North Texas Higher Education Authority Incorporated Series B (Education Revenue, Bank of America NA LOC, Guaranteed Student Loans Insured)		0.07			12/01/2035			10,000,000		10,000,000
North Texas Tollway Authority Revenue Series A (Transportation Revenue, Morgan Stanley Bank LOC)		0.05			01/01/2051			12,500,000		12,500,000
North Texas Tollway Authority Revenue Series D (Transportation Revenue, JPMorgan Chase Bank LOC)		0.05			01/01/2049			21,000,000		21,000,000
Pasadena TX Independent School District Series B (Education Revenue, AGM Insured)		0.16			02/01/2035			63,095,000		63,095,000
Texas State Taxable Product Development Program Series A (Miscellaneous Revenue)		0.15			06/01/2045			2,100,000		2,100,000
Texas State Veterans Housing Class ID (GO-Local)		0.13			06/01/2020			4,585,000		4,585,000
Texas State Veterans Housing Class II Series E (GO-Local)		0.13			12/01/2026			20,560,000		20,560,000
Tyler TX Health Facilities Development Corporation Mother Frances Hospital Series B (Hospital Revenue, Bank of America NA LOC)		0.18			07/01/2020			18,000,000		18,000,000
										614,745,000
Vermont: 0.01%
Variable Rate Demand Note§: 0.01%
Vermont Student Assistance Corporation (Education Revenue, Lloyds Bank LOC)		0.08			12/15/2040			5,520,000		5,520,000

24 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Virginia: 0.07%
Variable Rate Demand Notes§: 0.07%
Harrisonburg VA Redevelopment & Housing Authority (Housing Revenue, Bank of America NA LOC)		0.15	%		05/01/2026	$	6,000,000	$	6,000,000
Norfolk VA Redevelopment & Housing Authority Old Dominion University Project (Housing Revenue, Bank of America NA LOC)		0.26			08/01/2033		19,550,000		19,550,000
									25,550,000
Washington: 0.28%
Other Municipal Debt: 0.07%
Providence WA Health & Services Series 08-A (Miscellaneous Revenue, Bank of America NA LOC)		0.26			08/01/2011		26,000,000		26,000,000
Variable Rate Demand Notes§: 0.21%
JPMorgan Chase PUTTER Trust (Utilities Revenue)††		0.23			02/01/2040		8,000,000		8,000,000
Port Tacoma WA Various Lien Series B (Port Authority Revenue, Bank of America NA LOC)		0.22			12/01/2044		19,900,000		19,900,000
Washington State HEFAR University of Puget Sound Series B (Education Revenue, Bank of America NA LOC)		0.11			10/01/2036		12,000,000		12,000,000
Washington State MFHR Merrill Gardens Kirkland Series A (Housing Revenue, Bank of America NA LOC)		0.18			04/15/2041		29,240,000		29,240,000
Washington State MFHR Regency Park Project Series A (Housing Revenue, FHLMC Insured)		0.20			06/01/2027		7,805,000		7,805,000
									76,945,000
West Virginia: 0.04%
Variable Rate Demand Note§: 0.04%
Cabell County WV University Facilities (Education Revenue, Bank of America NA LOC)		0.11			07/01/2039		15,995,000		15,995,000
Wisconsin: 0.13%
Variable Rate Demand Notes§: 0.13%
Wisconsin Housing & EDA Home Ownership Series D (Housing Revenue, FNMA LOC, GO of Authority Insured)		0.08			09/01/2035		7,515,000		7,515,000
Wisconsin Housing & EDA Series F (Housing Revenue, GO of Authority Insured)		0.15			05/01/2030		8,320,000		8,320,000
Wisconsin Housing & EDA Series F (Housing Revenue, GO of Authority Insured)		0.15			11/01/2030		14,520,000		14,520,000
Wisconsin State HEFAR Medical College Series B (Education Revenue, U.S. Bank NA LOC)		0.04			12/01/2033		18,700,000		18,700,000
									49,055,000
Wyoming: 0.18%
Variable Rate Demand Notes§: 0.18%
Wyoming Student Loan Corporation (Education Revenue, Royal Bank of Canada LOC)		0.08			12/01/2043		36,150,000		36,150,000
Wyoming Student Loan Corporation Series A-1 (Education Revenue, Royal Bank of Canada LOC)		0.08			06/01/2035		31,595,000		31,595,000
									67,745,000
Total Municipal Bonds and Notes (Cost $6,100,603,500)									6,100,603,500

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 25

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Instruments: 1.09%
Alaska Housing Finance Corporation Municipal Commercial Paper^		0.20	%		08/16/2011	$	8,300,000	$	8,299,274
Bank of America Bankers Acceptance Note^		0.20			08/31/2011		34,000,000		33,994,050
ING Bank NV Floating Rate Note±††		0.78			02/10/2012		121,000,000		121,000,000
ING Bank NV Floating Rate Note±††		0.78			02/02/2012		154,000,000		154,000,000
Merrill Lynch PFOTER Floating Rate Note±††§		0.39			04/01/2026		23,075,000		23,075,000
SF Tarns LLC Floating Rate Note±§		0.18			12/01/2025		14,610,000		14,610,000
St. Joseph County IN Municipal Commercial Paper^		0.19			08/04/2011		5,007,000		5,006,896
Swedish Export Credit Floating Rate Note±††		0.37			10/14/2011		40,000,000		40,009,532
Total Other Instruments (Cost $399,994,752)									399,994,752
Government Agency Debt: 0.31%
FHLMC±		0.11			02/02/2012		115,000,000		114,953,082
Total Government Agency Debt (Cost $114,953,082)									114,953,082
Other Notes: 3.33%
Corporate Bonds and Notes: 3.20%
American Association of Retired Persons§		0.12			05/01/2031		10,000,000		10,000,000
American Express Bank FSB±		1.17			12/09/2011		176,000,000		176,625,302
Bank of America Corporation±		0.95			12/02/2011		89,000,000		89,239,087
Bank of America Corporation±		1.07			12/02/2011		145,200,000		145,626,426
Baptist Hospital Incorporated±§		0.13			02/01/2040		15,575,000		15,575,000
Bear Stearns & Companies Incorporated±		0.47			08/15/2011		28,085,000		28,086,880
Citigroup Funding Incorporated±		0.58			04/30/2012		145,000,000		145,423,408
General Electric Capital Corporation±		0.45			03/12/2012		96,000,000		96,145,134
General Electric Capital Corporation±		1.18			12/09/2011		140,000,000		140,489,824
Independence Place Fort Campbell Patriots LLC±§		0.24			01/01/2040		8,480,000		8,480,000
JPMorgan Chase & Company±		0.48			06/15/2012		52,000,000		52,124,761
JPMorgan Chase & Company±		0.95			12/02/2011		135,000,000		135,362,338
Seariver Maritime Incorporated(i)±		0.35			10/01/2011		2,650,000		2,650,000
UBS AG±		1.36			02/23/2012		128,795,000		129,417,798
									1,175,245,958
Yankee Corporate Bonds and Notes: 0.13%
Eksportfinans ASA±		0.26			09/22/2011		48,000,000		48,000,000
Total Other Notes (Cost $1,223,245,958)									1,223,245,958
Repurchase Agreements(z): 2.51%
Barclays Capital Incorporated, dated 07/29/2011, maturity value $435,727,703(1)		0.17			08/01/2011		435,721,531		435,721,531
Citigroup Global Markets, dated 07/29/2011, maturity value $438,008,030(2)		0.22			08/01/2011		438,000,000		438,000,000
Deutsche Bank Securities, dated 07/29/2011, maturity value $49,100,818(3)		0.20			08/01/2011		49,100,000		49,100,000
Total Repurchase Agreements (Cost $922,821,531)									922,821,531
	Yield
Treasury Debt: 3.48%
US Treasury Bill		0.12			10/06/2011		548,000,000		547,879,440
US Treasury Bill		0.15			08/25/2011		294,000,000		293,969,620

26 Wells Fargo Advantage Heritage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Yield			Maturity Date		Principal		Value
Treasury Debt (continued)
US Treasury Bill		0.16	%		08/11/2011	$	146,000,000	$	145,992,700
US Treasury Bill		0.16			08/18/2011		287,000,000		286,977,638
Total Treasury Debt (Cost $1,274,819,398)									1,274,819,398

Total Investments in Securities
(Cost $34,190,908,401)*	93.16	%		34,190,908,401
Other Assets and Liabilities, Net	6.84			2,510,362,557
Total Net Assets	100.00	%	$	36,701,270,958

± Variable rate investments.

†† Security 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.

^ Zero coupon security. Rate represents yield to maturity.

§ These securities are subject to a demand feature which reduces the effective maturity.

(i) Illiquid security

(z) Collateralized by:

(1) U.S. government securities, 3.50% to 5.00%, 11/1/2025 to 7/1/2041, market value including accrued interest is $448,793,177.

(2) U.S. government securities, 2.375% to 6.50%, 12/1/2017 to 7/1/2041, market value including accrued interest is $451,140,000.

(3) U.S. government securities, 1.00% to 5.50%, 4/30/2012 to 8/1/2041, market value including accrued interest is $50,505,279.

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 27

Assets
Investments in unaffiliated securities, at amortized cost	$	34,190,908,401
Cash		2,137,521,054
Receivable for investments sold		369,374,161
Receivable for Fund shares sold		8,259,050
Receivable for interest		5,645,444
Prepaid expenses and other assets		581,740
Total assets		36,712,289,850
Liabilities
Dividends payable		794,769
Payable for Fund shares redeemed		3,618,999
Advisory fee payable		1,599,811
Due to other related parties		3,131,650
Custodian and accounting fees payable		710,171
Trustees’ fees and expenses payable		552,176
Accrued expenses and other liabilities		611,316
Total liabilities		11,018,892
Total net assets	$	36,701,270,958
NET ASSETS CONSIST OF
Paid-in capital	$	36,710,589,054
Overdistributed net investment income		(519,010	)
Accumulated net realized losses on investments		(8,799,086	)
Total net assets	$	36,701,270,958
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	954,565,610
Shares outstanding – Administrator Class		954,589,298
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	13,555,818,636
Shares outstanding – Institutional Class		13,556,102,548
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	21,179,060,389
Shares outstanding – Select Class		21,179,610,718
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	1,011,826,323
Shares outstanding – Service Class		1,011,855,846
Net asset value per share – Service Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

28 Wells Fargo Advantage Heritage Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	61,648,888
Expenses
Advisory fee		22,798,647
Administration fees
Fund level		7,583,430
Administrator Class		346,056
Institutional Class		6,032,720
Select Class		5,742,091
Service Class		667,756
Shareholder servicing fees
Administrator Class		346,056
Service Class		1,369,819
Custody and accounting fees		1,132,888
Professional fees		19,009
Registration fees		84,461
Shareholder report expenses		7,410
Trustees’ fees and expenses		7,032
Other fees and expenses		434,214
Total expenses		46,571,589
Less: Fee waivers and/or expense reimbursements		(10,595,632	)
Net expenses		35,975,957
Net investment income		25,672,931
Net realized gains on investments		366,753
Net increase in net assets resulting from operations	$	26,039,684

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

Statements of Changes in Net Assets Wells Fargo Advantage Heritage Money Market Fund 29

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	25,672,931					$	62,703,788					$	70,206,954
Net realized gains on investments					366,753						1,448,131						344,536
Net increase in net assets resulting from operations					26,039,684						64,151,919						70,551,490
Distributions to shareholders from
Net investment income
Administrator Class					(34,607	)					(292,223	)					(2,111,671	)
Institutional Class					(5,438,240	)					(14,725,776	)					(26,527,153	)
Select Class					(20,144,436	)					(47,598,524	)					(41,563,658	)
Service Class					(55,648	)					(87,265	)2					NA
Net realized gains
Administrator Class					0						(2,865	)					(25,105	)
Institutional Class					0						(43,512	)					(140,895	)
Select Class					0						(80,550	)					(339,065	)
Service Class					0						(4,072	)2					NA
Total distributions to shareholders					(25,672,931	)					(62,834,787	)					(70,707,547	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Administrator Class		1,061,522,590			1,061,522,590			2,460,151,577			2,460,151,577			5,342,787,207			5,342,787,207
Institutional Class		39,482,213,232			39,482,213,232			51,065,345,232			51,065,345,232			38,369,402,627			38,369,402,627
Select Class		95,765,853,283			95,765,853,283			151,485,998,729			151,485,998,729			88,025,965,787			88,025,965,787
Service Class		2,522,287,219			2,522,287,219			2,528,674,572	2		2,528,674,572	2		NA			NA
					138,831,876,324						207,540,170,110						131,738,155,621
Reinvestment of distributions
Administrator Class		13,161			13,161			100,779			100,779			1,025,956			1,025,956
Institutional Class		1,274,723			1,274,723			4,562,596			4,562,596			12,573,701			12,573,701
Select Class		11,169,352			11,169,352			28,303,847			28,303,847			25,785,354			25,785,354
Service Class		12,055			12,055			21,311	2		21,311	2		NA			NA
					12,469,291						32,988,533						39,385,011
Payment for shares redeemed
Administrator Class		(801,798,701	)		(801,798,701	)		(2,966,523,373	)		(2,966,523,373	)		(5,061,246,976	)		(5,061,246,976	)
Institutional Class		(40,872,448,301	)		(40,872,448,301	)		(50,573,905,288	)		(50,573,905,288	)		(36,448,408,534	)		(36,448,408,534	)
Select Class		(101,228,765,734	)		(101,228,765,734	)		(147,372,639,869	)		(147,372,639,869	)		(71,628,706,815	)		(71,628,706,815	)
Service Class		(2,742,009,362	)		(2,742,009,362	)		(2,593,348,482	)2		(2,593,348,482	)2		NA			NA
					(145,645,022,098	)					(203,506,417,012	)					(113,138,362,325	)
Net asset value of shares issued in acquisitions
Institutional Class		0			0			6,653,453,383			6,650,861,250			0			0
Service Class		0			0			1,296,218,533			1,296,200,072			NA			NA
					0						7,947,061,322						0
Net increase (decrease) in net assets resulting from capital share transactions					(6,800,676,483	)					12,013,802,953						18,639,178,307
Total increase (decrease) in net assets					(6,800,309,730	)					12,015,120,085						18,639,022,250
Net assets
Beginning of period					43,501,580,688						31,486,460,603						12,847,438,353
End of period				$	36,701,270,958					$	43,501,580,688					$	31,486,460,603
Undistributed (overdistributed) net investment income				$	(519,010	)				$	(519,010	)				$	4,473

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

30 Wells Fargo Advantage Heritage Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Administrator Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.01
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.01
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.01	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.03	%		0.21	%		2.19	%		4.90	%		4.91	%		1.29	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.37	%		0.38	%		0.38	%		0.40	%		0.40	%
Net expenses		0.26	%		0.31	%		0.33	%		0.34	%		0.34	%		0.38	%		0.38	%
Net investment income		0.01	%		0.03	%		0.17	%		2.09	%		4.68	%		4.80	%		3.91	%
Supplemental data
Net assets, end of period (000’s omitted)		$954,566			$694,823			$1,201,158			$918,595			$608,865			$287,293			$288,971

1. For the eleven months ended January 31, 2010. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the four months ended February 28, 2006. The Fund changed its fiscal year end from October 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Heritage Money Market Fund 31

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Institutional Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.01
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.01
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.01	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.04	%		0.13	%		0.33	%		2.32	%		5.06	%		5.12	%		1.36	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.25	%		0.27	%		0.26	%		0.28	%		0.28	%
Net expenses		0.20	%		0.20	%		0.21	%		0.22	%		0.20	%		0.18	%		0.18	%
Net investment income		0.07	%		0.14	%		0.31	%		2.09	%		4.77	%		4.98	%		4.13	%
Supplemental data
Net assets, end of period (000’s omitted)		$13,555,819			$14,944,657			$7,795,659			$5,862,075			$1,579,225			$353,755			$419,084

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the four months ended February 28, 2006. The Fund changed its fiscal year end from October 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

32 Wells Fargo Advantage Heritage Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Select Class							2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.00	3		0.00	3		0.00	3		0.02			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.07	%		0.19	%		0.40	%		2.40	%		3.30	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%		0.18	%		0.20	%		0.23	%		0.22	%
Net expenses		0.13	%		0.13	%		0.14	%		0.15	%		0.13	%
Net investment income		0.14	%		0.21	%		0.30	%		2.14	%		4.58	%
Supplemental data
Net assets, end of period (000’s omitted)		$21,179,060			$26,630,573			$22,489,644			$6,066,768			$1,368,330

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from June 29, 2007 (commencement of class operations) to February 28, 2008.

3. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Heritage Money Market Fund 33

(For a share outstanding throughout each period)

Service Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%
Net expenses		0.26	%		0.34	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$1,011,826			$1,231,527

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

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

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

34 Wells Fargo Advantage Heritage Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Heritage Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The 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 custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the 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 the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $9,266,371 expiring in 2017.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 35

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of the Fund.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

36 Wells Fargo Advantage Heritage Money Market Fund Notes to Financial Statements (Unaudited)

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund is charged a fee at an annual rate of 0.25% of its average daily net assets. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITIONS

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Money Market Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Money Market Fund at an exchange ratio of 1.00 for each class. Shareholders holding Class AD, Class I, Class IS, Class IN and Class P shares of Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Money Market Fund received Institutional Class, Institutional Class, Service Class, Institutional Class and Service Class shares, respectively, of the Fund in the reorganizations. The investment portfolio of Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Money Market Fund with fair values of $5,242,726,421 and $2,728,433,070, respectively, and amortized costs of $5,242,726,421 and $2,728,433,070, respectively, at July 9, 2010, were the principal assets acquired the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Money Market Fund were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired and number of shares issued were as follows:

Acquired Fund	Value of Net Assets Acquired		Number of Shares Issued
Evergreen Institutional Money Market Fund	$	5,222,659,584		4,163,101,010	Institutional Class
				1,059,054,086	Service Class
Evergreen Prime Cash Management Money Market Fund		2,724,401,738		2,490,352,373	Institutional Class
				237,164,447	Service Class

The aggregate net assets of the Fund immediately before and after the acquisitions were $34,308,360,606 and $42,255,421,928, respectively.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 37

Assuming the acquisitions had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	64,213,256
Net realized gain on investments	$	1,591,210
Net increase in net assets resulting from operations	$	65,804,466

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

38 Wells Fargo Advantage Heritage Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 39

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

40 Wells Fargo Advantage Heritage Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 41

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Heritage Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

42 Wells Fargo Advantage Heritage Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

Other Information (Unaudited) Wells Fargo Advantage Heritage Money Market Fund 43

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that

44 Wells Fargo Advantage Heritage Money Market Fund Other Information (Unaudited)

have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Heritage Money Market Fund 45

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

This page is intentionally left blank.

FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204800 09-11 SA304/SAR304 7-11

Wells Fargo Advantage

Minnesota Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	15
Other Information	18
List of Abbreviations	25

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Minnesota Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Minnesota Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately, the drop may be more attributable to a decline in the labor force than to a

Letter to Shareholders Wells Fargo Advantage Minnesota Money Market Fund 3

meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns—chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets.¹ Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Minnesota Money Market Fund Letter to Shareholders

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At

Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights Wells Fargo Advantage Minnesota Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax and Minnesota individual income tax, while preserving capital and liquity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

August 14, 2000

SECTOR DISTRIBUTION¹
(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹
(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²
(AS OF JULY 31, 2011)

7 Days

WEIGHTED AVERAGE FINAL MATURITY³
(AS OF JULY 31, 2011)

7 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a Fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a Fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a Fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Minnesota Money Market Fund Performance Highlights

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (WMNXX)		08/14/2000		0.00		0.01		1.14		1.12		0.89%		0.70%
Sweep Class		06/30/2010		0.01		0.01		1.14		1.12		1.24%		1.05%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Sweep Class
7-Day Current Yield		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Class A shares, and has not been adjusted to reflect the higher expenses applicable to the Sweep Class shares. If these expenses had been adjusted, returns would be lower.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through May 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.80)%, and (1.15)% for Class A, and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage Minnesota Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	1.09		0.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10		0.22	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Minnesota Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 93.41%
Minnesota: 93.41%
Other Municipal Debt: 1.31%
Regents of the University of Minnesota (Education Revenue)		0.13	%		10/05/2011	$	1,000,000	$	1,000,000
Variable Rate Demand Notes§: 92.10%
Andover MN Senior Housing Presbyterian Homes Incorporated Project (Housing Revenue, FNMA Insured)		0.15			11/15/2033		1,840,000		1,840,000
Becker MN Plymouth Foam Project (IDR, U.S. Bank NA LOC)		0.26			05/01/2019		1,560,000		1,560,000
Bloomington MN Norlan Partnership Series A-1 (Housing Revenue, FNMA Insured)		0.17			07/15/2032		900,000		900,000
Bloomington MN Presbyterian Homes (Housing Revenue, FHLMC Insured)		0.15			07/01/2038		1,250,000		1,250,000
Burnsville MN Bridgeway Apartments Project (Housing Revenue, FNMA Insured)		0.15			10/15/2033		400,000		400,000
City of St. Cloud MN (Health Revenue, Assured Guaranty Insured)		0.10			05/01/2042		1,950,000		1,950,000
Cohasset MN Power & Light Company Project A (IDR, LaSalle National Bank NA LOC)		0.11			06/01/2020		900,000		900,000
Cohasset MN Power & Light Company Project B (IDR, LaSalle Bank NA LOC)		0.13			06/01/2013		1,100,000		1,100,000
Cohasset MN Power & Light Company Project C (IDR, LaSalle Bank NA LOC)		0.13			06/01/2013		1,250,000		1,250,000
Coon Rapids MN Drake Apartments Project A (Housing Revenue, FNMA Insured)		0.17			06/15/2038		2,755,000		2,755,000
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured)		0.17			01/15/2038		400,000		400,000
Dakota County MN RDA (Housing Revenue, FHLMC Insured)		0.11			06/01/2029		915,000		915,000
Duluth MN Seaway Port Authority Saint Lawrence Cement Incorporated Project (IDR, Wells Fargo Bank NA LOC)(q)		0.10			03/01/2020		3,000,000		3,000,000
East Grand Forks MN Solid Waste Disposal American Crystal Sugar Company Project (Miscellaneous Revenue, CoBank ACB LOC)		0.09			12/01/2021		4,000,000		4,000,000
Edina MN Edina Park Plaza (Housing Revenue, FHLMC Insured)		0.10			12/01/2029		560,000		560,000
Forest Lake MN Kilkenny Court Apartments Project (Housing Revenue, FNMA Insured)		0.10			08/15/2038		400,000		400,000
Maplewood MN Educational Facilities Mounds Park Academy Project (Education Revenue, U.S. Bank NA LOC)		0.10			10/01/2023		800,000		800,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-1 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.31			11/15/2035		2,950,000		2,950,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-2 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.20			11/15/2035		1,600,000		1,600,000
Minneapolis & St. Paul MN Metro Airports Commission Series A PUTTER DB-489 (Airport Revenue, AMBAC Insured)		0.08			01/01/2030		3,265,000		3,265,000
Minneapolis MN MacPhail Center for Music Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.33			08/01/2036		300,000		300,000
Minneapolis MN Minnehaha Academy Project (Education Revenue, U.S. Bank NA LOC)		0.33			05/01/2026		1,736,000		1,736,000
Minneapolis MN People Serving People Project Series A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.33			10/01/2021		1,900,000		1,900,000
Minnesota Agriculture & EDA Como Partnership Project Series 1996 (IDR, U.S. Bank NA LOC)		0.23			05/01/2016		690,000		690,000
Minnesota Bond Securitization Trust Series S1 (Housing Revenue, PNC Bank NA LOC)		0.23			02/01/2027		1,480,000		1,480,000
Minnesota HFA Residential Housing Finance Project Series C (Housing Revenue, FHLB Insured)		0.16			07/01/2036		1,900,000		1,900,000
Minnesota State Concordia University Series P1 (Education Revenue, U.S. Bank NA LOC)		0.30			04/01/2027		1,300,000		1,300,000
Minnesota State HEFAR Carleton College Series 5G (Education Revenue, JPMorgan Chase Bank LOC)		0.06			11/01/2029		400,000		400,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Minnesota State HEFAR Hamline University Series 6E1 (Education Revenue, Harris NA LOC)		0.09	%		10/01/2016	$	1,325,000	$	1,325,000
Minnesota State HEFAR Olaf College Five M2 (Education Revenue, Harris NA LOC)		0.33			10/01/2020		1,745,000		1,745,000
Minnesota State HFA Residential Housing Series 1 (Housing Revenue, GO of Agency Insured)		0.16			01/01/2036		155,000		155,000
Minnesota State Higher Education Facilities Authority Series 6-E2 (Education Revenue, Harris NA LOC)		0.09			10/01/2025		3,450,000		3,450,000
Minnesota State University of St. Thomas Series 5C (Education Revenue, U.S. Bank NA LOC)		0.07			04/01/2025		300,000		300,000
Minnetonka MN Housing Facilities Beacon Hill (Housing Revenue, FNMA Insured)		0.15			05/15/2034		270,000		270,000
Oakdale MN Cottage Homesteads of Aspen (Housing Revenue, FHLMC Insured)		0.20			06/01/2045		2,300,000		2,300,000
Plymouth MN at the Lake Apartments Project (Housing Revenue, FHLMC Insured)		0.17			08/01/2034		1,900,000		1,900,000
Ramsey County MN Housing & Redevelopment Gateway Apartments LP Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2038		1,150,000		1,150,000
Rochester MN Health Care Facilities Mayo Foundation (Hospital Revenue, Bank of America NA LOC)		0.04			08/15/2032		1,650,000		1,650,000
Rush City MN Plastech Corporation Project (IDR, U.S. Bank NA LOC)		0.13			09/01/2014		975,000		975,000
St. Paul MN Housing & RDA Leased Housing Association Series A (Housing Revenue, LaSalle Bank NA LOC)		0.19			09/01/2035		595,000		595,000
St. Paul MN Housing & RDA Science Museum of Minnesota Series A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.08			05/01/2027		300,000		300,000
St. Paul MN Port Authority District Heating Series 14-S (Utilities Revenue, Deutsche Bank AG LOC)		0.05			12/01/2028		1,450,000		1,450,000
St. Paul MN Port Authority District Heating Series 7-Q (Utilities Revenue, Deutsche Bank AG LOC)		0.05			12/01/2028		375,000		375,000
St. Paul MN Port Authority District Series 12EE (Utilities Revenue, Deutsche Bank AG LOC)		0.10			03/01/2029		150,000		150,000
St. Paul MN Port Authority District Series 9BB (Utilities Revenue, Deutsche Bank AG LOC)		0.05			03/01/2029		1,370,000		1,370,000
St. Paul MN Port Authority Tax Increment Westgate Office & Industrial Center Project (Tax Revenue, U.S. Bank NA LOC)		0.05			02/01/2015		2,460,000		2,460,000
Stevens County MN Solid Waste Disposal Riverview Dairy Project Series 2007 (Miscellaneous Revenue, AgCountry Farm Credit LOC)		0.19			08/01/2032		3,650,000		3,650,000
Swift County MN Solid Waste Disposal East Dublin Dairy LLP Project Series 2008 (Miscellaneous Revenue, AgCountry Farm Credit LOC)		0.19			04/01/2033		3,250,000		3,250,000
									70,321,000

Total Investments in Securities
(Cost $71,321,000)*	93.41	%		71,321,000
Other Assets and Liabilities, Net	6.59			5,032,824
Total Net Assets	100.00	%	$	76,353,824

(q) Credit enhancement is provided by an affiliate.

§ These securities are subject to a demand feature which reduces the effective maturity.

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

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

10 Wells Fargo Advantage Minnesota Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	71,321,000
Cash		4,012,095
Receivable for investments sold		1,020,003
Receivable for interest		9,775
Receivable from adviser		41,423
Prepaid expenses and other assets		6,301
Total assets		76,410,597
Liabilities
Distribution fees payable		35
Due to other related parties		19,916
Shareholder servicing fees payable		18,270
Professional fees payable		14,724
Shareholder report expenses payable		3,828
Total liabilities		56,773
Total net assets	$	76,353,824
NET ASSETS CONSIST OF
Paid-in capital	$	76,347,061
Accumulated net realized gains on investments		6,763
Total net assets	$	76,353,824
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	76,229,105
Shares outstanding – Class A		76,222,127
Net asset value per share – Class A		$1.00
Net assets – Sweep Class	$	124,719
Shares outstanding – Sweep Class		124,707
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 11

Investment income
Interest	$	104,942
Expenses
Advisory fee		138,863
Administration fees
Fund level		23,144
Class A		101,704
Sweep Class		128
Shareholder servicing fees
Class A		109,269
Sweep Class		146
Distribution fees
Sweep Class		204
Custody and accounting fees		3,103
Professional fees		17,757
Registration fees		3,904
Shareholder report expenses		5,951
Trustees’ fees and expenses		5,245
Other fees and expenses		2,200
Total expenses		411,618
Less: Fee waivers and/or expense reimbursements		(311,305	)
Net expenses		100,313
Net investment income		4,629
Net realized gains on investments		10,313
Net increase in net assets resulting from operations	$	14,942

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

12 Wells Fargo Advantage Minnesota Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	4,629					$	10,367					$	38,886
Net realized gains (losses) on investments					10,313						(3,544	)					17,517
Net increase in net assets resulting from operations					14,942						6,823						56,403
Distributions to shareholders from
Net investment income
Class A					(4,623	)					(10,361	)					(38,886	)
Sweep Class					(6	)					(6	)2					NA
Net realized gains
Class A					0						0						(63,082	)
Total distributions to shareholders					(4,629	)					(10,367	)					(101,968	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		153,944,736			153,944,736			329,576,575			329,576,575			308,250,015			308,250,015
Sweep Class		162,182			162,182			101,418	2		101,418	2		NA			NA
					154,106,918						329,677,993						308,250,015
Reinvestment of distributions
Class A		4,313			4,313			10,094			10,094			97,395			97,395
Sweep Class		6			6			6	2		6	2		NA			NA
					4,319						10,100						97,395
Payment for shares redeemed
Class A		(175,319,472	)		(175,319,472	)		(367,527,065	)		(367,527,065	)		(352,458,754	)		(352,458,754	)
Sweep Class		(138,905	)		(138,905	)		0	2		0	2		NA			NA
					(175,458,377	)					(367,527,065	)					(352,458,754	)
Net decrease in net assets resulting from capital share transactions					(21,347,140	)					(37,838,972	)					(44,111,344	)
Total decrease in net assets					(21,336,827	)					(37,842,516	)					(44,156,909	)
Net assets
Beginning of period					97,690,651						135,533,167						179,690,076
End of period				$	76,353,824					$	97,690,651					$	135,533,167

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

Financial Highlights Wells Fargo Advantage Minnesota Money Market Fund 13

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class A							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.03			0.03			0.02
Net realized gains (losses) on investments		0.00	3		(0.00	)3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			0.00			(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.00	%		0.01	%		0.08	%		1.24	%		2.77	%		2.78	%		1.75	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.86	%		0.95	%		0.90	%		0.88	%		0.90	%		0.88	%
Net expenses		0.22	%		0.33	%		0.49	%		0.82	%		0.80	%		0.80	%		0.80	%
Net investment income		0.01	%		0.01	%		0.03	%		1.22	%		2.71	%		2.73	%		1.90	%
Supplemental data
Net assets, end of period (000’s omitted)		$76,229			$97,589			$135,533			$179,690			$182,601			$118,011			$138,917

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

14 Wells Fargo Advantage Minnesota Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
Sweep Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,  20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		(0.00	)2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.23	%
Net expenses		0.20	%		0.32	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$125			$101

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 15

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Minnesota Municipal Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $3,550 expiring in 2019.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses

16 Wells Fargo Advantage Minnesota Money Market Fund Notes to Financial Statements (Unaudited)

pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee of 0.22% of the average daily net assets of each class.

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 17

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of the Fund, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

18 Wells Fargo Advantage Minnesota Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 19

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

20 Wells Fargo Advantage Minnesota Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 21

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Minnesota Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Minnesota Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Minnesota Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital Management about various topics, including Funds Management’s oversight of service providers. The above factors,

22 Wells Fargo Advantage Minnesota Money Market Fund Other Information (Unaudited)

together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review, except that the longer-term performance of the Minnesota Money Market Fund was lower than the median performance of the Universe.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens

Other Information (Unaudited) Wells Fargo Advantage Minnesota Money Market Fund 23

and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed

24 Wells Fargo Advantage Minnesota Money Market Fund Other Information (Unaudited)

materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Minnesota Money Market Fund 25

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

This page is intentionally left blank.

FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204801 09-11 SA305/SAR305 7-11

Wells Fargo Advantage Money Market Fund

Semi-Annual Report

July 31,2011

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Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	23
Statement of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	26
Notes to Financial Statements	32
Other Information	36
List of Abbreviations	43

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets.¹ Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Money Market Fund Letter to Shareholders

classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

July 1, 1992

PORTFOLIO COMPOSITION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

22 Days

WEIGHTED AVERAGE MATURITY³

(AS OF JULY 31, 2011)

38 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

													Expense Ratios5
	Inception Date		6 Months*			1 Year			5 Year		10 Year		Gross		Net6
Class A (STGXX)		07/01/1992		0.00			0.01			1.78		1.71		0.81%		0.70%
Class B**		07/01/1992												1.56%		1.45%
Without Sales Charge				0.00			0.01			1.39		1.25
Including Sales Charge				(5.00	)		(4.99	)		1.01		1.25
Class C		06/30/2010												1.56%		1.45%
Without Sales Charge				0.00			0.01			1.39		1.21
Including Sales Charge				(1.00	)		(0.99	)		1.39		1.21
Daily Class		06/30/2010		0.00			0.01			1.78		1.71		1.06%		1.03%
Investor Class (WMMXX)		04/08/2005		0.00			0.01			1.85		1.76		0.84%		0.65%
Service Class (WMOXX)		06/30/2010		0.00			0.01			1.85		1.76		0.71%		0.50%

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

** Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges, as well as for investment in connection with non-commission purchases.

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Class B		Class C		Daily class		Investor Class		Service Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Performance shown without sales charges would be lower if sales charges were reflected. Current month-end performance is available at the Fund’s website, www.wellsfargo.com/advantagefunds.

Class A shares, Daily Class shares, Investor Class, and Service Class shares are sold without a front-end sales charge or contingent deferred sales charge. For Class B shares, the maximum contingent deferred sales charge (CDSC) is 5.00%. For Class C shares, the maximum CDSC is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

4. Historical performance shown for the Service Class shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Class C shares prior to their inception reflects the performance of the Class B shares. Class B and Class C shares have the same expenses. Historical performance shown for the Daily Class shares prior to their inception reflects the performance of the Class A shares, and has not been adjusted to reflect the higher expenses applicable to the Daily Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for the Investor Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns would be higher.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.58)%, (1.33)%, (1.33)%, (0.83)%, (0.61)% and (0.48)% for Class A, Class B, Class C, Daily Class, Investor Class and Service Class, respectively.

Fund Expenses Wells Fargo Advantage Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Class B
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Class C
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Daily Class
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Investor Class
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Certificates of Deposit: 19.06%
Banco Del Estado De Chile		0.21	%		08/04/2011	$	20,000,000	$	20,000,000
Bank of Montreal		0.11			08/23/2011		22,000,000		22,000,000
Bank of Montreal		0.12			08/24/2011		5,000,000		5,000,000
Bank of Montreal		0.12			08/26/2011		43,000,000		43,000,000
Bank of Nova Scotia±		0.22			08/09/2011		7,000,000		7,000,000
Barclays Bank plc (New York)±		0.59			04/16/2012		17,000,000		17,000,000
Barclays Bank plc (New York)±		0.65			01/17/2012		40,000,000		40,000,000
Barclays Bank plc (New York)±		0.69			10/24/2011		22,000,000		22,000,000
Commerzbank (London)		0.15			08/01/2011		35,000,000		35,000,000
Credit Agricole		0.16			08/01/2011		45,000,000		45,000,000
Credit Agricole		0.23			08/12/2011		25,000,000		25,000,000
Credit Agricole		0.23			08/15/2011		40,000,000		40,000,000
Credit Industriel et Commercial		0.11			08/01/2011		13,000,000		13,000,000
Credit Suisse (New York)±		0.25			09/02/2011		45,000,000		45,000,346
DG Bank (New York)		0.23			08/15/2011		48,000,000		48,000,000
Groupe BPCE		0.13			08/01/2011		35,000,000		35,000,000
KBC Bank NV Brussels		0.15			08/01/2011		29,000,000		29,000,000
National Bank of Canada±		0.35			09/21/2011		10,000,000		10,000,000
National Bank of Canada±		0.36			10/07/2011		35,000,000		35,000,000
Natixis Corporation±		0.34			08/15/2011		15,000,000		15,000,180
Natixis NY Branch±		0.50			08/08/2011		35,000,000		35,000,000
Nordea Bank Funding plc		0.15			09/14/2011		32,000,000		32,000,000
Nordea Bank Funding plc		0.15			09/19/2011		32,000,000		32,000,000
Norinchukin Bank		0.15			08/01/2011		12,000,000		12,000,000
Norinchukin Bank		0.15			08/02/2011		35,000,000		35,000,000
Rabobank Nederland NV±		0.27			12/06/2011		30,000,000		30,000,000
Rabobank Nederland NV±		0.27			01/10/2012		30,000,000		30,000,000
Rabobank Nederland NV		0.27			10/21/2011		27,000,000		27,000,000
Rabobank Nederland NV		0.28			04/24/2012		14,000,000		13,999,480
Rabobank Nederland NV±		0.29			08/08/2011		25,000,000		25,000,600
Royal Bank of Scotland plc±		0.44			10/31/2011		20,000,000		20,000,000
Royal Bank of Scotland plc±		0.47			09/13/2011		45,000,000		45,000,000
Skandinaviska Enskilda Banken AB		0.20			09/15/2011		25,000,000		25,000,000
Skandinaviska Enskilda Banken AB		0.20			09/19/2011		17,000,000		17,000,000
Skandinaviska Enskilda Banken AB		0.22			09/14/2011		35,250,000		35,248,277
Societe Generale (New York)		0.51			08/12/2011		47,000,000		47,000,000
Sumitomo Trust & Banking Corporation		0.14			08/03/2011		70,000,000		70,000,000
Sumitomo Trust & Banking Corporation		0.15			08/02/2011		40,000,000		40,000,000
Sumitomo Trust & Banking Corporation		0.15			08/04/2011		20,000,000		20,000,000
Svenska Handsbanken AB		0.17			08/04/2011		20,000,000		20,000,008
Toronto-Dominion Bank		0.12			08/19/2011		40,000,000		40,000,000
Toronto-Dominion Bank		0.12			08/22/2011		30,000,000		30,000,000
Toronto-Dominion Bank		0.17			08/02/2011		35,000,000		35,000,058
Toronto-Dominion Bank±		0.27			01/12/2012		25,000,000		25,000,000
Total Certificates of Deposit (Cost $1,292,248,949)									1,292,248,949
Commercial Paper: 49.76%
Asset-Backed Commercial Paper: 34.72%
Alpine Securitzation Corporation††^		0.13			08/19/2011		46,000,000		45,996,780
Alpine Securitzation Corporation††^		0.13			08/23/2011		7,000,000		6,999,401
Alpine Securitzation Corporation††^		0.13			08/26/2011		39,000,000		38,996,208

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Amsterdam Funding Corporation††^		0.15	%		08/25/2011	$	3,700,000	$	3,699,605
Amsterdam Funding Corporation††^		0.15			08/30/2011		12,000,000		11,998,453
Amsterdam Funding Corporation††^		0.22			08/22/2011		4,000,000		3,999,463
Antalis US Funding Corporation††^		0.00			08/01/2011		31,000,000		31,000,000
Arabella Finance LLC††^		0.38			08/08/2011		22,000,000		21,998,161
Argento Funding Companies Limited††^		0.17			08/24/2011		33,000,000		32,996,103
Argento Funding Companies Limited††^		0.19			08/04/2011		6,000,000		5,999,875
Argento Funding Companies Limited††^		0.19			08/05/2011		10,000,000		9,999,733
Argento Funding Companies Limited††^		0.21			09/07/2011		14,000,000		13,996,835
Argento Funding Companies Limited††^		0.21			09/09/2011		6,000,000		5,998,570
Argento Funding Companies Limited††^		0.23			08/09/2011		8,000,000		7,999,538
Argento Funding Companies Limited††^		0.25			09/20/2011		9,000,000		8,996,875
Argento Funding Companies Limited††^		0.29			08/08/2011		20,000,000		19,998,717
Aspen Funding Corporation††^		0.16			08/11/2011		15,000,000		14,999,250
Atlantic Asset Securitization Corporation††^		0.11			08/02/2011		10,000,000		9,999,938
Autobahn Funding Company LLC††^		0.00			08/01/2011		109,000,000		109,000,000
Barton Capital Corporation††^		0.00			08/01/2011		35,000,000		35,000,000
Bryant Park Funding LLC††^		0.14			08/22/2011		25,000,000		24,997,813
Bryant Park Funding LLC††^		0.14			08/24/2011		9,000,000		8,999,138
CAFCO LLC††^		0.17			09/20/2011		5,000,000		4,998,819
Cancara Asset Securitization LLC††^		0.15			08/10/2011		10,000,000		9,999,575
Cancara Asset Securitization LLC††^		0.18			08/30/2011		19,000,000		18,997,092
Cancara Asset Securitization LLC††^		0.20			09/07/2011		8,000,000		7,998,273
Cancara Asset Securitization LLC††^		0.20			09/08/2011		4,000,000		3,999,113
Cancara Asset Securitization LLC††^		0.21			08/08/2011		10,000,000		9,999,533
Cancara Asset Securitization LLC††^		0.21			08/12/2011		6,000,000		5,999,578
Cancara Asset Securitization LLC††^		0.21			09/20/2011		50,000,000		49,985,417
Cancara Asset Securitization LLC††^		0.25			09/19/2011		19,000,000		18,993,535
Chariot Funding LLC††^		0.12			08/15/2011		43,000,000		42,997,748
Chariot Funding LLC††^		0.12			08/17/2011		1,000,000		999,942
Chariot Funding LLC††^		0.14			08/16/2011		50,000,000		49,996,875
Charta LLC††^		0.19			09/09/2011		10,000,000		9,997,942
Charta LLC††^		0.24			08/26/2011		8,000,000		7,998,611
Charta LLC††^		0.24			08/30/2011		10,000,000		9,997,986
Charta LLC††^		0.25			10/06/2011		7,000,000		6,996,792
Ciesco LLC††^		0.19			09/15/2011		3,000,000		2,999,275
Concord Minuteman Capital Company††^		0.36			08/09/2011		12,000,000		11,998,933
Concord Minuteman Capital Company††^		0.38			08/16/2011		6,000,000		5,999,000
Concord Minuteman Capital Company††^		0.38			08/17/2011		15,000,000		14,997,333
Concord Minuteman Capital Company††^		0.39			08/26/2011		9,000,000		8,997,500
Concord Minuteman Capital Company††^		0.39			08/29/2011		25,000,000		24,992,222
Concord Minutemen Capital Company††^		0.20			08/02/2011		10,000,000		9,999,889
CRC Funding LLC††^		0.16			09/21/2011		15,000,000		14,996,600
CRC Funding LLC††^		0.17			09/19/2011		4,000,000		3,999,074
CRC Funding LLC††^		0.24			08/26/2011		10,000,000		9,998,264
Crown Point Capital Company††^		0.27			08/03/2011		22,000,000		21,999,511
Crown Point Capital Company††^		0.36			08/10/2011		16,000,000		15,998,400
Crown Point Capital Company††^		0.36			08/11/2011		8,000,000		7,999,111
Crown Point Capital Company††^		0.37			08/12/2011		6,000,000		5,999,267
Crown Point Capital Company††^		0.38			08/17/2011		15,000,000		14,997,333
Crown Point Capital Company††^		0.38			08/18/2011		10,000,000		9,998,111

10 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Fairway Finance Corporation††^		0.21	%		09/06/2011	$	15,000,000	$	14,996,700
Falcon Asset Securitization Corporation LLC††^		0.10			08/05/2011		21,000,000		20,999,697
Falcon Asset Securitization Corporation LLC††^		0.13			08/18/2011		20,000,000		19,998,678
Gemini Securitization Corporation LLC††^		0.15			08/03/2011		12,000,000		11,999,849
Gemini Securitization Corporation LLC††^		0.16			08/09/2011		23,000,000		22,999,080
Gemini Securitization Corporation LLC††^		0.17			08/04/2011		2,000,000		1,999,962
Gemini Securitization Corporation LLC††^		0.20			09/14/2011		4,000,000		3,999,022
Govco LLC††^		0.21			08/22/2011		25,000,000		24,996,792
Grampian Funding LLC††^		0.17			08/16/2011		32,000,000		31,997,600
Grampian Funding LLC††^		0.17			08/17/2011		15,000,000		14,998,800
Grampian Funding LLC††^		0.17			08/25/2011		10,000,000		9,998,800
Grampian Funding LLC††^		0.21			09/08/2011		5,000,000		4,998,839
Grampian Funding LLC††^		0.23			08/15/2011		14,000,000		13,998,619
Grampian Funding LLC††^		0.28			08/10/2011		5,000,000		4,999,613
Grampian Funding LLC††^		0.34			09/02/2011		20,000,000		20,002,017
Jupiter Securitization Company LLC††^		0.12			08/15/2011		15,000,000		14,999,242
Jupiter Securitization Company LLC††^		0.12			08/17/2011		1,000,000		999,942
Jupiter Securitization Company LLC††^		0.13			08/12/2011		5,000,000		4,999,786
Kells Funding LLC††±		0.30			12/16/2011		10,000,000		10,000,000
Kells Funding LLC††±		0.33			11/29/2011		51,000,000		51,000,000
Kells Funding LLC††±		0.34			02/21/2012		15,000,000		15,000,000
Legacy Capital Company LLC††^		0.37			08/12/2011		11,000,000		10,998,656
Legacy Capital Company LLC††^		0.39			08/26/2011		6,000,000		5,998,333
Lexington Parker Capital Company LLC††^		0.30			08/04/2011		19,000,000		18,999,367
Lexington Parker Capital Company LLC††^		0.35			08/08/2011		15,000,000		14,998,833
Lexington Parker Capital Company LLC††^		0.36			08/11/2011		8,000,000		7,999,111
Lexington Parker Capital Company LLC††^		0.38			08/16/2011		11,000,000		10,998,167
Lexington Parker Capital Company LLC††^		0.38			08/19/2011		15,000,000		14,997,000
Lexington Parker Capital Company LLC††^		0.38			08/23/2011		12,000,000		11,997,067
Liberty Funding LLC††^		0.14			08/25/2011		37,000,000		36,996,300
LMA Americas LLC††^		0.00			08/01/2011		37,300,000		37,300,000
LMA Americas LLC††^		0.22			08/16/2011		10,000,000		9,999,042
LMA Americas LLC††^		0.22			08/24/2011		2,000,000		1,999,706
LMA Americas LLC††^		0.24			08/30/2011		4,500,000		4,499,094
Matchpoint Master Trust††^		0.00			08/01/2011		25,500,000		25,500,000
Metlife Short Term Funding LLC††^		0.14			08/17/2011		14,000,000		13,999,067
Metlife Short Term Funding LLC††^		0.14			08/18/2011		23,000,000		22,998,371
Metlife Short Term Funding LLC††^		0.21			08/11/2011		16,000,000		15,998,978
Metlife Short Term Funding LLC††^		0.21			08/12/2011		4,000,000		3,999,719
Mont Blanc Capital Corporation††^		0.20			09/06/2011		14,000,000		13,997,060
Mont Blanc Capital Corporation††^		0.20			09/07/2011		4,000,000		3,999,137
Mont Blanc Capital Corporation††^		0.20			09/09/2011		2,000,000		1,999,545
Mont Blanc Capital Corporation††^		0.20			09/14/2011		3,000,000		2,999,267
Newport Funding Corporation††^		0.16			08/10/2011		10,000,000		9,999,550
Nieuw Amsterdam Receivables Corporation††^		0.00			08/01/2011		7,000,000		7,000,000
Nieuw Amsterdam Receivables Corporation††^		0.15			08/03/2011		3,000,000		2,999,962
Nieuw Amsterdam Receivables Corporation††^		0.15			08/26/2011		15,000,000		14,998,333
Nieuw Amsterdam Receivables Corporation††^		0.17			08/04/2011		5,000,000		4,999,904
Nieuw Amsterdam Receivables Corporation††^		0.18			08/05/2011		2,000,000		1,999,951
Nieuw Amsterdam Receivables Corporation††^		0.18			08/16/2011		7,000,000		6,999,446
Nieuw Amsterdam Receivables Corporation††^		0.18			09/08/2011		8,000,000		7,998,480

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Nieuw Amsterdam Receivables Corporation††^		0.20	%		08/09/2011	$	5,000,000	$	4,999,756
Nieuw Amsterdam Receivables Corporation††^		0.20			09/19/2011		5,000,000		4,998,639
Nieuw Amsterdam Receivables Corporation††^		0.25			09/22/2011		26,000,000		25,990,611
Northern Pines Funding LLC††^		0.15			08/11/2011		9,000,000		8,999,600
Northern Pines Funding LLC††^		0.26			08/08/2011		6,000,000		5,999,650
Northern Pines Funding LLC††^		0.30			08/23/2011		12,000,000		11,997,727
Old Line Funding LLC††^		0.14			08/29/2011		8,000,000		7,999,129
Regency Markets #1 LLC††^		0.14			08/11/2011		10,000,000		9,999,583
Regency Markets #1 LLC††^		0.14			08/15/2011		20,000,000		19,998,833
Regency Markets #1 LLC††^		0.14			08/17/2011		20,000,000		19,998,667
Regency Markets #1 LLC††^		0.15			08/25/2011		15,000,000		14,998,400
Rhein-Main Security Limited††^		0.41			09/13/2011		12,000,000		11,993,980
Rhein-Main Security Limited††^		0.42			09/06/2011		6,000,000		5,997,420
Rhein-Main Security Limited††^		0.42			09/23/2011		4,000,000		3,997,468
Rheingold Securitization Limited††^		0.41			09/06/2011		14,000,000		13,994,070
Rheingold Securitization Limited††^		0.41			09/16/2011		39,000,000		38,979,070
Rheingold Securitization Limited††^		0.42			09/20/2011		19,470,000		19,458,372
Salisbury Receivables Company LLC††^		0.14			08/22/2011		2,000,000		1,999,825
Salisbury Receivables Company LLC††^		0.14			08/24/2011		4,000,000		3,999,617
Salisbury Receivables Company LLC††^		0.15			08/12/2011		4,000,000		3,999,804
Salisbury Receivables Company LLC††^		0.15			08/15/2011		2,000,000		1,999,876
Salisbury Receivables Company LLC††^		0.15			08/18/2011		9,000,000		8,999,320
Salisbury Receivables Company LLC††^		0.15			08/29/2011		5,000,000		4,999,378
Scaldis Capital LLC††^		0.00			08/01/2011		5,000,000		5,000,000
Scaldis Capital LLC††^		0.20			08/09/2011		9,000,000		8,999,560
Sheffield Receivables Corporation††^		0.14			08/25/2011		6,000,000		5,999,400
Sheffield Receivables Corporation††^		0.15			08/15/2011		4,000,000		3,999,751
Sheffield Receivables Corporation††^		0.17			09/23/2011		4,000,000		3,998,999
Sheffield Receivables Corporation††^		0.17			09/26/2011		10,000,000		9,997,356
Sheffield Receivables Corporation††^		0.17			09/27/2011		10,000,000		9,997,308
Sheffield Receivables Corporation††^		0.18			10/03/2011		10,000,000		9,996,850
Solitaire Funding LLC††^		0.15			08/16/2011		6,000,000		5,999,600
Solitaire Funding LLC††^		0.15			08/18/2011		7,000,000		6,999,471
Solitaire Funding LLC††^		0.15			08/22/2011		5,000,000		4,999,533
Solitaire Funding LLC††^		0.15			08/25/2011		30,000,000		29,996,800
Solitaire Funding LLC††^		0.16			08/30/2011		7,000,000		6,999,041
Solitaire Funding LLC††^		0.20			09/09/2011		15,000,000		14,996,588
Solitaire Funding LLC††^		0.21			08/09/2011		5,000,000		4,999,733
Solitaire Funding LLC††^		0.21			09/02/2011		15,000,000		14,997,067
Solitaire Funding LLC††^		0.21			09/12/2011		10,000,000		9,997,550
Straight-A Funding LLC††^		0.74			10/27/2011		138,000,000		137,749,875
Surrey Funding Corporation††^		0.14			08/09/2011		7,000,000		6,999,751
Surrey Funding Corporation††^		0.15			08/30/2011		5,000,000		4,999,356
Surrey Funding Corporation††^		0.19			09/07/2011		2,000,000		1,999,589
Sydney Capital Corporation††^		0.30			08/10/2011		3,000,000		2,999,753
Sydney Capital Corporation††^		0.34			09/12/2011		6,000,000		5,997,550
Sydney Capital Corporation††^		0.34			09/14/2011		2,000,000		1,999,144
Tasman Funding Incorporated††^		0.16			08/11/2011		5,000,000		4,999,750
Tasman Funding Incorporated††^		0.18			08/16/2011		7,000,000		6,999,446
Tasman Funding Incorporated††^		0.18			08/18/2011		4,000,000		3,999,641
Tasman Funding Incorporated††^		0.18			08/24/2011		2,000,000		1,999,757

12 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date			Principal		Value
Asset-Backed Commercial Paper (continued)
Tasman Funding Incorporated††^		0.23	%		08/17/2011		$	6,000,000	$	5,999,360
Thames Asset Global Securitization #1 Incorporated††^		0.14			08/10/2011			54,000,000		53,997,580
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/12/2011			5,000,000		4,999,756
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/17/2011			2,000,000		1,999,858
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/18/2011			17,000,000		16,998,649
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/23/2011			2,000,000		1,999,792
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/25/2011			11,000,000		10,998,753
Versailles CDS LLC††^		0.20			08/05/2011			31,000,000		30,999,139
Windmill Funding Corporation††^		0.12			08/03/2011			2,000,000		1,999,980
Windmill Funding Corporation††^		0.15			08/23/2011			12,000,000		11,998,827
Windmill Funding Corporation††^		0.15			08/30/2011			14,000,000		13,998,196
Windmill Funding Corporation††^		0.22			08/22/2011			7,000,000		6,999,061
Working Capital Management Company††^		0.15			08/03/2011			6,000,000		5,999,923
										2,353,953,482
Financial Company Commerical Paper: 10.99%
ABN AMRO Funding USA LLC††^		0.18			08/15/2011			9,000,000		8,999,335
ABN AMRO Funding USA LLC††^		0.18			08/17/2011			22,000,000		21,998,142
ABN AMRO Funding USA LLC††^		0.18			08/19/2011			3,000,000		2,999,715
ABN AMRO Funding USA LLC††^		0.20			08/05/2011			9,000,000		8,999,750
ANZ National Limited††±		0.34			09/13/2011			10,000,000		10,000,000
ASB Finance Limited††±		0.35			12/02/2011			7,000,000		7,000,000
ASB Finance Limited††±		0.35			12/05/2011			7,000,000		7,000,000
BNZ International Funding Limited††^		0.15			08/10/2011			8,000,000		7,999,660
BNZ International Funding Limited††^		0.24			09/20/2011			4,000,000		3,998,667
BNZ International Funding Limited††±		0.34			10/07/2011			2,000,000		1,999,999
BNZ International Funding Limited††±		0.34			10/12/2011			10,000,000		10,000,099
BNZ International Funding Limited††±		0.35			01/06/2012			10,000,000		10,000,000
BNZ International Funding Limited††±		0.35			09/01/2011	��		10,000,000		10,000,035
Commonwealth Bank of Australia††		0.30			09/02/2011			31,000,000		31,002,525
Credit Suisse (New York)^		0.15			09/07/2011			25,000,000		24,996,146
Credit Suisse (New York)^		0.00			08/01/2011			25,000,000		25,000,000
ICICI Bank Limited^		0.64			09/16/2011			23,000,000		22,980,897
Macquarie Bank Limited††^		0.33			09/06/2011			39,000,000		38,986,740
Macquarie Bank Limited††^		0.36			09/28/2011			26,000,000		25,984,501
Nordea North America Incorporated^		0.15			09/15/2011			46,000,000		45,991,375
Nordea North America Incorporated^		0.15			09/22/2011			15,000,000		14,996,750
PB Financing Incorporated††^		0.45			08/10/2011			6,000,000		5,999,250
PB Financing Incorporated††^		0.47			08/22/2011			5,000,000		4,998,571
PB Financing Incorporated††^		0.49			09/08/2011			9,000,000		8,995,250
PB Financing Incorporated††^		0.49			09/09/2011			9,000,000		8,995,125
PB Financing Incorporated††^		0.50			09/16/2011			6,000,000		5,996,090
PB Financing Incorporated††^		0.50			09/19/2011			6,000,000		5,995,835
Prudential plc††^		0.20			08/18/2011			16,000,000		15,998,413
Prudential plc††^		0.21			09/08/2011			3,000,000		2,999,303
Prudential plc††^		0.22			09/13/2011			2,000,000		1,999,474
Prudential plc††^		0.23			09/06/2011			3,000,000		2,999,280
Prudential plc††^		0.23			09/12/2011			4,000,000		3,998,880
RBS Holdings USA Incorporated^		0.22			08/11/2011			29,000,000		28,998,067
Skandinaviska Enskilda Banken AB††^		0.23			09/08/2011			15,000,000		14,996,200
Sumitomo Trust & Banking Corporation††^		0.00			08/01/2011			37,000,000		37,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Financial Company Commerical Paper (continued)
Suncorp-Metway Limited††^		0.26	%		08/03/2011	$	19,000,000	$	18,999,594
Suncorp-Metway Limited††^		0.36			08/09/2011		10,000,000		9,999,111
Suncorp-Metway Limited††^		0.39			09/08/2011		15,000,000		14,993,667
Suncorp-Metway Limited††^		0.39			09/12/2011		8,000,000		7,996,267
Swedbank AB^		0.11			08/02/2011		10,000,000		9,999,939
Swedbank AB^		0.18			08/03/2011		1,000,000		999,985
Swedbank AB^		0.20			08/04/2011		1,000,000		999,978
Swedbank AB^		0.23			08/08/2011		16,000,000		15,999,176
Swedbank AB^		0.24			08/09/2011		11,000,000		10,999,352
Swedbank AB^		0.24			08/10/2011		16,000,000		15,998,940
Swedbank AB^		0.26			09/29/2011		39,000,000		38,983,062
Westpac Securities NZ Limited††^		0.17			08/24/2011		63,000,000		62,992,956
Westpac Securities NZ Limited††±		0.33			08/19/2011		25,000,000		25,000,000
Westpac Securities NZ Limited††±		0.34			10/13/2011		20,000,000		20,000,000
									744,866,101
Other Commercial Paper: 4.05%
ACTS Retirement Life Communities Incorporated^		0.22			09/15/2011		16,000,000		15,995,600
Alaska Housing Finance Corporation^		0.21			08/15/2011		2,000,000		1,999,821
Caisse D’amortissement de la Dette Sociale††^		0.22			09/28/2011		15,000,000		14,994,683
Caisse D’amortissement de la Dette Sociale††^		0.22			10/03/2011		7,000,000		6,997,305
Caisse D’amortissement de la Dette Sociale††^		0.22			10/24/2011		7,000,000		6,996,407
Caisse D’amortissement de la Dette Sociale††^		0.23			10/11/2011		33,000,000		32,984,705
EDF SA††^		0.12			08/05/2011		19,000,000		18,999,683
EDF SA††^		0.19			09/06/2011		11,000,000		10,997,910
EDF SA††^		0.19			09/07/2011		8,000,000		7,998,438
Erste Abwicklungsanstalt††^		0.19			08/08/2011		15,000,000		14,999,358
Erste Abwicklungsanstalt††^		0.24			09/28/2011		45,000,000		44,982,600
Erste Abwicklungsanstalt††^		0.24			09/29/2011		16,000,000		15,993,707
Erste Abwicklungsanstalt††^		0.25			09/07/2011		15,000,000		14,995,992
Erste Abwicklungsanstalt††^		0.25			09/14/2011		15,000,000		14,995,233
Louis Dreyfus Corporation^		0.00			08/01/2011		2,000,000		2,000,000
SBAB Bank AB††^		0.16			08/02/2011		3,000,000		2,999,973
SBAB Bank AB††^		0.20			08/03/2011		4,000,000		3,999,933
SBAB Bank AB††^		0.24			08/04/2011		2,000,000		1,999,947
SBAB Bank AB††^		0.27			09/01/2011		9,000,000		8,997,830
SBAB Bank AB††^		0.27			09/09/2011		19,000,000		18,994,085
Trinity Health Corporation^		0.15			08/16/2011		5,000,000		4,999,667
Trinity Health Corporation^		0.00			08/01/2011		7,000,000		7,000,000
									274,922,877
Total Commercial Paper (Cost $3,373,742,460)									3,373,742,460
Government Agency Debt: 0.43%
FHLMC±		0.11			02/02/2012		29,000,000		28,988,164
Total Government Agency Debt (Cost $28,988,164)									28,988,164

14 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 11.84%
Alabama: 0.67%
Variable Rate Demand Notes§: 0.67%
Lower Alabama Gas District Supply Revenue Series A (Utilities Revenue, Societe Generale LOC)		0.13	%		11/01/2027	$	14,000,000	$	14,000,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		31,763,000		31,763,000
									45,763,000
California: 3.11%
Other Municipal Debt: 0.53%
San Francisco CA (Miscellaneous Revenue)		0.17			09/12/2011		2,000,000		2,000,000
San Francisco CA (Miscellaneous Revenue)		0.17			10/03/2011		4,000,000		4,000,000
San Francisco CA (Miscellaneous Revenue)		0.18			09/12/2011		2,000,000		2,000,000
San Francisco CA (Miscellaneous Revenue)		0.18			09/12/2011		2,000,000		2,000,000
San Francisco CA (Miscellaneous Revenue)		0.19			08/03/2011		3,000,000		3,000,000
San Jose CA International Airport (Airport Revenue)		0.22			08/02/2011		8,000,000		8,000,000
San Jose CA International Airport Series C-2 (Airport Revenue)		0.22			08/02/2011		2,000,000		2,000,000
San Jose CA International Airport Series F (Airport Revenue)		0.20			08/02/2011		6,000,000		6,000,000
Turlock Irrigation District CA (Miscellaneous Revenue)		0.24			10/03/2011		7,000,000		7,000,000
									36,000,000
Variable Rate Demand Notes§: 2.58%
ABAG Finance Authority for Nonprofit Corporations CA MFHR Geneva Pointe Apartments Series A (Housing Revenue, FNMA Insured)		0.17			03/15/2037		11,145,000		11,145,000
California Educational Facilities Authority (Education Revenue, Bank of America NA LOC, NATL-RE Insured)		0.07			10/01/2043		8,320,000		8,320,000
California HFA Program Series A (Housing Revenue, FNMA LOC)		0.05			08/01/2036		2,000,000		2,000,000
California HFFA Catholic Healthcare Series C (Health Revenue, JPMorgan Chase Bank LOC, NATL-RE Insured)		0.05			07/01/2020		2,000,000		2,000,000
California HFFA Catholic West Series H (Health Revenue, Bank of America NA LOC)		0.06			07/01/2035		200,000		200,000
California Series A Subseries C-2 (GO-State, Bank of Nova Scotia LOC)		0.04			05/01/2033		4,000,000		4,000,000
California Statewide CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured)		0.18			08/01/2031		3,500,000		3,500,000
California Statewide CDA Pravillions Apartments Series M (Housing Revenue, FNMA Insured)		0.18			08/15/2034		3,500,000		3,500,000
Camarillo CA Hacienda de Camarillo Project (Housing Revenue, FNMA Insured)		0.17			10/15/2026		5,065,000		5,065,000
Contra Costa County CA Creekview Apartments Series B (Housing Revenue, FHLMC Insured)		0.17			07/01/2036		4,000,000		4,000,000
Los Angeles CA Beverly Park Apartments Series A (Housing Revenue, FHLMC Insured)		0.06			08/01/2018		6,500,000		6,500,000
Los Angeles CA Community RDA Academy Village Apartments (Housing Revenue, FHLMC Insured)		0.15			10/01/2019		500,000		500,000
Los Angeles CA Sub Series C (Water & Sewer Revenue, JPMorgan Chase Bank LOC)		0.06			06/01/2028		16,505,000		16,504,340
Metropolitan Water District of Southern California Series B (Water & Sewer Revenue)		0.05			07/01/2027		5,000,000		5,000,000
Metropolitan Water District of Southern California Series B-2 (Water & Sewer Revenue)		0.08			07/01/2035		5,000,000		5,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Pasadena CA COP Series A (Lease Revenue, Bank of America NA LOC)		0.09	%		02/01/2035	$	21,000,000	$	21,000,000
Riverside CA COP Riverside Renaissance Project Series 2008 (Lease Revenue, Bank of America NA LOC)		0.09			03/01/2037		16,515,000		16,515,000
Riverside CA Series C (Lease Revenue, Bank of America NA LOC)		0.06			10/01/2035		7,320,000		7,320,000
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC Insured)		0.08			12/01/2022		4,000,000		4,000,000
San Diego CA HFA MFHR Stratton Apartments Project Series A (Housing Revenue, FNMA Insured)		0.17			01/15/2033		3,500,000		3,500,000
San Diego CA Housing Authority MFHR Hillside Garden Apartments Series B (Housing Revenue, FNMA Insured)		0.19			01/15/2035		3,500,000		3,500,000
San Francisco CA City & County Finance Corporation Moscone Center Project (Lease Revenue, Bank of America NA LOC)		0.05			04/01/2030		1,940,000		1,940,000
San Francisco CA City & County Redevelopment Agency 3rd Mission C (Tax Revenue, FNMA Insured)		0.18			06/15/2034		5,000,000		5,000,000
San Francisco CA City & County Redevelopment Agency Community Facilities District # 4 (Tax Revenue, Bank of America NA LOC)		0.07			08/01/2032		5,000,000		5,000,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured)		0.14			09/15/2032		1,800,000		1,800,000
Simi Valley CA MFHA Series A (Housing Revenue, FHLMC Insured)		0.15			07/01/2023		8,000,000		8,000,000
Southern California Public Power Authority Magnolia Power Project Series 2009-1-A (Utilities Revenue, KBC Bank NV LOC)		0.07			07/01/2036		14,965,000		14,965,000
Whittier CA Whittier College Series 2008 (Education Revenue, Bank of America NA LOC)		0.08			12/01/2038		5,000,000		5,000,000
									174,774,340
Colorado: 0.40%
Variable Rate Demand Notes§: 0.40%
Colorado HFA Class I Series B 1 (Housing Revenue, GO of Authority Insured)		0.17			10/01/2038		4,828,500		4,828,500
Colorado HFA Taxable MFHR Project B 2 (Housing Revenue, FNMA Insured)		0.16			05/01/2050		15,600,000		15,600,000
Denver CO Public Schools Series A-4 (Education Revenue, Royal Bank of Canada LOC, AGM Insured)		0.11			12/15/2037		7,000,000		7,000,000
									27,428,500
Connecticut: 0.07%
Variable Rate Demand Note§: 0.07%
New Britain CT Taxable Pension Series C (Tax Revenue, JPMorgan Chase Bank LOC)		0.26			02/01/2026		5,000,000		5,000,000
Delaware: 0.10%
Variable Rate Demand Notes§: 0.10%
Delaware EDA Clean Power Project Series 1997-D (Resource Recovery Revenue)		0.21			08/01/2029		4,000,000		4,000,000
Delaware EDA Series B (Resource Recovery Revenue)		0.28			08/01/2029		3,000,000		3,000,000
									7,000,000
District of Columbia: 0.24%
Other Municipal Debt: 0.11%
District of Columbia Water & Sewer Authority Series C (Water & Sewer Revenue)		0.20			09/26/2011		7,000,000		7,000,000

16 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Note§: 0.13%
District of Columbia The American University Series A (Education Revenue, PNC Bank NA LOC)		0.06	%		04/01/2038	$	9,000,000	$	9,000,000
Florida: 0.19%
Other Municipal Debt: 0.10%
Hillsborough County FL (Miscellaneous Revenue)		0.17			09/01/2011		2,000,000		2,000,000
Hillsborough County FL (Miscellaneous Revenue)		0.26			08/11/2011		5,000,000		5,000,000
									7,000,000
Variable Rate Demand Note§: 0.09%
Palm Beach County FL Pine Crest Preparatory (Education Revenue, Bank of America NA LOC)		0.13			06/01/2032		6,015,000		6,015,000
Georgia: 0.06%
Variable Rate Demand Note§: 0.06%
Columbus GA Housing Development Authority PFOTER (Housing Revenue, ACA Insured)††		0.34			10/01/2039		4,000,000		4,000,000
Illinois: 0.12%
Variable Rate Demand Notes§: 0.12%
Chicago IL Midway Airport Series A2 (Airport Revenue, JPMorgan Chase Bank LOC)		0.23			01/01/2025		1,000,000		1,000,000
Cook County IL Series D-2 (GO-Local)		0.19			11/01/2030		1,000,000		1,000,000
Illinois Finance Authority Resurrection Health Project Series 2005-B (Health Revenue, JPMorgan Chase Bank LOC)		0.20			05/15/2035		6,000,000		6,000,000
									8,000,000
Iowa: 0.10%
Variable Rate Demand Note§: 0.10%
Iowa Finance Authority Student Housing Des Moines LLC Project A (Housing Revenue, Citibank NA LOC)		0.09			06/01/2039		7,000,000		7,000,000
Kentucky: 0.08%
Variable Rate Demand Note§: 0.08%
Warren County KY IDA (IDR, Bank of America NA LOC)		0.28			12/01/2018		5,200,000		5,200,000
Louisiana: 0.21%
Other Municipal Debt: 0.05%
Louisiana Department of Airport (Airport Revenue)		0.25			08/05/2011		3,000,000		3,000,000
Variable Rate Demand Notes§: 0.16%
Parish of St. James LA Series A-1 (Energy Revenue)		0.08			11/01/2040		7,000,000		7,000,000
Parish of St. James LA Series B-1 (Energy Revenue)		0.10			11/01/2040		4,000,000		4,000,000
									11,000,000
Maryland: 0.15%
Variable Rate Demand Notes§: 0.15%
Howard County MD MFHR (Housing Revenue, FNMA Insured)		0.09			07/15/2033		3,000,000		3,000,000
Maryland CDA Department of Housing & Community Development Series 2007-J (Housing Revenue)		0.11			09/01/2031		2,960,000		2,960,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Maryland CDA Series 2006-G (Housing Revenue)		0.15	%		09/01/2040	$	4,000,000	$	4,000,000
									9,960,000
Massachusetts: 0.21%
Other Municipal Debt: 0.06%
Massachusetts Water Resources Authority Series 99 (Water & Sewer Revenue)		0.27			08/10/2011		4,000,000		4,000,000
Variable Rate Demand Notes§: 0.15%
Massachusetts Department of Transportation Series A6 (Transportation Revenue, GO of Commonwealth Insured)		0.07			01/01/2029		2,000,000		2,000,000
Massachusetts Development Finance Agency Babson College B (Education Revenue, Citizens Bank LOC)		0.13			10/01/2031		2,385,000		2,385,000
Massachusetts HEFA (Education Revenue, Bank of America NA LOC)		0.11			10/01/2034		1,990,000		1,990,000
Massachusetts HEFA Series N-3 (Health Revenue, JPMorgan Chase Bank LOC)		0.04			10/01/2038		1,000,000		1,000,000
Massachusetts Water Resources Authority Series E (Water & Sewer Revenue, GO of Authority Insured)		0.08			08/01/2037		2,810,000		2,810,000
									10,185,000
Michigan: 0.18%
Variable Rate Demand Notes§: 0.18%
Michigan HEFAR Calvin College Project Series 2007A (Education Revenue, JPMorgan Chase Bank LOC)		0.09			09/01/2037		7,000,000		7,000,000
Michigan Housing Development Authority Series A (Housing Revenue, GO of Authority Insured)		0.21			10/01/2037		2,980,000		2,980,000
Wayne County MI IDA Rayonier Project Series 2000 (IDR, Bank of America NA LOC)		0.14			05/01/2020		2,000,000		2,000,000
									11,980,000
Minnesota: 0.06%
Variable Rate Demand Note§: 0.06%
Ramsey County MN Housing & Redevelopment MFHR Gateway Apartments LP Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2038		4,100,000		4,100,000
Mississippi: 0.39%
Variable Rate Demand Note§: 0.39%
Mississippi GO Bonds Nissan North America Incorporated Project Series 2003A (GO-State, GO of Commonwealth Insured)		0.13			11/01/2028		26,385,000		26,383,952
Missouri: 0.04%
Variable Rate Demand Note§: 0.04%
Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation (IDR)		0.33			04/01/2027		3,000,000		3,000,000
Nebraska: 0.07%
Variable Rate Demand Note§: 0.07%
Central Plains NE Nebraska Gas Project #2 Series 2009 (Utilities Revenue)		0.08			08/01/2039		4,950,000		4,950,000

18 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Nevada: 0.27%
Variable Rate Demand Notes§: 0.27%
Clark County NV IDA (IDR, JPMorgan Chase Bank LOC)		0.09	%		03/01/2038	$	6,000,000	$	6,000,000
Las Vegas NV EDFA Andre Agassi Foundation Project (Education Revenue, Bank of America NA LOC)		0.09			10/01/2035		8,000,000		8,000,000
Las Vegas NV EDFA Keep Memory Alive Project (Miscellaneous Revenue, PNC Bank NA LOC)		0.06			05/01/2037		4,000,000		4,000,000
									18,000,000
New Hampshire: 0.06%
Variable Rate Demand Note§: 0.06%
New Hampshire HEFA St. Anselm College Series 2008 (Education Revenue, RBS Citizens NA LOC)		0.07			06/01/2038		3,920,000		3,920,000
New Jersey: 0.55%
Variable Rate Demand Notes§: 0.55%
New Jersey EDA NUI Corporation Project Series A (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2026		5,000,000		5,000,000
New Jersey EDA Pivotal Utility Holdings Incorporated Project Series 2007 (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2032		6,000,000		6,000,000
New Jersey HFFA Princeton Healthcare Series A (Hospital Revenue, Bank of America NA LOC)		0.10			07/01/2041		1,000,000		1,000,000
New Jersey State Housing & Mortgage Finance Agency Series B (Housing Revenue, Bank of America NA LOC)		0.10			05/01/2048		1,990,000		1,990,000
New Jersey State Turnpike Authority Series D (Miscellaneous Revenue, Societe Generale LOC, NATL-RE FGIC Insured)		0.19			01/01/2018		10,000,000		10,000,000
Salem County NJ PCFA Atlantic City Electric Company Project Series A (Utilities Revenue, JPMorgan Chase Bank LOC)		0.08			04/15/2014		13,200,000		13,200,000
									37,190,000
New York: 1.38%
Other Municipal Debt: 0.24%
New York Metropolitan Transportation Authority (Transportation Revenue)		0.19			08/03/2011		3,000,000		3,000,000
New York Metropolitan Transportation Authority (Transportation Revenue)		0.19			08/15/2011		9,000,000		9,000,000
New York Metropolitan Transportation Authority (Transportation Revenue)		0.27			08/02/2011		4,000,000		4,000,000
									16,000,000
Variable Rate Demand Notes§: 1.14%
Abraham Joshua Hesehal School NY Series 2010 (Education Revenue, TD Bank NA LOC)		0.19			01/01/2040		3,710,000		3,710,000
Merrill Lynch PFOTER (Miscellaneous Revenue)††		0.34			07/26/2012		1,000,000		1,000,000
New York City NY Housing Development Corporation Multifamily Rental Housing The Balton Project Series A (Housing Revenue, Bank of America NA LOC, FHLMC Insured)		0.06			09/01/2049		4,000,000		4,000,000
New York City NY Housing Development Corporation Series A (Housing Revenue, JPMorgan Chase Bank LOC)		0.13			01/01/2016		1,600,000		1,600,000
New York City NY Subseries C-4 (GO-Local, Bank of Tokyo-Mitsubishi UFJ LOC)		0.16			08/01/2020		12,000,000		12,000,000
New York City NY Transitional Financing Authority Class A (Miscellaneous Revenue, FSA-CR FGIC State Aid Withholding Insured)		0.12			07/15/2036		13,300,000		13,300,000
New York HFA Victory Housing Project Series 2000-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		2,000,000		2,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 19

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New York Housing Finance Agency Series A (Housing Revenue, FHLMC Insured)		0.05	%		11/01/2037	$	3,000,000	$	3,000,000
New York Housing Finance Agency Series A (Housing Revenue, FNMA Insured)		0.18			05/01/2029		2,000,000		2,000,000
New York Housing Finance Agency Taxable 600 West 42nd B (Housing Revenue, Bank of New York LOC)		0.28			11/01/2041		2,575,000		2,575,000
New York Housing Finance Agency Victory Housing Series 2004-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		10,400,000		10,400,000
New York Metropolitan Transportation Authority ROC RR 11 R-11645 (Transportation Revenue, FSA Insured)††		0.23			11/15/2025		4,830,000		4,830,000
New York NY Subseries B (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		2,000,000		2,000,000
New York PFOTER (Miscellaneous Revenue)††		0.34			06/15/2053		15,000,000		15,000,000
									77,415,000
Ohio: 0.24%
Variable Rate Demand Notes§: 0.24%
Lake County OH Hospital Facilities Series A (Health Revenue, JPMorgan Chase Bank LOC)		0.07			08/15/2041		4,975,000		4,975,000
Ohio HFA Residential Management Taxable Series I (Housing Revenue, GNMA/FNMA Insured)		0.19			09/01/2039		7,239,000		7,239,000
Ohio State University Hospitals Health System Incorporated Project Series 2008D (Education Revenue, JPMorgan Chase Bank LOC)		0.06			01/15/2035		4,000,000		4,000,000
									16,214,000
Oregon: 0.04%
Variable Rate Demand Note§: 0.04%
Oregon Housing & Community Services Department Series E (Housing Revenue)		0.19			07/01/2038		3,000,000		3,000,000
Pennsylvania: 0.27%
Variable Rate Demand Notes§: 0.27%
Beaver County PA IDA FirstEnergy Nuclear Series B (IDR, Citibank NA LOC)		0.06			12/01/2035		4,000,000		4,000,000
Doylestown PA Hospital Authority Series B (Health Revenue, PNC Bank NA LOC)		0.06			07/01/2037		14,000,000		14,000,000
									18,000,000
South Carolina: 0.13%
Other Municipal Debt: 0.13%
South Carolina Public Service Authority (Miscellaneous Revenue)		0.18			08/16/2011		1,000,000		1,000,000
South Carolina Public Service Authority (Miscellaneous Revenue)		0.23			10/03/2011		8,000,000		8,000,000
									9,000,000
South Dakota: 0.03%
Variable Rate Demand Note§: 0.03%
South Dakota Housing Development Authority Series C (Housing Revenue, FNMA Insured)		0.17			05/01/2037		2,000,000		2,000,000
Tennessee: 0.35%
Other Municipal Debt: 0.03%
Montgomery County TN (GO-Local)		0.24			08/01/2011		2,000,000		2,000,000

20 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§: 0.32%
Metropolitan Government Nashville & Davidson County TN Stewarts Ferry Apartments (Housing Revenue, FHLMC Insured)		0.11	%		01/01/2034	$	1,000,000	$	1,000,000
Metropolitan Government Nashville & Davidson County TN Weatherly Ridge Apartments Series A (Housing Revenue, U.S. Bank NA LOC)		0.21			12/01/2041		2,000,000		2,000,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			07/01/2034		6,590,000		6,590,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			02/01/2036		3,420,000		3,420,000
Tennessee Municipal Energy Acquisition Corporation (Utilities Revenue)		0.17			12/01/2016		9,065,000		9,065,000
									22,075,000
Texas: 1.55%
Other Municipal Debt: 0.04%
Texas Municipal Power Agency (Utilities Revenue)		0.30			08/09/2011		3,000,000		3,000,000
Variable Rate Demand Notes§: 1.51%
Austin TX Airport System Series A (Airport Revenue, State Street Bank & Trust Company LOC)		0.08			11/15/2017		3,000,000		3,000,000
Bexar County TX Health Facilities (Health Revenue, JPMorgan Chase Bank LOC)		0.10			12/01/2032		10,050,000		10,050,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series A (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2038		5,000,000		5,000,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D1 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.07			06/01/2029		7,000,000		7,000,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D2 (Health Revenue, JPMorgan Chase & Company LOC)		0.07			06/01/2029		5,000,000		5,000,000
Houston TX Utilities System Series 2004B (Water & Sewer Revenue, State Street Bank & Trust Company LOC)		0.05			05/15/2034		6,000,000		6,000,000
JPMorgan Chase PUTTER Trust Series 3812 (Miscellaneous Revenue)††		0.21			08/31/2011		40,000,000		40,000,000
Midlothian TX Industrial Development Corporation (IDR, UBS AG LOC)		0.05			08/01/2034		10,000,000		10,000,000
Mission TX Economic Development Corporation (Miscellaneous Revenue, Bank of America NA LOC)		0.13			04/01/2022		2,000,000		2,000,000
North Texas Higher Education Authority Series B (Education Revenue, Bank of America NA LOC, Guaranteed Student Loans Insured)		0.07			12/01/2035		6,000,000		6,000,000
Texas State Taxable Product Development Program Series A (Miscellaneous Revenue)		0.15			06/01/2045		4,480,000		4,480,000
Tyler TX Health Facilities Development Corporation Mother Frances Hospital Series B (Hospital Revenue, Bank of America NA LOC)		0.18			07/01/2020		3,500,000		3,500,000
									102,030,000
Vermont: 0.19%
Variable Rate Demand Note§: 0.19%
Vermont Student Assistance Corporation (Education Revenue, Lloyds Bank LOC)		0.08			12/15/2040		12,875,000		12,875,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 21

Security Name	Interest Rate			Maturity Date		Principal		Value
Virginia: 0.07%
Variable Rate Demand Notes§: 0.07%
Harrisonburg VA Redevelopment & Housing Authority (Housing Revenue, Bank of America NA LOC)		0.15	%		05/01/2026	$	1,000,000	$	1,000,000
Norfolk VA Redevelopment & Housing Authority Old Dominion University Project (Housing Revenue, Bank of America NA LOC)		0.26			08/01/2033		3,945,000		3,945,000
									4,945,000
Washington: 0.07%
Variable Rate Demand Note§: 0.07%
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA Insured)		0.11			05/15/2035		4,650,000		4,650,000
Wisconsin: 0.03%
Variable Rate Demand Note§: 0.03%
Wisconsin Housing & EDA (Housing Revenue, FNMA LOC, GO of Authority Insured)		0.08			09/01/2035		1,735,000		1,735,000
Wyoming: 0.16%
Variable Rate Demand Note§: 0.16%
Sweetwater County WY Pacific Corporation Project Series A (Utilities Revenue, Barclays Bank plc LOC)		0.06			07/01/2015		11,000,000		11,000,000
Total Municipal Bonds and Notes (Cost $802,788,792)									802,788,792
Other Instruments: 1.56%
Alaska Housing Finance Corporation Municipal Commercial Paper^		0.20			08/16/2011		1,000,000		999,913
Bank of America Bankers Acceptance Note^		0.20			08/31/2011		7,000,000		6,998,775
District of Columbia Varible Rate Demand Obligation Commercial Paper±§		0.26			08/01/2011		27,000,000		27,000,000
GBG LLC Custody Receipts††±§		0.33			09/01/2027		10,119,000		10,119,000
Illinois Educational Facilities Authority Series 1990 Varible Rate Demand Obligation Commercial Paper±§		0.18			08/04/2011		3,000,000		3,000,000
ING Bank NV Floating Rate Note††±		0.78			02/10/2012		30,000,000		30,000,000
ING Bank NV Floating Rate Note††±		0.78			02/02/2012		20,000,000		20,000,000
St. Joseph County IN Municipal Commercial Paper^		0.16			08/18/2011		4,000,000		3,999,679
St. Joseph County IN Municipal Commercial Paper^		0.16			09/01/2011		1,000,000		999,854
Trinity Health Corporation Municipal Commercial Paper^		0.21			09/16/2011		3,000,000		2,999,195
Total Other Instruments (Cost $106,116,416)									106,116,416
Other Notes: 5.72%
Corporate Bonds and Notes: 5.65%
ACTS Retirement Life Communities Incorporated±§		0.21			11/15/2029		2,858,000		2,858,000
American Express Bank FSB±		1.17			12/09/2011		45,000,000		45,161,619
Bank of America Corporation±		0.95			12/02/2011		45,000,000		45,120,889
Bank of America Corporation±		1.07			12/02/2011		100,000,000		100,295,774
Baptist Hospital Incorporated±§		0.13			02/01/2040		4,380,000		4,380,000
Bear Stearns & Companies Incorporated±		0.47			08/15/2011		7,000,000		7,000,407
Citigroup Funding Incorporated±		0.23			11/15/2011		1,000,000		999,812
Citigroup Funding Incorporated±		0.58			04/30/2012		17,000,000		17,049,641
General Electric Capital Corporation±		0.45			03/12/2012		18,000,000		18,027,213
General Electric Capital Corporation±		1.18			12/09/2011		35,000,000		35,123,618

22 Wells Fargo Advantage Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Corporate Bonds and Notes (continued)
Independence Place Fort Campbell Patriots LLC§		0.24	%		01/01/2040	$	2,355,000	$	2,355,000
JPMorgan Chase & Company±		0.48			06/15/2012		6,000,000		6,014,395
JPMorgan Chase & Company±		0.95			12/02/2011		50,000,000		50,134,199
LTF Real Estate LLC††§		0.23			06/01/2033		15,245,000		15,245,000
Morgan Stanley±		1.10			12/01/2011		2,000,000		2,006,081
Seariver Maritime Incorporated(i)±		0.35			10/01/2011		1,900,000		1,900,000
State Street Bank & Trust Company±		0.45			09/15/2011		11,000,000		11,003,473
UBS AG±		1.36			02/23/2012		16,000,000		16,077,369
US Central Federal Credit Union±		0.25			10/19/2011		2,000,000		2,000,144
									382,752,634
Yankee Corporate Bonds and Notes: 0.07%
Eksportfinans ASA±		0.26			09/22/2011		5,000,000		5,000,000
Total Other Notes (Cost $387,752,634)									387,752,634
Repurchase Agreements(z): 1.39%
Barclays Capital Incorporated, dated 07/29/2011, maturity value $25,976,348(1)		0.17			08/01/2011		25,975,980		25,975,980
Citigroup Global Markets, dated 07/29/2011, maturity value $23,000,422(2)		0.22			08/01/2011		23,000,000		23,000,000
Deutsche Bank Securities, dated 07/29/2011, maturity value $45,001,125(3)		0.30			08/01/2011		45,000,000		45,000,000
Total Repurchase Agreements (Cost $93,975,980)									93,975,980
	Yield
Treasury Debt: 3.96%
US Treasury Bill		0.12			10/06/2011		91,000,000		90,979,980
US Treasury Bill		0.15			08/11/2011		67,000,000		66,996,856
US Treasury Bill		0.15			08/25/2011		55,000,000		54,994,317
US Treasury Bill		0.16			08/18/2011		56,000,000		55,995,637
Total Treasury Debt (Cost $268,966,790)									268,966,790

Total Investments in Securities
(Cost $6,354,580,185)*	93.72	%		6,354,580,185
Other Assets and Liabilities, Net	6.28			425,875,071
Total Net Assets	100.00	%	$	6,780,455,256

†† Security 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.

(i) Illiquid security

§ These securities are subject to a demand feature which reduces the effective maturity.

± Variable rate investments.

^ Zero coupon security. Rate represents yield to maturity.

(z) Collateralized by:

(1) U.S. government securities, 3.50% to 5.00%, 11/1/2025 to 7/1/2041, market value including accrued interest is $26,755,259.

(2) U.S. government securities, 2.375% to 6.50%, 12/1/2017 to 7/1/2041, market value including accrued interest is $23,690,000.

(3) Commercial papers, 0.00%, 8/3/2011 to 10/20/2011, market value is $45,900,000.

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage Money Market Fund 23

Assets
Investments in unaffiliated securities, at amortized cost	$	6,354,580,185
Cash		349,943,998
Receivable for investments sold		73,647,004
Receivable for Fund shares sold		6,234,062
Receivable for interest		1,158,001
Receivable from adviser		2,517,871
Prepaid expenses and other assets		200,797
Total assets		6,788,281,918
Liabilities
Dividends payable		29,296
Payable for Fund shares redeemed		2,386,070
Distribution fees payable		642,539
Due to other related parties		1,453,527
Shareholder report expenses payable		526,657
Shareholder servicing fees payable		1,440,423
Trustees’ fees and expenses payable		490,739
Accrued expenses and other liabilities		857,411
Total liabilities		7,826,662
Total net assets	$	6,780,455,256
NET ASSETS CONSIST OF
Paid-in capital	$	6,785,306,553
Overdistributed net investment income		(482,582	)
Accumulated net realized losses on investments		(4,368,715	)
Total net assets	$	6,780,455,256
COMPUTATION OF NET ASSET VALUE PRICE PER SHARE1
Net assets – Class A	$	3,612,633,722
Shares outstanding – Class A		3,612,791,491
Net asset value per share – Class A		$1.00
Net assets – Class B	$	457,613,499
Shares outstanding – Class B		457,629,036
Net asset value per share – Class B		$1.00
Net assets – Class C	$	18,554,440
Shares outstanding – Class C		18,555,083
Net asset value per share – Class C		$1.00
Net assets – Daily Class	$	1,517,528,434
Shares outstanding – Daily Class		1,517,589,168	��
Net asset value per share – Daily Class		$1.00
Net assets – Investor Class	$	646,861,724
Shares outstanding – Investor Class		646,881,174
Net asset value per share – Investor Class		$1.00
Net assets – Service Class	$	527,263,437
Shares outstanding – Service Class		527,282,208
Net asset value per share – Service Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

24 Wells Fargo Advantage Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	10,791,624
Expenses
Advisory fee		10,300,573
Administration fees
Fund level		1,777,023
Class A		4,528,289
Class B		530,946
Class C		19,299
Daily Class		2,045,785
Investor Class		813,868
Service Class		310,585
Shareholder servicing fees
Class A		4,965,286
Class B		588,471
Class C		14,553
Daily Class		2,324,756
Investor Class		809,039
Service Class		647,052
Distribution fees
Class B		1,810,042
Class C		65,791
Daily Class		2,324,756
Custody and accounting fees		226,460
Professional fees		6,541
Registration fees		43,962
Shareholder report expenses		374,350
Trustees’ fees and expenses		7,075
Other fees and expenses		78,573
Total expenses		34,613,075
Less: Fee waivers and/or expense reimbursements		(24,203,736	)
Net expenses		10,409,339
Net investment income		382,285
Net realized gains on investments		79,351
Net increase in net assets resulting from operations	$	461,636

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

Statements of Changes in Net Assets Wells Fargo Advantage Money Market Fund 25

	Six Months Ended January 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	382,285					$	776,319					$	4,175,816
Net realized gains (losses) on investments					79,351						(408,292	)					207,089
Net change in unrealized gains (losses) on investments					0						15,379,410						19,484,069
Net increase in net assets resulting from operations					461,636						15,747,437						23,866,974
Distributions to shareholders from
Net investment income
Class A					(205,840	)					(467,318	)					(3,393,805	)
Class B					(24,135	)					(50,035	)					(80,042	)
Class C					(877	)					(1,645	)2					NA
Daily Class					(92,994	)					(152,204	)2					NA
Investor Class					(32,556	)					(63,394	)					(701,288	)
Service Class					(25,883	)					(41,723	)2					NA
Total distributions to shareholders					(382,285	)					(776,319	)					(4,175,135	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		2,745,625,259			2,745,625,259			3,802,546,469			3,802,546,469			2,932,633,470			2,932,633,470
Class B		307,446,989			307,446,989			824,615,875			824,615,875			928,457,413			928,457,413
Class C		6,637,523			6,637,523			5,009,393	2		5,009,393	2		NA			NA
Daily Class		3,672,463,294			3,672,463,294			8,494,124,953	2		8,494,124,953	2		NA			NA
Investor Class		145,139,219			145,139,219			288,916,090			288,916,090			380,245,373			380,245,373
Service Class		1,252,971,663			1,252,971,663			1,504,488,495	2		1,504,488,495	2		NA			NA
					8,130,283,947						14,919,701,275						4,241,336,256
Reinvestment of distributions
Class A		200,071			200,071			465,402			465,402			3,413,309			3,413,309
Class B		23,850			23,850			50,825			50,825			81,382			81,382
Class C		764			764			1,135	2		1,135	2		NA			NA
Daily Class		61,510			61,510			87,251	2		87,251	2		NA			NA
Investor Class		26,296			26,296			51,978			51,978			684,872			684,872
Service Class		2,058			2,058			2,075	2		2,075	2		NA			NA
					314,549						658,666						4,179,563
Payment for shares redeemed
Class A		(4,041,975,229	)		(4,041,975,229	)		(4,972,609,447	)		(4,972,609,447	)		(6,635,071,816	)		(6,635,071,816	)
Class B		(392,557,259	)		(392,557,259	)		(953,063,137	)		(953,063,137	)		(1,537,359,752	)		(1,537,359,752	)
Class C		(8,068,291	)		(8,068,291	)		(13,078,915	)2		(13,078,915	)2		NA			NA
Daily Class		(4,253,006,092	)		(4,253,006,092	)		(8,686,289,762	)2		(8,686,289,762	)2		NA			NA
Investor Class		(167,203,807	)		(167,203,807	)		(353,707,978	)		(353,707,978	)		(568,956,833	)		(568,956,833	)
Service Class		(1,302,429,492	)		(1,302,429,492	)		(1,477,823,038	)2		(1,477,823,038	)2		NA			NA
					(10,165,240,170	)					(16,456,572,277	)					(8,741,388,401	)
Net asset value of shares issued in acquisitions
Class A		0			0			847,570,175			847,772,251			0			0
Class B		0			0			41,175,793			41,185,718			0			0
Class C		0			0			28,053,474			28,057,477			NA			NA
Daily Class		0			0			2,290,148,014			2,290,021,972			NA			NA
Service Class		0			0			550,070,447			550,243,434			NA			NA
					0						3,757,280,852						0
Net increase (decrease) in net assets resulting from capital share transactions					(2,034,641,674	)					2,221,068,516						(4,495,872,582	)
Total increase (decrease) in net assets					(2,034,562,323	)					2,236,039,634						(4,476,180,743	)
Net assets
Beginning of period					8,815,017,579						6,578,977,945						11,055,158,688
End of period				$	6,780,455,256					$	8,815,017,579					$	6,578,977,945
Undistributed (overdistributed) net investment income				$	(482,582	)				$	(482,582	)				$	680

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

26 Wells Fargo Advantage Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class A							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.04			0.04			0.03
Net realized and unrealized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.04			0.04			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.04	)		(0.04	)		(0.03	)
Net realized gains		0.00			0.00			0.00			(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.04	)		(0.04	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.04	%		1.74	%		4.48	%		4.54	%		2.69	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.79	%		0.88	%		0.83	%		0.81	%		0.82	%		0.83	%
Net expenses		0.27	%		0.35	%		0.58	%		0.79	%		0.76	%		0.76	%		0.76	%
Net investment income		0.01	%		0.01	%		0.05	%		1.75	%		4.37	%		4.46	%		2.96	%
Supplemental data
Net assets, end of period (000’s omitted)		$3,612,634			$4,908,741			$5,218,601			$8,894,795			$11,659,129			$8,430,922			$6,580,685

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Money Market Fund 27

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class B							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.04			0.02
Net realized and unrealized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.04			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.04	)		(0.02	)
Net realized gains		0.00			0.00			0.00			(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.04	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		1.03	%		3.71	%		3.76	%		1.99	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.56	%		1.62	%		1.58	%		1.57	%		1.57	%		1.58	%
Net expenses		0.27	%		0.35	%		0.62	%		1.49	%		1.51	%		1.51	%		1.51	%
Net investment income		0.01	%		0.01	%		0.01	%		1.04	%		3.66	%		3.70	%		2.16	%
Supplemental data
Net assets, end of period (000’s omitted)		$457,613			$542,695			$628,445			$1,238,714			$1,438,346			$1,431,103			$1,264,470

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

4. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

28 Wells Fargo Advantage Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

Class C	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.52	%
Net expenses		0.27	%		0.36	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$18,554			$19,984

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

3. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial Highlights Wells Fargo Advantage Money Market Fund 29

(For a share outstanding throughout each period)

Daily Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.04	%
Net expenses		0.27	%		0.36	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$1,517,528			$2,097,990

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

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

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

30 Wells Fargo Advantage Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Investor Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Net realized and unrealized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		0.00			0.00			0.00			(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.08	%		1.85	%		4.60	%		4.65	%		2.74	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.84	%		0.92	%		0.90	%		0.94	%		0.99	%		1.00	%
Net expenses		0.27	%		0.35	%		0.52	%		0.68	%		0.65	%		0.65	%		0.65	%
Net investment income		0.01	%		0.01	%		0.08	%		1.82	%		4.50	%		4.56	%		3.02	%
Supplemental data
Net assets, end of period (000’s omitted)		$646,862			$668,894			$731,932			$921,649			$926,851			$764,268			$700,278

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Money Market Fund 31

(For a share outstanding throughout each period)

Service class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.69	%
Net expenses		0.27	%		0.35	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$527,263			$576,714

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

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

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

32 Wells Fargo Advantage Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The 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 custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the 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 the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011 the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $4,448,060 with $4,039,774 expiring in 2017 and $408,286 expiring in 2019.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Money Market Fund 33

losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.27% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer

34 Wells Fargo Advantage Money Market Fund Notes to Financial Statements (Unaudited)

agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Class B, Class C, Daily Class		0.22	%
Investor Class		0.25
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Class B, Class C and Daily Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B, Class C and Daily Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets of Daily Class shares.

For the six months ended July 31, 2011, Wells Fargo Funds Distributor, LLC received $5,313, $37,082 and $1,288 in contingent deferred sales charges from redemptions of Class A, Class B and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby each class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITION

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Money Market Fund and Wells Fargo Advantage Overland Express Sweep Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen Money Market Fund and Wells Fargo Advantage Overland Express Sweep Fund at an exchange ratio of 1.00 for each class. Shareholders holding Class A, Class B, Class C, Class I and Class S shares of Evergreen Money Market Fund received Class A, Class B, Class C, Service Class and Daily Class shares, respectively, of the Fund in the reorganization. Existing shareholders of Wells Fargo Advantage Overland Express Sweep Fund received Daily Class shares of the Fund in the reorganization. The investment portfolio of Evergreen Money Market Fund and Wells Fargo Advantage Overland Express Sweep Fund with fair values of $2,358,958,301 and $1,410,238,573, respectively, and amortized costs of $2,358,958,301 and $1,410,238,573, respectively, at July 9, 2010, were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Money Market Fund and Wells Fargo Advantage Overland Express Sweep Fund were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired and number of shares issued were as follows:

Acquired Fund	Value of Net Assets Acquired		Number of Shares Issued
Evergreen Money Market Fund	$	2,351,836,661		847,570,175	Class A
				41,175,793	Class B
				28,053,474	Class C
				884,677,740	Daily Class
				550,070,447	Service Class
Wells Fargo Advantage Overland Express Sweep Fund	$	1,405,444,191		1,405,470,274	Daily Class

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Money Market Fund 35

The aggregate net assets of the Fund immediately before and after the acquisitions were $5,906,118,088 and $9,663,398,940, respectively.

Assuming the acquisitions had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	1,129,808
Net realized gains on investments	$	15,040,859
Net increase in net assets resulting from operations	$	16,170,667

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

36 Wells Fargo Advantage Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Money Market Fund 37

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

38 Wells Fargo Advantage Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Money Market Fund 39

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital Management about various topics, including Funds Management’s oversight of service providers. The above factors,

40 Wells Fargo Advantage Money Market Fund Other Information (Unaudited)

together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board

Other Information (Unaudited) Wells Fargo Advantage Money Market Fund 41

received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

42 Wells Fargo Advantage Money Market Fund Other Information (Unaudited)

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Money Market Fund 43

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204802 09-11 SA306/SAR306 7-11

Wells Fargo Advantage

Municipal Cash Management Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	23
Statement of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	26
Notes to Financial Statements	29
Other Information	32
List of Abbreviations	39

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Municipal Cash Management Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Municipal Cash Management Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Municipal Cash Management Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Municipal Cash Management Money Market Fund Letter to Shareholders

opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights Wells Fargo Advantage Municipal Cash Management Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

November 20, 1996

SECTOR DISTRIBUTION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

14 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

14 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a Fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a Fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a Fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Municipal Cash Management Money Market Fund Performance Highlights

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Administrator Class (WUCXX)		07/09/2010		0.01		0.04		1.64		1.71		0.38%		0.30%
Institutional Class (EMMXX)		11/20/1996		0.04		0.12		1.66		1.72		0.26%		0.20%
Service Class (EISXX)		11/20/1996		0.00		0.01		1.45		1.49		0.55%		0.45%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Administrator Class		Institutional Class		Service Class
7-Day Current Yield		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, and has not been adjusted to include the higher expenses applicable to the Administrator Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen Institutional Municipal Money Market Fund.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.19)%, (0.07)%, and (0.36)% for Administrator Class, Institutional Class and Service Class, respectively.

Fund Expenses Wells Fargo Advantage Municipal Cash Management Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Administrator Class
Actual	$	1,000.00	$	1,000.10	$	1.29		0.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.30		0.26	%
Institutional Class
Actual	$	1,000.00	$	1,000.41	$	0.94		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85	$	0.95		0.19	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 92.48%
Alabama: 3.22%
Variable Rate Demand Notes§: 3.22%
Homewood AL Educational Building Authority (Education Revenue, Branch Banking & Trust LOC)		0.08	%		12/01/2043	$	10,000,000	$	10,000,000
Mobile County AL IDA Mobile Development Project (Energy Revenue, Svenska HandelsBanken LOC)		0.07			07/01/2040		30,000,000		30,000,000
Pell City AL Special Care Facilities Authority Noland Health Services Incorporated Project Series 2009A (Health Revenue, U.S. Bank NA LOC)		0.09			12/01/2039		4,000,000		4,000,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		46,537,000		46,537,000
Tuscaloosa County AL IDA Series A (Miscellaneous Revenue)		0.10			09/01/2020		6,700,000		6,700,000
									97,237,000
Arizona: 0.83%
Variable Rate Demand Notes§: 0.83%
Maricopa County AZ Desert Eagles Estate Project Series 2003A-1 (Housing Revenue, FHLMC Insured)		0.18			07/01/2036		9,380,000		9,380,000
Mesa AZ Utility Systems ROC RR-II-R 11032 (Utilities Revenue, FSA Insured)		0.12			07/01/2026		15,600,000		15,600,000
									24,980,000
Arkansas: 0.03%
Variable Rate Demand Note§: 0.03%
Arkansas Development Finance Authority Stratton Seed Company Project (IDR, Bank of America NA LOC)		0.40			03/01/2014		900,000		900,000
California: 10.10%
Other Municipal Debt: 0.35%
San Diego CA County & School District Notes Series B-1 (Miscellaneous Revenue, GO of Participants Insured)		2.00			01/31/2012		3,500,000		3,526,638
San Joaquin County CA Transportation Authority Series A (Tax Revenue)		0.09			08/09/2011		7,000,000		7,000,000
									10,526,638
Variable Rate Demand Notes§: 9.75%
ABAG Finance Authority for Non-Profit Corporations CA Hills Apartments Series A (GO - Local, FNMA Insured)		0.12			12/15/2032		6,000,000		6,000,000
California CDA PUTTER Series 2680 (Housing Revenue, JPMorgan Chase Bank LOC)		0.22			05/15/2018		23,000,000		23,000,000
California CDA PUTTER Series 2681 (Housing Revenue, JPMorgan Chase Bank LOC)		0.32			05/15/2018		7,300,000		7,300,000
California CDA PUTTER Series 3931 (Housing Revenue, JPMorgan Chase Bank LOC)		0.21			08/12/2012		5,000,000		5,000,000
California CDA PUTTER Series 3934 (Housing Revenue, JPMorgan Chase Bank LOC)††		0.20			08/07/2012		15,000,000		15,000,000
California PCFA Pacific Gas & Electric Project Series 97-B (Utilities Revenue, JPMorgan Chase Bank LOC)		0.31			11/01/2026		150,000		150,000
California Statewide CDA Gas Supply Project Series 2010 (Utilities Revenue)		0.07			11/01/2040		45,325,000		45,325,000
California Statewide CDA Olympus Park Apartments Series Y (Housing Revenue, FNMA Insured)		0.18			10/15/2030		2,200,000		2,200,000
FHLMC Series M001 Class A (Housing Revenue)		0.18			08/15/2045		30,096,327		30,096,327
FHLMC Series M002 Class A (Housing Revenue)		0.18			01/15/2047		4,365,504		4,365,504

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
FHLMC Series M008 Class A (Housing Revenue)		0.18	%		02/15/2035	$	20,015,199	$	20,015,199
Grossmont CA High School District California School Deutsche Bank Spears Trust Series DBE-637 (GO - Local)		0.08			08/01/2047		4,200,000		4,200,000
Oakland CA Redevelopment Agency (Housing Revenue, FHLMC Insured)		0.18			10/01/2050		49,400,000		49,400,000
San Jose CA Airport Deutsche Bank Spears/Lifers Trust Series DB-479 (Airport Revenue, FSA-CR AMBAC Insured)		0.08			03/01/2037		35,155,000		35,155,000
Southern CA Metropolitan Water District Series A-1 (Water & Sewer Revenue)		0.10			07/01/2036		6,500,000		6,500,000
Ukiah CA Union School District Deutsche Bank Spears Trust Series DB-382 (GO - Local, NATL-RE Insured)		0.08			08/01/2030		20,795,000		20,795,000
Victorville CA Joint Powers Finance Authority Project A (Utilities Revenue, BNP Paribas LOC)		1.35			05/01/2040		20,120,000		20,120,000
									294,622,030
Colorado: 0.66%
Variable Rate Demand Notes§: 0.66%
Arapahoe County CO Cottrell Printing Project (IDR, KeyBank NA LOC)		0.28			10/01/2019		2,000,000		2,000,000
Aurora CO Centretech Metropolitan District Series 1998-C (GO - Local, U.S. Bank NA LOC)		0.13			12/01/2028		3,065,000		3,065,000
Colorado ECFA National Jewish Federation Project (Health Revenue, U.S. Bank NA LOC)		0.20			02/01/2039		950,000		950,000
Colorado ECFA Vail Valley Foundation Project Series 2007 (Miscellaneous Revenue, U.S. Bank NA LOC)		0.08			12/01/2037		5,700,000		5,700,000
Denver CO City & County Refunding MFHR Garden Court Community Project Series 2008 (Housing Revenue, FNMA Insured)		0.21			12/15/2038		8,150,000		8,150,000
									19,865,000
Delaware: 8.33%
Variable Rate Demand Notes§: 8.33%
Branch Bank & Trust Municipal Trust Series 5000 (Lease Revenue, RaboBank International LOC)††		0.17			10/01/2028		15,498,065		15,498,065
Branch Bank & Trust Municipal Trust Series 5003 (Lease Revenue, RaboBank International LOC)††		0.32			05/01/2027		28,313,998		28,313,998
Clipper Tax-Exempt Certified Trust Series 2004-10 (Housing Revenue)		0.23			12/01/2035		3,502,000		3,502,000
Clipper Tax-Exempt Certified Trust Series 2005-30 (Housing Revenue)		0.23			06/01/2038		13,895,000		13,895,000
Clipper Tax-Exempt Certified Trust Series 2005-31 (Housing Revenue)		0.23			01/01/2036		12,405,000		12,405,000
Clipper Tax-Exempt Certified Trust Series 2006-02 (Housing Revenue)		0.23			10/01/2036		14,690,000		14,690,000
Clipper Tax-Exempt Certified Trust Series 2006-06 (Housing Revenue)		0.23			07/01/2037		10,597,000		10,597,000
Clipper Tax-Exempt Certified Trust Series 2006-10 (Housing Revenue)		0.23			09/01/2013		1,345,000		1,345,000
Clipper Tax-Exempt Certified Trust Series 2007-26 (Housing Revenue)		0.13			05/01/2017		93,374,000		93,374,000
Clipper Tax-Exempt Certified Trust Series 2007-40 (Housing Revenue)		0.23			02/01/2013		9,212,000		9,212,000
Delaware Economic Development Authority (Miscellaneous Revenue)		0.21			08/01/2029		19,300,000		19,300,000
Delaware Economic Development Authority IDR Delaware Clean Power Project Series 1997-B (Miscellaneous Revenue)		0.28			08/01/2029		25,150,000		25,150,000
Delaware EDFA Delaware Clean Power Project Series A (Energy Revenue)		0.21			08/01/2029		2,000,000		2,000,000
Delaware Health Facilities Authority Series B (Hospital Revenue, PNC Bank NA LOC)		0.06			07/01/2039		2,375,000		2,375,000
									251,657,063

10 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
District of Columbia: 1.04%
Other Municipal Debt: 0.66%
District of Columbia TRAN (GO - State)		2.00	%		09/30/2011	$	20,000,000	$	20,054,356
Variable Rate Demand Notes§: 0.38%
District of Columbia HFA PFOTER Carver Senior Apartments Project Series 4566 (Housing Revenue, FHLMC Insured)		0.18			10/01/2049		7,170,000		7,170,000
District of Columbia HFA PFOTER Galen Terrace Project Series 4568 (Housing Revenue, FHLMC Insured)		0.18			02/01/2049		4,320,000		4,320,000
									11,490,000
Florida: 6.24%
Variable Rate Demand Notes§: 6.24%
Alachua County FL HFA MFHR Santa Fe Apartments Project Series 2008 (Housing Revenue, FNMA LOC)		0.09			04/15/2041		7,400,000		7,400,000
Bay County FL Sales Tax Solar Eclipse Project Series 2006-0103 (Tax Revenue, U.S. Bank NA LOC)		0.07			03/01/2014		2,970,000		2,970,000
Brevard County FL HFA Shore View Apartments Project Series 1995 (Housing Revenue, Harris Trust & Savings Bank LOC)		0.11			02/01/2015		800,000		800,000
Duval County FL Camri Green Apartments (Housing Revenue, FNMA Insured)		0.12			11/15/2036		6,800,000		6,800,000
Florida HFA Vizcaya Villas Project Series 1996-M (Housing Revenue)††		0.15			07/25/2015		5,625,000		5,625,000
Florida Housing Finance Corporation Brook Haven Apartments Multi-Family Mortgage Project Series 2006-H (Housing Revenue, FNMA Insured)		0.11			04/15/2039		6,295,000		6,295,000
Greater Orlando FL Aviation Authority Flight Safety Project Series A (Airport Revenue)		0.04			10/01/2023		6,400,000		6,400,000
JEA Florida Electric Systems Series A (Utilities Revenue, Bank of Montreal LOC)		0.07			10/01/2035		2,225,000		2,225,000
Marion County FL HFA Paddock Apartments Project (Housing Revenue, FNMA Insured)		0.09			10/15/2032		4,000,000		4,000,000
Miami-Dade County FL Expressway Authority Series 1339 (Transportation Revenue, AGC-ICC FGIC Insured)		0.22			07/01/2012		10,090,000		10,090,000
Miami-Dade County FL International Airport Aviation Series 2008-1139X (Airport Revenue, Assured Guaranty Insured)		0.21			04/01/2028		7,500,000		7,500,000
Miami-Dade County FL Series DBE-538 (Tax Revenue, AMBAC Insured)		0.08			04/01/2027		2,200,000		2,200,000
Orange County FL Health Facilities Authority Adventist Health Systems Project Series 237 (Hospital Revenue, AMBAC Insured)		0.21			11/15/2025		101,000,000		101,000,000
Orange County FL HFA Landings on Millenia Boulevard Apartments Project Series 2002-A (Housing Revenue, FNMA LOC)		0.12			08/15/2035		7,060,000		7,060,000
Orlando FL Utilities Commission Series A (Utilities Revenue)		0.19			10/01/2027		6,745,000		6,745,000
Palm Beach County FL Finance Authority DRIVER Trust Series 3419 (Resource Recovery Revenue, BHAC Insured)††		0.12			04/01/2017		2,275,000		2,275,000
Palm Beach County FL Jewish Community Campus Corporation Project (Miscellaneous Revenue, Northern Trust Company LOC, AMBAC Insured)		0.11			03/01/2027		4,000,000		4,000,000
South Broward FL Hospital District Solar Eclipse Project Series 2006-0043 (Hospital Revenue, U.S. Bank NA LOC)††		0.07			11/01/2013		5,000,000		5,000,000
									188,385,000
Georgia: 0.93%
Variable Rate Demand Notes§: 0.93%
Atlanta GA Development Authority Multi-Modal Zone Facility Perkins & Will Incorporated Project (Miscellaneous Revenue, Harris NA LOC)		0.10			11/01/2030		6,420,000		6,420,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Atlanta GA Housing Authority Villages at Carver Project (Housing Revenue, FNMA Insured)		0.10	%		12/15/2039	$	3,425,000	$	3,425,000
Fulton County GA Development Authority Shepherd Center Project (Hospital Revenue, FHLB LOC)		0.07			09/01/2035		1,620,000		1,620,000
George L Smith II GA World Congress Center (Miscellaneous Revenue, BHAC-CR NATL-RE Insured)††		0.18			01/01/2018		14,825,000		14,825,000
Gwinnet County GA Development Authority Ole Mexican Foods Incorporated Project (IDR, Branch Banking & Trust LOC)		0.18			05/01/2031		1,765,000		1,765,000
									28,055,000
Hawaii: 0.33%
Variable Rate Demand Note§: 0.33%
Clipper Tax-Exempt Certified Trust Series 2007-34 (GO - State)		0.13			05/01/2015		9,995,000		9,995,000
Idaho: 0.33%
Variable Rate Demand Notes§: 0.33%
Gooding County ID Southfield Dairy Project (Miscellaneous Revenue, Wells Fargo Bank NA LOC)(q)		0.18			04/01/2022		3,630,000		3,630,000
Jerome County ID Economic Development Corporation Davisco Foods International Project Series 2009 (Miscellaneous Revenue, Bank of Montreal LOC)		0.07			12/01/2029		6,200,000		6,200,000
									9,830,000
Illinois: 7.08%
Variable Rate Demand Notes§: 7.08%
Branch Bank & Trust Municipal Trust Series 5001 (Lease Revenue, RaboBank International LOC)††		0.17			06/01/2020		22,560,849		22,560,849
Chicago IL Series ZC-1 (GO - Local, FGIC Insured)		0.14			01/01/2023		36,403,000		36,403,000
Chicago IL Wastewater Transmission (Water & Sewer Revenue, FSA-CR FGIC Insured)		0.15			01/01/2015		6,975,000		6,975,000
Chicago IL Deutsche Bank Spears-Lifers Trust (Water & Sewer Revenue, NATL-RE Insured)		0.08			01/01/2027		15,555,000		15,555,000
Chicago IL Eclipse Funding Trust Solar Eclipse Project Series 2006-0003 (GO - Local, U.S. Bank NA LOC, FSA Insured)		0.07			07/01/2013		9,185,000		9,185,000
Chicago IL Education Marine Project Series 1984 (Port, Airport, & Marina Authority Revenue, FHLB LOC)		0.10			07/01/2023		4,200,000		4,200,000
Chicago IL Enterprise Center Project Series IX (IDR, LaSalle Bank NA LOC)		0.26			06/01/2022		3,146,000		3,146,000
Chicago IL Enterprise Center Project Series X (IDR, LaSalle Bank NA LOC)		0.26			06/01/2022		4,300,000		4,300,000
Chicago IL Midway Airport 2nd Lien Series C-1 (Port, Airport, & Marina Authority Revenue, Bank of Montreal LOC)		0.12			01/01/2035		20,000,000		20,000,000
Chicago IL O’Hare International Airport ROC RR-II-R-605PB (Airport Revenue, FSA-CR FGIC Insured)		0.23			01/01/2014		9,740,000		9,740,000
Chicago IL P S Greetings Incorporated Project (IDR, JPMorgan Chase & Company LOC)		0.16			05/01/2024		1,135,000		1,135,000
Chicago IL Water Eclipse Funding Trust Series 2006-0106 (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			05/01/2014		4,035,000		4,035,000
Greenville IL Greenville College Project (Education Revenue, PNC Bank NA LOC)(i)		0.60			11/01/2036		2,200,000		2,200,000
Illinois Educational Facilities Authority Newberry Library Project (Miscellaneous Revenue, Northern Trust Company LOC)		0.08			03/01/2028		1,950,000		1,950,000
Illinois Finance Authority DRIVER Trust Series 3302 (Education Revenue)††		0.21			06/01/2014		4,950,000		4,950,000

12 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Illinois Finance Authority Rush University Education Center Obligation Group Series 2008-A (Hospital Revenue, Northern Trust Company LOC)		0.06	%		11/01/2045	$	3,500,000	$	3,500,000
Illinois Housing Development Authority Florida House Project Series C (Housing Revenue, JPMorgan Chase & Company LOC, GO of Authority Insured)		0.18			01/01/2027		5,310,000		5,310,000
Illinois Housing Development Authority Homeowner Mortgage A3 (Housing Revenue)		0.08			08/01/2035		10,400,000		10,400,000
Illinois Metropolitan Pier & Exposition Authority Series 3219 (Tax Revenue)††		0.08			06/15/2050		30,000,000		30,000,000
Southwestern Illinois IDA Mattingly Lumber Project Series 2005-A (IDR, First Bank LOC)		0.24			12/01/2035		3,080,000		3,080,000
Vernon Hills IL Hawthorn Lakes Project (Housing Revenue, Societe Generale LOC, FSA Insured)		0.14			01/01/2016		15,210,000		15,210,000
									213,834,849
Indiana: 0.94%
Variable Rate Demand Notes§: 0.94%
Eclipse Funding Trust IN Solar Eclipse (Miscellaneous Revenue, U.S. Bank NA LOC, FSA Insured)		0.18			07/15/2026		12,285,000		12,285,000
Gary IN Grant Street Project (IDR, JPMorgan Chase Bank LOC)		0.18			07/01/2034		5,555,000		5,555,000
Indiana HFFA Revenue Fayette Memorial Hospital Association Series A (Hospital Revenue, U.S. Bank NA LOC)		0.33			10/01/2032		4,585,000		4,585,000
Richmond IN Reid Hospital & Health Care Services Incorporated Hospital Authority Series A (Hospital Revenue, Bank of New York LOC)		0.04			12/01/2016		1,075,000		1,075,000
Royal Bank of Canada Municipal Products Incorporated Trust Indiana University Hospital Series E-23 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			03/01/2036		5,000,000		5,000,000
									28,500,000
Iowa: 0.31%
Variable Rate Demand Notes§: 0.31%
Alton IA Northwest Iowa Agronomy Project (IDR, Bank of America NA LOC)		0.40			10/01/2024		1,780,000		1,780,000
Iowa HFA SFHR Series N (Housing Revenue, GNMA/FNMA Insured)		0.16			01/01/2039		7,040,000		7,040,000
Scott County IA Nichols Aluminum Recycling Project (IDR, U.S. Bank NA LOC)		0.39			06/01/2014		600,000		600,000
									9,420,000
Kansas: 0.21%
Variable Rate Demand Notes§: 0.21%
Kansas State Development Finance Authority Adventist Health C (Hospital Revenue, Royal Bank of Canada LOC)		0.06			11/15/2034		3,000,000		3,000,000
Liberal KS Farmland National Beef Packing Project (IDR, RaboBank International LOC)		0.13			02/01/2029		1,000,000		1,000,000
Nemaha County KS Midwest AG Services LLC Project (IDR, CoBank ACB LOC)		0.18			11/01/2020		2,450,000		2,450,000
									6,450,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Kentucky: 1.69%
Other Municipal Debt: 0.33%
Kentucky Rural Water Finance Corporation Series E (Water & Sewer Revenue)		1.50	%		12/01/2011	$	10,000,000	$	10,028,262
Variable Rate Demand Notes§: 1.36%
Christian County KY Association of County Leasing Series B (Lease Revenue, U.S. Bank NA LOC)		0.20			08/01/2037		2,715,000		2,715,000
Hopkins County KY Industrial Building Lok Corporation Project Series 2007 (IDR, PNC Bank NA LOC)		0.09			10/01/2017		6,250,000		6,250,000
Jefferson County KY Industrial Zeochem LLC Project (IDR, UBS AG LOC)		0.10			08/01/2021		2,625,000		2,625,000
Louisville KY Regional Airport Authority (Airport Revenue)		0.22			11/01/2036		29,500,000		29,500,000
									41,090,000
Louisiana: 0.59%
Variable Rate Demand Notes§: 0.59%
Ascension Parish LA BASF Corporation Project (Miscellaneous Revenue)		0.24			03/01/2025		7,900,000		7,900,000
Louisiana Public Facilities Authority Christus Health Project Series B-3 (Hospital Revenue, Bank of New York LOC)		0.06			07/01/2047		3,000,000		3,000,000
Louisiana Public Facilities Authority PC Allied Signal Incorporated Project (Miscellaneous Revenue)		0.18			08/01/2017		6,815,000		6,815,000
									17,715,000
Maryland: 0.93%
Other Municipal Debt: 0.50%
Montgomery County MD Series 10-A (Miscellaneous Revenue, Barclay’s Bank plc LOC)		0.08			08/09/2011		10,000,000		10,000,000
Montgomery County MD Series 10-B (Miscellaneous Revenue, Barclays Bank plc LOC)		0.09			08/09/2011		5,000,000		5,000,000
									15,000,000
Variable Rate Demand Notes§: 0.43%
Baltimore County MD Cross Creek Apartments Project Series 2008 (Housing Revenue, PNC Bank NA LOC)		0.16			11/01/2033		4,465,000		4,465,000
Maryland Industrial Development Finance Authority Foodswing Project Series 2008 (IDR, Bank of America NA LOC)		0.27			04/01/2023		8,500,000		8,500,000
									12,965,000
Massachusetts: 0.42%
Variable Rate Demand Notes§: 0.42%
Massachusetts Series 2648 (GO - State, FSA Insured)		0.12			08/01/2015		3,700,000		3,700,000
Massachusetts State Industrial Finance Agency Constitution Project (Miscellaneous Revenue, TD Bank NA LOC)		0.27			06/01/2018		2,000,000		2,000,000
University of Massachusetts Building Authority (GO - State, State Guaranteed Insured)		0.17			11/01/2034		7,100,000		7,100,000
									12,800,000
Michigan: 3.97%
Other Municipal Debt: 1.75%
Michigan Finance Authority Series D-1 (Miscellaneous Revenue)		2.00			08/19/2011		5,000,000		5,002,935

14 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Municipal Debt (continued)
Michigan Finance Authority Series D-2 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		2.00	%		08/22/2011	$	7,000,000	$	7,006,425
Michigan Finance Authority Series D-3 (Miscellaneous Revenue, Scotia Bank LOC)		2.00			08/22/2011		7,000,000		7,006,425
Michigan Hospital Finance Authority Series 08-C (Health Revenue)		0.14			10/11/2011		18,840,000		18,840,000
Michigan Hospital Finance Authority Series 08-C (Health Revenue)		0.15			08/03/2011		10,000,000		10,000,000
Michigan State Series A (GO - State)		2.00			09/30/2011		5,000,000		5,012,873
									52,868,658
Variable Rate Demand Notes§: 2.22%
Michigan Housing Development Authority Rental Housing Project Series 2006-A (Housing Revenue, AGM GO of Authority Insured)		0.30			10/01/2040		27,905,000		27,905,000
Michigan Housing Development Authority Rental Housing Project Series 2006-C (Housing Revenue, AGM GO of Authority Insured)		0.30			04/01/2041		7,290,000		7,290,000
Michigan Housing Development Authority Rental Housing Project Series 2010-F (Hospital Revenue)		0.17			11/15/2049		6,500,000		6,500,000
Michigan Solid Waste Disposal L’Anse Warden Company Project Series 2008 (Resource Recovery Revenue)		0.19			02/01/2028		19,215,000		19,215,000
Michigan State Hospital Finance Authority Ascension Health Senior Credit (Hospital Revenue)		0.17			11/15/2049		6,000,000		6,000,000
									66,910,000
Minnesota: 1.59%
Other Municipal Debt: 0.18%
Minnesota Rural Water Finance Authority (Water & Sewer Revenue)		1.25			04/01/2012		2,000,000		2,007,938
Minnesota Trunk Highway Project Series B (GO - State)		4.00			08/01/2011		3,625,000		3,625,000
									5,632,938
Variable Rate Demand Notes§: 1.41%
Bloomington MN Norlan Partners Series B (Housing Revenue, LaSalle Bank NA LOC)		0.19			07/15/2032		1,000,000		1,000,000
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured)		0.17			01/15/2038		6,600,000		6,600,000
Forest Lake MN Kilkenny Court Apartments Project (Housing Revenue, FNMA Insured)		0.10			08/15/2038		750,000		750,000
Maplewood MN Educational Facilities Authority Mounds Park Academy Project (Education Revenue, U.S. Bank NA LOC)		0.10			10/01/2023		1,200,000		1,200,000
Maplewood MN Educational Facilities Mounds Park Academy Project (Education Revenue, U.S. Bank NA LOC)		0.10			10/01/2031		2,735,000		2,735,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Project Series B2 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.20			11/15/2035		4,315,000		4,315,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-1 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.31			11/15/2035		200,000		200,000
Minneapolis & St. Paul MN Housing & RDA HCFR Series A (Hospital Revenue, AGM Insured)		0.33			08/15/2034		150,000		150,000
Minneapolis MN MFHR Driftwood Apartments Project Series A (Housing Revenue, U.S. Bank NA LOC)		0.15			10/01/2024		235,000		235,000
Minneapolis MN People Serving People Project Series A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.33			10/01/2021		955,000		955,000
Minnesota Bond Securitization Trust Certificate Carleton Lofts Project Class A (Housing Revenue, LaSalle Bank NA LOC)		0.23			12/01/2048		300,000		300,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Minnesota Bond Securitization Trust Series S1 (Housing Revenue, PNC Bank NA LOC)		0.23	%		02/01/2027	$	1,530,000	$	1,530,000
Minnesota Bond Securitization Trust Series S2 (Housing Revenue, PNC Bank NA LOC)		0.23			11/01/2028		3,090,000		3,090,000
Minnesota HFA Residential Housing Finance Project Series C (Housing Revenue)		0.16			07/01/2036		6,100,000		6,100,000
Minnesota HFA Series C (Housing Revenue, GO of Agency Insured)		0.16			07/01/2048		6,000,000		6,000,000
Minnesota State HEFAR MacAlester College Series 5-Q (Education Revenue)		0.13			03/01/2033		2,200,000		2,200,000
Minnesota State HEFAR Trustees Hamline University Series 6E3 (Education Revenue, Harris NA LOC)		0.09			10/01/2016		1,165,000		1,165,000
Minnesota State HFA Residential Housing Series 1 (Housing Revenue, GO of Agency Insured)		0.16			01/01/2036		300,000		300,000
Ramsey County MN Housing & Redevelopment MFHR Gateway Apartments LP Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2038		500,000		500,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured)		0.17			06/01/2032		700,000		700,000
St. Paul MN Port Authority District 12EE (Utilities Revenue, Deutsche Bank AG LOC)		0.10			03/01/2029		500,000		500,000
St. Paul MN Port Authority District Series 9BB (Utilities Revenue, Deutsche Bank AG LOC)		0.05			03/01/2029		400,000		400,000
Stevens County MN Riverview Dairy Project Series 2007 (Miscellaneous Revenue, AgCountry Farm Credit LOC)		0.19			08/01/2032		600,000		600,000
Swift County MN East Dublin Dairy LLP Project Series 2008 (Resource Recovery Revenue, AgCountry Farm Credit LOC)		0.19			04/01/2033		1,000,000		1,000,000
									42,525,000
Mississippi: 0.25%
Variable Rate Demand Note§: 0.25%
Mississippi Development Bank Special Obligation Solar Eclipse Project Series 2006-0153 (GO - State, U.S. Bank NA LOC)		0.10			03/01/2014		7,455,000		7,455,000
Missouri: 1.08%
Other Municipal Debt: 0.33%
St. Louis County MO TRAN (Miscellaneous Revenue)		0.45			08/01/2011		10,000,000		10,000,000
Variable Rate Demand Notes§: 0.75%
Clipper Tax-Exempt Certificate Trust Series 2005-14 (Housing Revenue)		0.23			03/01/2038		7,818,000		7,818,000
Greene County MO Stasbourg Estates Project (Housing Revenue, U.S. Bank NA LOC)		0.16			08/01/2038		2,160,000		2,160,000
Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation (Miscellaneous Revenue)		0.33			04/01/2027		4,700,000		4,700,000
Missouri HEFA Washington University Project Series B (Education Revenue)		0.23			02/15/2033		500,000		500,000
Missouri State Development Finance Board Ewing Marion Kauffman Project Series A (Miscellaneous Revenue)		0.33			06/01/2037		3,475,000		3,475,000
St. Charles County MO United Handicap Services (Health Revenue, U.S. Bank NA LOC)		0.23			07/01/2023		3,900,000		3,900,000
									22,553,000

16 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Nebraska: 0.20%
Variable Rate Demand Note§: 0.20%
Nebraska Investment Finance Authority Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.21	%		09/01/2031	$	6,190,000	$	6,190,000
Nevada: 1.19%
Variable Rate Demand Note§: 1.19%
Reno NV Refunding Senior Lien Reno Transportation Rail Access Corridor Project (Tax Revenue, Bank of New York LOC)		0.20			06/01/2042		36,000,000		36,000,000
New Hampshire: 1.24%
Variable Rate Demand Notes§: 1.24%
Clipper Tax-Exempt Certified Trust Series 2005-03 (Housing Revenue)		0.20			02/01/2013		28,140,000		28,140,000
New Hampshire Health & Educational Facilities Authority Dartmouth College Project Series 3069 (Education Revenue)††		0.08			06/01/2039		6,330,000		6,330,000
New Hampshire HEFA Frisbie Memorial Hospital (Hospital Revenue, TD Bank NA LOC)		0.07			10/01/2036		3,005,000		3,005,000
									37,475,000
New Jersey: 1.78%
Other Municipal Debt: 0.50%
North Brunswick Township NJ BAN (GO - Local)		1.25			08/11/2011		15,000,000		15,003,684
Variable Rate Demand Notes§: 1.28%
New Jersey Building Authority Subseries A-3 (Lease Revenue, Barclays Bank plc LOC)		0.05			06/15/2023		500,000		500,000
New Jersey Clipper Tax-Exempt Certified Trust Series A-2006 (Miscellaneous Revenue)		0.08			12/15/2023		3,025,000		3,025,000
New Jersey EDA The Peddie School Project Series B (Education Revenue)		0.06			02/01/2029		4,700,000		4,700,000
New Jersey HFFA Princeton Healthcare Series B (Hospital Revenue, TD Bank NA LOC)		0.06			07/01/2041		2,500,000		2,500,000
New Jersey Higher Education Assistance Authority Student Loan ROC-RR-II-R-11571 (Education Revenue, Assured Guaranty Insured)		0.23			06/01/2016		10,000,000		10,000,000
New Jersey Higher Education Assistance Authority Student Loan ROC-RR-II-R-11853 (Education Revenue, Assured Guaranty Insured)††		0.23			06/01/2016		17,745,000		17,745,000
New Jersey Series 038 (Miscellaneous Revenue, AMBAC Insured)		0.08			12/15/2026		250,000		250,000
									38,720,000
New Mexico: 1.26%
Variable Rate Demand Notes§: 1.26%
New Mexico Educational Assistance Foundation Series A-1 (Education Revenue, Royal Bank of Canada LOC, Guaranteed Student Loans Insured)		0.11			04/01/2034		6,375,000		6,375,000
New Mexico Educational Assistance Foundation Series A-2 (Education Revenue, Royal Bank of Canada LOC, Guaranteed Student Loans Insured)		0.11			04/01/2034		6,405,000		6,405,000
New Mexico Educational Authority PFOTER Series 637 (Education Revenue, Guaranteed Student Loans Insured)		0.18			04/01/2037		21,110,000		21,110,000
New Mexico Municipal Energy Acquisition Authority Gas Supply Series 2009 (Utilities Revenue)		0.08			11/01/2039		4,300,000		4,300,000
									38,190,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
New York: 3.60%
Other Municipal Debt: 1.04%
New York Metropolitan Transportation Authority Series A (Transportation Revenue)		0.23	%		10/06/2011	$	5,000,000	$	5,000,000
Oyster Bay NY BAN Series B (GO - Local)		1.25			08/12/2011		19,000,000		19,005,422
Tarrytown NY USD BAN (GO - Local, State Aid Withholding Insured)		1.50			08/12/2011		7,500,000		7,502,565
									31,507,987
Variable Rate Demand Notes§: 2.56%
Clipper Tax-Exempt Certified Trust Series 2009-85 (Housing Revenue)††		0.23			09/01/2034		17,420,000		17,420,000
New York HFA ROC RR-II-R 11700 Series B (Housing Revenue)††		0.17			05/01/2038		6,810,000		6,810,000
New York Mortgage Agency Homeowner ROC RR-II-R 11703 (Housing Revenue)††		0.16			10/01/2031		9,850,000		9,850,000
New York NY City Housing Development Corporation Series J-1 (Housing Revenue)		0.48			05/01/2046		8,345,000		8,345,000
New York NY City Municipal Water Finance Authority (Water & Sewer Revenue)		0.15			06/15/2043		5,100,000		5,100,000
New York NY DRIVER Trust Series 3381 (Housing Revenue)††		0.23			10/01/2023		2,970,000		2,970,000
New York NY DRIVER Trust Series 3477 (Water & Sewer Revenue)††		0.12			06/15/2017		4,000,000		4,000,000
New York NY Housing Development Corporation MFHR Series 2008 M (Housing Revenue)		0.48			11/01/2013		5,000,000		5,000,000
New York NY Housing Development Corporation Series 143 ROC RR-II-R 11699 (Housing Revenue)††		0.17			11/01/2040		6,170,000		6,170,000
New York NY Housing Finance Agency Series 2004-A (GO - Local, FHLMC Insured)		0.05			11/01/2033		200,000		200,000
New York State Dormitory Authority NY Law School (Education Revenue, TD Bank NA LOC)		0.04			07/01/2038		4,500,000		4,500,000
New York State Power Authority (GO - State)		0.32			03/01/2016		6,000,000		6,000,000
New York State Power Authority (GO - State)		0.32			03/01/2020		1,000,000		1,000,000
									77,365,000
North Carolina: 0.78%
Variable Rate Demand Notes§: 0.78%
Charlotte NC Charlotte Mecklenburg Hospital Authority (Hospital Revenue, U.S. Bank NA LOC)		0.24			01/15/2026		1,175,000		1,175,000
North Carolina Capital Finance Agency Wake Forest University Project Series 3070 (Education Revenue)††		0.09			01/01/2038		5,000,000		5,000,000
North Carolina Educational Facilities Authority Hill Center Project (Education Revenue, Branch Banking & Trust LOC)		0.08			07/01/2028		4,530,000		4,530,000
North Carolina Healthcare Facilities Authority Hospice Alamance Project (Health Revenue, Branch Banking & Trust LOC)		0.08			12/01/2033		4,900,000		4,900,000
Piedmont NC Triad Airport Authority Series A (Airport Revenue, Branch Banking & Trust LOC)		0.09			07/01/2032		3,455,000		3,455,000
Piedmont NC Triad Airport Authority Series B (Airport Revenue, Branch Banking & Trust LOC)		0.11			07/01/2029		4,470,000		4,470,000
									23,530,000
North Dakota: 1.98%
Other Municipal Debt: 1.49%
Mercer County ND Series 09-2 (Utilities Revenue, JPMorgan Chase Bank LOC)		0.23			08/17/2011		35,000,000		35,000,000

18 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Municipal Debt (continued)
North Dakota Rural Water Finance Corporation Public Project Construction Notes Series A-4 (Water & Sewer Revenue)		1.50	%		09/01/2011	$	10,000,000	$	10,006,739
									45,006,739
Variable Rate Demand Notes§: 0.49%
Fargo ND IDA Cass Clay Creamery Incorporated Project (IDR, CoBank ACB LOC)		0.18			12/01/2012		700,000		700,000
Mandan ND IDA Cloverdale Foods Company Project (IDR, BNC National Bank LOC)		0.30			12/01/2022		2,560,000		2,560,000
North Dakota Housing Finance Agency (Miscellaneous Revenue, Citibank NA LOC)		0.43			01/01/2022		1,320,000		1,320,000
North Dakota State HFA Home Mortgage Program Series A (Housing Revenue, GO of Agency Insured)		0.11			07/01/2037		7,210,000		7,210,000
Richland County ND Recovery Zone Facility Minnesota-Dakota Farmers Cooperative Project Series 2010C (Miscellaneous Revenue, CoBank ACB LOC)		0.09			11/01/2028		3,000,000		3,000,000
									14,790,000
Ohio: 2.33%
Variable Rate Demand Notes§: 2.33%
Ohio Air Quality Development Authority Exempt Facilities Andersons Marathon Ethanol LLC Project Series 2007 (Energy Revenue, CoBank ACB LOC)		0.19			09/01/2037		49,500,000		49,500,000
Ohio State Water Development Authority First Energy General Corporation Series A (Utilities Revenue, UBS AG LOC)		0.23			05/15/2019		9,200,000		9,200,000
Ohio State Water Development Authority Pollution Control First Energy Series C (Utilities Revenue, UBS AG LOC)		0.23			06/01/2033		11,625,000		11,625,000
									70,325,000
Oregon: 0.34%
Variable Rate Demand Notes§: 0.34%
Oregon Beef Northwest Feeders Project (IDR, Northwest Farm Credit LOC)		0.23			01/01/2016		825,000		825,000
Oregon Beef Northwest Feeders Project Series 207 (IDR, Northwest Farm Credit LOC)		0.23			01/01/2019		815,000		815,000
Oregon Behlen Manufacturing Company Project (IDR, Bank of America NA LOC)		0.20			06/01/2017		5,500,000		5,500,000
Oregon Health & Science University Series B-2 (Education Revenue, U.S. Bank NA LOC)		0.06			07/01/2027		3,130,000		3,130,000
									10,270,000
Other: 2.96%
Variable Rate Demand Notes§: 2.96%
Clipper Tax-Exempt Certified Trust Series 2006-04 (GO - Local, U.S. Bank NA LOC)		0.11			05/01/2013		4,420,000		4,420,000
Clipper Tax-Exempt Certified Trust Series 2007-14 (Miscellaneous Revenue, FHLMC Insured)		0.23			03/01/2012		11,890,000		11,890,000
Clipper Tax-Exempt Certified Trust Series 2009-4 (Miscellaneous Revenue)		0.23			10/01/2033		1,966,945		1,966,945
Merrill Lynch PFOTER Class A (Housing Revenue)		0.18			05/01/2032		14,425,000		14,425,000
Merrill Lynch PFOTER Class A (Housing Revenue)		0.18			05/15/2035		56,740,000		56,740,000
									89,441,945

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 19

Security Name	Interest Rate			Maturity Date		Principal		Value
Pennsylvania: 2.27%
Variable Rate Demand Notes§: 2.27%
Allegheny County PA Hospital Development Authority University of Pittsburgh Education Center Project Series 2007-A (Hospital Revenue)††		0.14	%		02/01/2031	$	2,790,000	$	2,790,000
Allegheny County PA Hospital Development Authority University of Pittsburgh Education Center Project Series 2007-B-2 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			04/15/2039		16,000,000		16,000,000
Allegheny County PA Hospital Development Authority UPMC Senior Living Corporation Project (Health Revenue, FNMA Insured)		0.09			07/15/2028		3,500,000		3,500,000
Allegheny County PA IDA United Jewish Federation Project Series A (Miscellaneous Revenue, PNC Bank NA LOC)		0.08			10/01/2026		3,342,000		3,342,000
Bethlehem PA Municipal Products Incorporated Bethlehem Area School District Series E-12 (GO - Local, Royal Bank of Canada LOC)††		0.08			01/05/2012		4,000,000		4,000,000
Chester County PA IDA Archdiocese of Philadelphia (Miscellaneous Revenue, PNC Bank NA LOC)		0.06			07/01/2031		6,000,000		6,000,000
Lehigh County PA PFOTER (Miscellaneous Revenue, Bank of America NA LOC)		0.31			08/15/2042		5,300,000		5,300,000
Merrill Lynch PFOTER Series PT-4653 (Housing Revenue)††		0.11			10/01/2039		3,835,000		3,835,000
Montmery County PA ID ROC RR-II-R 11867 (Hospital Revenue, FHA Insured)††		0.11			08/01/2030		6,200,000		6,200,000
Pennsylvania Housing Finance Agency Series 82-B (Miscellaneous Revenue)		0.06			04/01/2034		8,965,000		8,965,000
Pennsylvania State University Project Series B (Education Revenue)		0.30			06/01/2031		6,400,000		6,400,000
Philadelphia PA School District GO Series 2007-A (GO - Local, Branch Banking & Trust LOC)		0.11			01/04/2029		2,235,000		2,235,000
									68,567,000
Puerto Rico: 2.67%
Variable Rate Demand Notes§: 2.67%
Puerto Rico Aqueduct & Sewer Authority Series 2601 (Water & Sewer Revenue, Assured Guaranty Insured)		0.13			07/01/2047		6,000,000		6,000,000
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2574 (Water & Sewer Revenue, Assured Guaranty Insured)		0.13			07/01/2047		5,000,000		5,000,000
Puerto Rico Commonwealth Various Refunding Public Improvements (Miscellaneous Revenue, Barclays Bank plc LOC, AGM Insured)		0.04			07/01/2020		500,000		500,000
Puerto Rico PUTTER DRIVER Series 3920 (GO-State, JPMorgan Chase Bank LOC)††		0.21			05/01/2013		20,000,000		20,000,000
Puerto Rico Sales Tax Finance Corporation Series 3033 (Tax Revenue)††		0.13			08/01/2050		23,330,000		23,330,000
Puerto Rico Sales Tax Finance Corporation Series 3036 (Tax Revenue)		0.13			08/01/2050		25,830,000		25,830,000
									80,660,000
South Carolina: 0.79%
Variable Rate Demand Notes§: 0.79%
South Carolina Economic Development Authority Anmed Health Project Series C (Hospital Revenue, Branch Banking & Trust LOC)		0.08			02/01/2033		4,980,000		4,980,000
South Carolina Housing Finance & Development Authority PFOTER Wyndham Pointe Apartments Project (Housing Revenue, FHLMC Insured)		0.18			03/21/2019		9,395,000		9,395,000
South Carolina Transportation Infrastructure Series 1283 (Tax Revenue, BHAC-CR AMBAC Insured)		0.16			04/01/2012		9,550,000		9,550,000
									23,925,000

20 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Tennessee: 1.58%
Other Municipal Debt: 0.12%
Sevier County TN Public Building Authority (Miscellaneous Revenue)		1.25	%		05/01/2012	$	3,500,000	$	3,515,628
Variable Rate Demand Notes§: 1.46%
Franklin County TN Health & Educational Facilities Board University of the South Project Series 1998B (Education Revenue)		0.12			09/01/2018		6,430,000		6,430,000
Municipal Energy Acquisition Corporation PFOTER Tennessee Gas Project Series 1578 (Utilities Revenue)		0.17			12/01/2016		31,840,000		31,840,000
Nashville & Davidson Counties TN HEFA Lipscomb University Project (Education Revenue, FHLB LOC)		0.07			11/01/2028		1,150,000		1,150,000
Sevier County TN Public Building Authority Public Improvement Project Series B-1 (Water & Sewer Revenue, Branch Banking & Trust LOC)		0.08			06/01/2035		4,735,000		4,735,000
									44,155,000
Texas: 10.22%
Other Municipal Debt: 0.06%
Texas TRAN (Tax Revenue)		2.00			08/31/2011		1,690,000		1,692,284
Variable Rate Demand Notes§: 10.16%
Clipper Tax-Exempt Certified Trust COP Series 2007-23 (Water & Sewer Revenue)		0.13			10/01/2018		1,460,000		1,460,000
Dallam County TX Industrial Development Corporation Hilmar Cheese Company Incorporated Project (Miscellaneous Revenue, Bank of the West LOC)		0.07			08/01/2035		10,000,000		10,000,000
Dallam County TX Industrial Development Corporation Hilmar Cheese Company Incorporated Project Series 2009 (Miscellaneous Revenue, Bank of the West LOC)		0.07			07/01/2032		12,250,000		12,250,000
Gregg County TX Health Facilities Development Corporation (Hospital Revenue, JPMorgan Chase Bank LOC, Radian Insured)		0.33			10/01/2029		900,000		900,000
Harris County TX Industrial Development Corporation Solid Waste Disposal Deer Park Refining Project (Energy Revenue)		0.21			03/01/2023		10,800,000		10,800,000
Harris County TX Industrial Development Corporation Solid Waste Disposal Deer Park Refining Project Series A (Energy Revenue)		0.24			03/01/2023		31,895,000		31,895,000
Houston TX Housing Finance Corporation PFOTER Kensington Place Apartments Series 2004 (Housing Revenue, FHLMC Insured)		0.18			02/01/2048		12,065,000		12,065,000
Houston TX Housing Finance Corporation PFOTER Sterlingshire Apartments Project Series 2003 A-1 (Housing Revenue, FHLMC Insured)		0.18			04/01/2040		3,570,000		3,570,000
Jewett Economic Development Corporation Nucor Corporation Project (IDR)		0.10			08/01/2038		6,200,000		6,200,000
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project (Miscellaneous Revenue)		0.24			05/01/2033		12,900,000		12,900,000
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project Class A (Miscellaneous Revenue)		0.25			04/01/2037		15,000,000		15,000,000
Port Arthur TX Navigation District Environmental Facilities Motiva Enterprises LLC Project Series 2002 (Energy Revenue)		0.11			12/01/2027		22,035,000		22,035,000
Port Arthur TX Navigation District Environmental Facilities Motiva Enterprises Project Series B (Energy Revenue)		0.26			12/01/2039		1,600,000		1,600,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-A (Energy Revenue)		0.13			07/01/2029		18,500,000		18,500,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2005 (Energy Revenue)		0.13			01/01/2030		20,000,000		20,000,000
Nueces County TX Port Corpus Christi Authority Solid Waste Disposal Flint Hills Resources Project Series 2006 (Resource Recovery Revenue, Flint Hills Resources Guaranteed)		0.13			01/01/2030		15,950,000		15,950,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 21

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Nueces County TX Port Corpus Christi Authority Solid Waste Disposal Flint Hills Resources Project Series 2007 (Resource Recovery Revenue, Flint Hills Resources Guaranteed)		0.13	%		01/01/2032	$	7,825,000	$	7,825,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series A (Energy Revenue)		0.13			04/01/2028		8,000,000		8,000,000
San Antonio TX Electric & Gas Deutsche Bank Spears Trust Series 2007 (Utilities Revenue)		0.08			02/01/2032		7,970,000		7,970,000
San Antonio TX Housing Finance Corporation PFOTER Rosemont at Pleasanton Apartments Project Series 2005 (Housing Revenue, FHLMC Insured)		0.18			03/30/2019		780,000		780,000
Texas Department of Housing & Community Affairs SFHR Series A (Housing Revenue, GNMA/FNMA Insured)		0.13			09/01/2038		7,755,000		7,755,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue)		0.13			12/15/2026		58,000,000		58,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2849 (Utilities Revenue)		0.13			12/15/2026		11,578,948		11,578,948
Texas State Department Deutsche Bank Spears Lifers Trust Series DBE-1003 (Miscellaneous Revenue, Deutsche Bank LOC)††		0.09			10/01/2046		10,000,000		10,000,000
									307,033,948
Virginia: 2.20%
Variable Rate Demand Notes§: 2.20%
Alexandria VA Redevelopment & Housing PFOTER Series C-2 (Housing Revenue, Royal Bank of Canada LOC)		0.18			01/01/2014		17,250,000		17,250,000
Fairfax County VA IDA Inova Health Project Series A-1 (Hospital Revenue)		0.20			05/15/2039		7,000,000		7,000,000
FHLMC Series M020 Class A (Housing Revenue, FHLMC Insured)		0.13			11/15/2036		24,922,000		24,922,000
Norfolk VA Economic Development Authority Sentra Healthcare Project (Hospital Revenue)		0.20			11/01/2034		5,905,000		5,905,000
Stafford County VA Eclipse Funding Trust Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.07			08/01/2015		11,385,000		11,385,000
									66,462,000
Washington: 0.62%
Variable Rate Demand Notes§: 0.62%
King County WA Series 3090 (Water & Sewer Revenue, FSA Insured)††		0.08			01/01/2039		4,790,000		4,790,000
Pierce County WA Economic Development Corporation Truss Company Project (IDR, U.S. Bank NA LOC)		0.13			01/01/2020		2,475,000		2,475,000
Port Tacoma WA ROC-RR-II-R 12056 (Port, Airport, & Marina Authority Revenue, FSA-CR FGIC Insured)		0.17			06/26/2014		9,900,000		9,900,000
Washington Series 2650-Z (GO - State, FSA Insured)		0.21			07/01/2013		1,000,000		1,000,000
Yakima County WA Public Corporation Macro Plastics Incorporated Project Series 1996 (IDR, Bank of the West LOC)		0.25			12/01/2026		620,000		620,000
									18,785,000
West Virginia: 0.23%
Variable Rate Demand Note§: 0.23%
West Virginia Economic Development Authority Appalachian Power Company Series B (Resource Recovery Revenue, Mizuho Corporate Bank LOC)		0.11			02/01/2036		7,000,000		7,000,000
									7,000,000

22 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Wisconsin: 2.82%
Other Municipal Debt: 0.61%
Wisconsin Rural Water Construction Loan Program Commission Series 2010 (Water & Sewer Revenue)		1.50	%		11/01/2011	$	4,550,000	$	4,560,246
Wisconsin State Health & Educational Facilities (Hospital Revenue, Branch Banking & Trust LOC)		0.42			09/01/2011		7,000,000		7,000,000
Wisconsin State HEFA (Hospital Revenue)		0.42			09/01/2011		7,000,000		7,000,000
									18,560,246
Variable Rate Demand Notes§: 2.21%
Brodhead WI ID Stoughton Trailers Incorporated Project (IDR, Bank One NA LOC)		0.18			08/01/2020		6,800,000		6,800,000
Menomonee Falls WI ID Mero Structures Incorporated Project (IDR, U.S. Bank NA LOC)		0.10			09/01/2021		1,545,000		1,545,000
West Bend WI ID Bestech Tool Corporation Project Series A (IDR, U.S. Bank NA LOC)		0.39			09/01/2019		810,000		810,000
Wisconsin Housing & Economic Development Authority Series A (Housing Revenue, GO of Authority Insured)		0.18			05/01/2035		4,620,000		4,620,000
Wisconsin Housing & Economic Development Authority Series C (Housing Revenue, GO of Authority Insured)		0.08			03/01/2028		10,005,000		10,005,000
Wisconsin Housing & Economic Development Authority Series E (Housing Revenue, GO of Authority Insured)		0.15			09/01/2038		16,000,000		16,000,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC-CR AMBAC Insured)		0.16			07/01/2013		8,970,000		8,970,000
Wisconsin State HEFA Aurora Health Care Series A (Hospital Revenue, Bank of Montreal LOC)		0.24			04/01/2028		17,900,000		17,900,000
									66,650,000
Wyoming: 0.32%
Variable Rate Demand Note§: 0.32%
Wyoming CDA Series 1424-R (Housing Revenue)		0.18			06/01/2014		9,535,000		9,535,000

Total Investments in Securities (Cost $2,793,701,255)*	92.48	%		2,793,701,255
Other Assets and Liabilities, Net	7.52			227,188,283
Total Net Assets	100.00	%	$	3,020,889,538

§ These securities are subject to a demand feature which reduces the effective maturity.

†† Security 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.

(q) Credit enhancement is provided by an affiliate.

(i) Illiquid security.

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 23

Assets
Investments in unaffiliated securities, at amortized cost	$	2,793,701,255
Cash		142,994,413
Receivable for investments sold		83,054,127
Receivable for interest		2,330,318
Receivable from adviser		136,781
Prepaid expenses and other assets		67,752
Total assets		3,022,284,646
Liabilities
Dividends payable		20,714
Payable for Fund shares redeemed		239,653
Due to other related parties		384,099
Shareholder servicing fees payable		71,365
Trustees’ fees and expenses payable		297,623
Custodian and accounting fees payable		199,689
Accrued expenses and other liabilities		181,965
Total liabilities		1,395,108
Total net assets	$	3,020,889,538
NET ASSETS CONSIST OF
Paid-in capital	$	3,020,910,578
Undistributed net investment income		83,316
Accumulated net realized losses on investments		(104,356	)
Total net assets	$	3,020,889,538
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	3,532,514
Shares outstanding – Administrator Class		3,532,376
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	2,666,276,323
Shares outstanding – Institutional Class		2,666,293,039
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	351,080,701
Shares outstanding – Service Class		351,082,155
Net asset value per share – Service Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

24 Wells Fargo Advantage Municipal Cash Management Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	5,361,002
Expenses
Advisory fee		1,913,547
Administration fees
Fund level		956,773
Administrator Class		2,236
Institutional Class		1,403,940
Service Class		187,663
Shareholder servicing fees
Administrator Class		2,236
Service Class		356,400
Custody and accounting fees		117,320
Professional fees		11,770
Registration fees		88,886
Shareholder report expenses		3,314
Trustees’ fees and expenses		17,794
Other fees and expenses		44,617
Total expenses		5,106,496
Less: Fee waivers and/or expense reimbursements		(1,309,088	)
Net expenses		3,797,408
Net investment income		1,563,594
Net realized gains on investments		39,744
Net increase in net assets resulting from operations	$	1,603,338

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

Statements of Changes in Net Assets Wells Fargo Advantage Municipal Cash Management Money Market Fund 25

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111,2						Year Ended February 28, 20101
Operations
Net investment income				$	1,563,594					$	7,347,096					$	27,544,592
Net realized gains (losses) on investments					39,744						593,145						(85,931	)
Net increase in net assets resulting from operations					1,603,338						7,940,241						27,458,661
Distributions to shareholders from
Net investment income
Administrator Class					(545	)					(904	)3					NA
Institutional Class					(1,547,444	)					(7,308,872	)4					(26,535,443	)4
Service Class					(15,639	)					(37,325	)5					(1,625,517	)5
Total distributions to shareholders					(1,563,628	)					(7,347,101	)					(28,160,960	)
Capital share transactions
Proceeds from shares sold
Administrator Class		0			0			9,625,910	3		9,625,910	3		NA			NA
Institutional Class		5,176,385,415			5,176,385,415			14,257,502,953	4		14,257,502,953	4		19,649,803,982	4		19,649,803,982	4
Service Class		583,087,328			583,087,328			1,392,635,202	5		1,392,635,202	5		1,225,199,778	5		1,225,199,778	5
					5,759,472,743						15,659,764,065						20,875,003,760
Reinvestment of distributions
Administrator Class		538			538			904	3		904	3		NA			NA
Institutional Class		496,161			496,161			2,354,719	4		2,354,719	4		9,620,692	4		9,620,692	4
Service Class		4,516			4,516			14,614	5		14,614	5		1,057,889	5		1,057,889	5
					501,215						2,370,237						10,678,581
Payment for shares redeemed
Administrator Class		(6,094,976	)		(6,094,976	)		0	3		0	3		NA			NA
Institutional Class		(6,625,834,546	)		(6,625,834,546	)		(14,868,373,142	)4		(14,868,373,142	)4		(21,230,923,159	)4		(21,230,923,159	)4
Service Class		(544,684,670	)		(544,684,670	)		(1,647,501,899	)5		(1,647,501,899	)5		(1,492,774,645	)5		(1,492,774,645	)5
					(7,176,614,192	)					(16,515,875,041	)					(22,723,697,804	)
Net decrease in net assets resulting from capital share transactions					(1,416,640,234	)					(853,740,739	)					(1,838,015,463	)
Total decrease in net assets					(1,416,600,524	)					(853,147,599	)					(1,838,717,762	)
Net assets
Beginning of period					4,437,490,062						5,290,637,661						7,129,355,423
End of period				$	3,020,889,538					$	4,437,490,062					$	5,290,637,661
Undistributed net investment income				$	83,316					$	83,350					$	83,355

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Institutional Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Evergreen Institutional Municipal Money Market Fund.

2. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

3. Class commenced operations on July 9, 2010.

4. Class I, Class AD and Class IN shares of Evergreen Institutional Municipal Money Market Fund became Institutional Class shares on July 12, 2010.

5. Class IS and Class P shares of Evergreen Institutional Municipal Money Market Fund became Service Class shares on July 12, 2010.

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

26 Wells Fargo Advantage Municipal Cash Management Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

Administrator Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,  20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.01	%		0.03	%
Ratios to average net assets (annualized)
Gross expenses		0.37	%		0.38	%
Net expenses		0.26	%		0.30	%
Net investment income		0.02	%		0.07	%
Supplemental data
Net assets, end of period (000’s omitted)		$3,533			$9,627

1. For the period from July 9, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Municipal Cash Management Money Market Fund 27

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111,2			Year Ended February 28,
Institutional Class							20101			20091			20081			20071			20061
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)		(0.03	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.04	%		0.16	%		0.40	%		2.20	%		3.49	%		3.47	%		2.56	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.24	%		0.23	%		0.22	%		0.21	%		0.22	%		0.22	%
Net expenses		0.19	%		0.21	%		0.23	%		0.22	%		0.21	%		0.22	%		0.22	%
Net investment income		0.09	%		0.16	%		0.40	%		2.20	%		3.49	%		3.47	%		2.56	%
Supplemental data
Net assets, end of period (000’s omitted)	$	2,666,276		$	4,115,192		$	4,580,024		$	6,154,387		$	5,671,591		$	7,122,239		$	6,721,625

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Institutional Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen Institutional Municipal Money Market Fund.

2. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

3. Amount is less than $0.005.

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

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

28 Wells Fargo Advantage Municipal Cash Management Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111,2			Year Ended February 28,
Service Class							20101			20091			20081			20071			20061
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.02
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.00	%		0.01	%		0.20	%		1.95	%		3.23	%		3.21	%		2.31	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.50	%		0.48	%		0.47	%		0.46	%		0.47	%		0.47	%
Net expenses		0.27	%		0.37	%		0.44	%		0.47	%		0.46	%		0.47	%		0.47	%
Net investment income		0.01	%		0.01	%		0.21	%		1.85	%		3.16	%		3.15	%		2.24	%
Supplemental data
Net assets, end of period (000’s omitted)	$	351,081		$	312,671		$	564,325		$	830,779		$	732,031		$	676,614		$	688,734

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Institutional Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class IS of Evergreen Institutional Municipal Money Market Fund.

2. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

3. Amount is less than $0.005.

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 29

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Municipal Cash Management Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $144,100 expiring in 2019.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the

30 Wells Fargo Advantage Municipal Cash Management Money Market Fund Notes to Financial Statements (Unaudited)

average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of the Fund.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 31

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Administrator Class		0.10	%
Institutional Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund is charged a fee at an annual rate of 0.25% of its average daily net assets. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

32 Wells Fargo Advantage Municipal Cash Management Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 33

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

34 Wells Fargo Advantage Municipal Cash Management Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 35

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Municipal Cash Management Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital Management about various topics, including Funds Management’s oversight of service providers. The above factors,

36 Wells Fargo Advantage Municipal Cash Management Money Market Fund Other Information (Unaudited)

together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

Other Information (Unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 37

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

38 Wells Fargo Advantage Municipal Cash Management Money Market Fund Other Information (Unaudited)

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Municipal Cash Management Money Market Fund 39

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial
      Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204803 09-11 SA307/SAR307 7-11

Wells Fargo Advantage

Municipal Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	28
Statement of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	32
Notes to Financial Statements	37
Other Information	41
List of Abbreviations	48

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Municipal Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Municipal Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Municipal Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns—chiefly, the economy. After avoiding short-term Treasuries in late July, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets.¹ Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Municipal Money Market Fund Letter to Shareholders

not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

November 2, 1988

SECTOR DISTRIBUTION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

10 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

10 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Municipal Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (WMUXX)		01/05/1995		0.00		0.01		1.23		1.22		0.84%		0.65%
Institutional Class (WMTXX)**		07/09/2010		0.03		0.11		1.43		1.47		0.45%		0.20%
Investor Class (WMVXX)		07/09/2010		0.00		0.01		1.40		1.46		0.87%		0.64%
Service Class (WMSXX)		11/02/1988		0.00		0.01		1.40		1.46		0.74%		0.45%
Sweep Class		06/30/2000		0.00		0.01		1.07		0.99		1.19%		1.05%

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

** Institutional Class shares are closed to new investors.

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Institutional Class		Investor Class		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Investor Class shares prior to their inception reflects the performance of the Service Class shares, and has not been adjusted to include the higher expenses applicable to the Investor Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen Municipal Money Market Fund.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.67)%, (0.28)%, (0.70)%, (0.57)% and (1.02)% for Class A, Institutional Class, Investor Class, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage Municipal Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Institutional Class
Actual	$	1,000.00	$	1,000.33	$	0.94		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85	$	0.95		0.19	%
Investor Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	1.24		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.55	$	1.25		0.25	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 91.30%
Alabama: 5.05%
Variable Rate Demand Notes§: 5.05%
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series 2006-C (Hospital Revenue)††		0.08	%		05/15/2015	$	23,625,000	$	23,625,000
Calhoun County AL Economic Development Council Southern BAG Expansion Project Series 1998 (IDR, Bank of America NA LOC)		0.36			03/01/2013		1,150,000		1,150,000
Homewood AL Educational Building Authority (Education Revenue, Branch Banking & Trust LOC)		0.08			12/01/2043		5,000,000		5,000,000
Lower Alabama Gas District Supply Revenue Series A (Utilities Revenue, Societe Generale LOC)		0.13			11/01/2027		8,000,000		8,000,000
Mobile AL Downtown Redevelopment Authority Gulf Opportunity Zone Austal USA LLC Project Series A (IDR, National Australia Bank LOC)		0.07			05/01/2041		4,300,000		4,300,000
Mobile AL Downtown Redevelopment Authority Gulf Opportunity Zone Austal USA LLC Project Series B (IDR)		0.07			05/01/2041		4,070,000		4,070,000
Mobile AL Industrial Development Board Project Series 2006 (IDR)		0.11			08/01/2031		6,000,000		6,000,000
Mobile County AL IDA Series B (Energy Revenue, Svenska HandelsBanken LOC)		0.07			07/01/2040		22,500,000		22,500,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		53,130,000		53,130,000
Sylacauga AL Harrells Fertilizer Incorporated (IDR, Bank of America NA LOC)		0.40			04/01/2021		2,000,000		2,000,000
									129,775,000
Arizona: 0.94%
Variable Rate Demand Notes§: 0.94%
Maricopa County AZ IDA Trans-Matic Manufacturing Production Project (IDR, PNC Bank NA LOC)		0.12			10/01/2026		3,225,000		3,225,000
Arizona Health Facilities Authority Hospital System 2007-008 (Hospital Revenue)		0.18			02/01/2042		12,385,000		12,385,000
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.18			08/01/2026		2,500,000		2,500,000
Maricopa County AZ IDA Solid Waste Disposal Ambian Dairy LLC Project Series 2008 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.23			11/01/2033		3,600,000		3,600,000
Pinal County AZ IDA Solid Waste Disposal Sorio Bravo Dairy Farm LLC Series 2002 (IDR, Farm Credit Services America LOC)		0.18			05/01/2027		1,250,000		1,250,000
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.18			08/01/2027		1,250,000		1,250,000
									24,210,000
California: 1.74%
Variable Rate Demand Notes§: 1.74%
California CDA Pennsylvania Valley Apartment Authority Project Series 2001 (Housing Revenue, FHLMC Insured)		0.18			08/01/2033		1,685,000		1,685,000
California CDA Refunding MFHR PUTTER Series 2680 (Housing Revenue, JPMorgan Chase Bank LOC)		0.22			05/15/2018		900,000		900,000
California Refunding GO Branch Banking & Trust Company Municipal Trust Series 2000 (GO-State, Branch Banking & Trust LOC, FSA Insured)		0.15			07/10/2027		1,560,000		1,560,000
JP Morgan Chase PUTTER Trust Series 3931 (Tax Revenue)		0.21			08/12/2012		5,000,000		5,000,000
JPMorgan Chase PUTTER Trust Series 3934 (Miscellaneous Revenue)††		0.20			08/07/2012		4,995,000		4,995,000
Los Angeles CA Airport PUTTER Series 2000-A (Airport Revenue)††		0.18			11/15/2025		8,000,000		8,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Oakland CA Redevelopment Authority MFHR (Housing Revenue, FHLMC Insured)		0.18	%		10/01/2050	$	10,400,000	$	10,400,000
Sacramento County CA Housing Authority Arlington Creek Apartment Series I (Housing Revenue, FNMA Insured)		0.18			05/15/2034		1,650,000		1,650,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured)		0.14			09/15/2032		2,500,000		2,500,000
Victorville CA Joint Powers Finance Authority Project A (Utilities Revenue, BNP Paribas LOC)		1.35			05/01/2040		7,970,000		7,970,000
									44,660,000
Colorado: 0.71%
Variable Rate Demand Notes§: 0.71%
Colorado Agriculture Development Authority Garrett & Carla Devries Project Series 2006 (Miscellaneous Revenue, Bank of the West LOC)		0.23			06/01/2031		3,300,000		3,300,000
Colorado HFA Ready Foods Incorporated Project Series A (IDR, U.S. Bank NA LOC)		0.13			01/01/2032		3,660,000		3,660,000
Colorado HFA Worldwest LLP Project Series 1999-A (IDR, Mercantile Bank LOC)††		0.42			09/01/2023		3,365,000		3,365,000
Commerce City CO Northern Infrastructure General Improvement District (GO-Local, U.S. Bank NA LOC)		0.13			12/01/2028		1,500,000		1,500,000
Denver CO City & County Western Stock Show Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.15			07/01/2029		1,770,000		1,770,000
Harvest Junction CO Metropolitan District GO Series 2006 (GO-Local, U.S. Bank NA LOC)		0.15			12/01/2036		3,360,000		3,360,000
Town of Hudson CO Series A (IDR, U.S. Bank NA LOC)		0.23			11/01/2020		1,250,000		1,250,000
									18,205,000
Delaware: 2.19%
Variable Rate Demand Notes§: 2.19%
Delaware State EDA Delaware Clean Power Project Series 1997-C (Resource Recovery Revenue)		0.25			08/01/2029		24,600,000		24,600,000
Delaware State EDA Delaware Clean Power Project Series 1997-D (Resource Recovery Revenue)		0.21			08/01/2029		14,300,000		14,300,000
Delaware State EDA Delaware Clean Power Project Series A (Resource Recovery Revenue)		0.21			08/01/2029		17,500,000		17,500,000
									56,400,000
District of Columbia: 0.41%
Other Municipal Debt: 0.19%
District of Columbia TRAN (Tax Revenue)		2.00			09/30/2011		5,000,000		5,013,262
Variable Rate Demand Notes§: 0.22%
District of Columbia Enterprise Zone 14th & Irving (Miscellaneous Revenue, Bank of America NA LOC)		0.42			05/01/2022		1,795,000		1,795,000
Metropolitan Washington DC Airport Authority Series 2855 (Airport Revenue, FSA-CR FGIC Insured)		0.22			10/01/2014		3,755,000		3,755,000
									5,550,000
Florida: 4.92%
Other Municipal Debt: 0.16%
Hillsborough County FL School Board COP Master Lease Series A (Lease Revenue, Wells Fargo Bank NA LOC, NATL-RE Insured)(q)		0.18			08/25/2011		4,000,000		4,000,000

10 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal			Value
Variable Rate Demand Notes§: 4.76%
Alachua County FL Florida Rock Project (IDR, Bank of America NA LOC)		0.27	%		11/01/2022	$	1,850,000		$	1,850,000
Alachua County FL HFA MFHR University Cove Apartments Project (Housing Revenue, FNMA Insured)		0.12			06/15/2034		4,230,000			4,230,000
Brevard County FL HFA MFHR Shore View Apartments Project Series 1995 (Housing Revenue, Harris Trust & Savings Bank LOC)		0.11			02/01/2015		2,200,000			2,200,000
Escambia County FL Daw’s Manufacturing Company Incorporated Project (IDR, Bank of America NA LOC)		0.15			02/01/2017		1,905,000			1,905,000
Florida Housing Finance Corporation Brentwood Club Apartments Series A-1 (Housing Revenue, FNMA LOC)		0.12			01/15/2035		4,545,000			4,545,000
Florida Housing Finance Corporation MFHR Mariner’s Cay Apartments Series 2008-M (Housing Revenue, FNMA Insured)		0.09			12/15/2041		1,860,000			1,860,000
Florida Housing Finance Corporation Pinewood Pointe Series C (Housing Revenue)		0.36			06/01/2044		9,515,000			9,515,000
Greater Orlando FL Aviation Authority Flight Safety Project Series B (Airport Revenue)		0.04			10/01/2035		6,900,000			6,900,000
Hillsborough County FL Aviation Authority Tampa International Airport PUTTER Series 2008-A (Airport Revenue, Assured Guaranty Insured)††		0.22			10/01/2032		8,645,000			8,645,000
Jacksonville FL HFA MFHR Christine Cove Apartments (Housing Revenue, California Bank & Trust LOC)		0.12			09/15/2038		1,230,000			1,230,000
Jacksonville FL HFA MFHR St. Augustine Apartments Project Series 2006 (Housing Revenue, FNMA Insured)		0.09			07/15/2033		3,300,000			3,300,000
Jacksonville FL HFFA Hospital Series A (Hospital Revenue, Bank of America NA LOC)		0.26			08/15/2033		4,440,000			4,440,000
Lake County FL Capital Improvement Deutsche Bank Spears Trust Series 2007 (Tax Revenue, AMBAC Insured)		0.08			06/01/2037		6,880,000			6,880,000
Lee County FL HFA SFHR Series 2908Z (Housing Revenue, GNMA/FNMA Insured)		0.22			09/01/2015		3,555,000			3,555,000
Lee County FL HFA SFHR Series 2909Z (Housing Revenue, GNMA/FNMA Insured)		0.22			09/01/2015		3,560,000			3,560,000
Miami-Dade County FL Educational Facilities Authority Carlos Albizu University Project Series 2000 (Education Revenue, Bank of America NA LOC)		0.15			12/01/2025		5,700,000			5,700,000
Miami-Dade County FL Educational Facilities Authority Eagle-20070043 Class A (Education Revenue, BHAC-CR AMBAC Insured)		0.12			04/01/2037		9,900,000			9,900,000
Miami-Dade County FL IDA Reflectone Incorporated Project Series 2000-A (IDR, Royal Bank of Canada LOC)		0.11			03/01/2024		11,000,000			11,000,000
Orange County FL Health Facilities Authority Adventist Health System (Health Revenue)		0.06			11/15/2026		5,000,000			5,000,000
Orange County FL HFA MFHR Lakeside Pointe Apartments Series B (Housing Revenue, FNMA Insured)		0.12			05/15/2038		6,930,000			6,930,000
Orange County FL HFA MFHR Marbella Pointe Series 2007-A (Housing Revenue, FHLB LOC)		0.11			04/15/2040		7,650,000			7,650,000
Pasco County FL PAC-MED Incorporated Project (IDR, Bank of America NA LOC)		0.34			08/01/2017		900,000			900,000
Pinellas County FL IDR Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.08			08/01/2028		4,755,000			4,755,000
Polk County FL IDA Sun Orchard Florida Incorporated Project Series 1999 (IDR, U.S. Bank NA LOC)		0.58			01/01/2019		720,000			720,000
RBC Municipal Products Incorporated Trust Series E2 (Housing Revenue, Royal Bank of Canada LOC)		0.15			01/01/2034		1,575,000			1,575,000
Sarasota County FL Planned Parenthood Incorporated Project (Miscellaneous Revenue, Harris NA LOC)		0.11			10/01/2041		1,700,000			1,700,000
Tallahassee FL Rose Printing Company Incorporated Project Series A (IDR, Branch Banking & Trust LOC)		0.15			10/01/2015		1,975,000			1,975,000
								��		122,420,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Georgia: 1.67%
Variable Rate Demand Notes§: 1.67%
Atkinson & Coffee Counties GA Joint Development Authority Solid Waste Langboard Incorporated Project Series 2008 (Resource Recovery Revenue, CoBank ACB LOC)		0.18	%		11/01/2033	$	16,800,000	$	16,800,000
Carroll County GA Development Authority Royal Metal Products Incorporated Project Series 2007 (IDR, Branch Banking & Trust LOC)		0.15			01/18/2027		2,455,000		2,455,000
Cobb County GA IDA Standex International Corporation Project (IDR, Bank of America NA LOC)		0.42			01/01/2018		3,300,000		3,300,000
Georgia State Port Authority (Port Authority Revenue, Branch Banking & Trust LOC)		0.16			06/01/2022		3,300,000		3,300,000
Georgia State Port Authority (Port Authority Revenue, Branch Banking & Trust LOC)		0.16			10/01/2023		3,660,000		3,660,000
Main Street Natural Gas Incorporated Gas Project Series A (Utilities Revenue)		0.08			08/01/2040		5,995,000		5,995,000
Private Colleges & Universities Authority of Georgia Mercer University Project Series 2003 (Education Revenue, Branch Banking & Trust LOC)		0.08			10/01/2032		1,855,000		1,855,000
Private Colleges & Universities Authority of Georgia Mercer University Project Series 2006-A (Education Revenue, Branch Banking & Trust LOC)		0.08			10/01/2036		5,500,000		5,500,000
									42,865,000
Idaho: 0.48%
Variable Rate Demand Notes§: 0.48%
Cassia County ID Industrial Development Corporation East Valley Cattle LLC Project Series 2006 (Miscellaneous Revenue)		0.13			08/01/2026		7,000,000		7,000,000
Cassia County ID Industrial Development Corporation Vance Dairy Construction Project Series 2007 (Miscellaneous Revenue, Northwest Farm Credit LOC)		0.23			06/01/2027		2,000,000		2,000,000
Jerome County ID Economic Development Corporation Davisco Foods International Project Series 2009 (Miscellaneous Revenue, Bank of Montreal LOC)		0.07			12/01/2029		3,220,000		3,220,000
									12,220,000
Illinois: 2.58%
Variable Rate Demand Notes§: 2.58%
Austin IL Trust Various States Various Certificates Bank of America Series 2008-1098 (Hospital Revenue, Assured Guaranty Insured)		0.14			08/15/2047		3,178,000		3,178,000
Chicago IL Enterprise Zone Gardner Gibson Project (IDR, Harris Trust & Savings Bank LOC)		0.16			07/01/2033		2,810,000		2,810,000
Chicago IL ROC RR II R-11940 (Tax Revenue)††	��	0.13			07/01/2028		1,400,000		1,400,000
Chicago IL Series 3190 (GO-Local)††		0.08			01/01/2034		4,000,000		4,000,000
Chicago IL Tax Increment Stockyards Industrial Commercial Redevelopment Project Series A (Tax Revenue, Northern Trust Company LOC)		0.11			12/01/2011		1,560,000		1,560,000
Chicago IL Tax Increment Stockyards Industrial Commercial Redevelopment Project Series B (Tax Revenue, Northern Trust Company LOC)		0.11			12/01/2014		1,975,000		1,975,000
Chicago IL Wastewater Transmission ROC RR II R-720PB (Water & Sewer Revenue, FSA & FGIC Insured)		0.15			01/01/2015		3,915,000		3,915,000
Cook County IL PUTTER Series 559 (Tax Revenue, NATL-RE Insured)		0.14			05/15/2012		2,665,000		2,665,000
East Peoria IL Commercial Development Kroger Company Project Series 2003 (IDR, Bank of Nova Scotia LOC)		0.15			12/01/2013		3,125,000		3,125,000

12 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Illinois Development Finance Authority Glenwood School for Boys Series 1998 (Education Revenue, Harris Trust & Savings Bank LOC)		0.10	%		02/01/2033	$	650,000	$	650,000
Illinois Development Finance Authority MCL Incorporated Project (IDR)		0.38			06/01/2017		2,055,000		2,055,000
Illinois Development Finance Authority PCR A.E. Staley Manufacturing Company Project Series 1985 (IDR, RaboBank International LOC)		0.08			12/01/2016		7,500,000		7,500,000
Illinois Finance Authority Easter Seals Metro Chicago Incorporated Project Series 2007 (Miscellaneous Revenue, Harris NA LOC)		0.11			04/01/2037		1,300,000		1,300,000
Illinois Finance Authority Elmhurst Memorial Healthcare Series D (Hospital Revenue, Northern Trust Company LOC)		0.06			01/01/2048		3,000,000		3,000,000
Illinois Finance Authority International Ink Company (IDR, JPMorgan Chase Bank LOC)		0.18			01/01/2034		830,000		830,000
Illinois Finance Authority Merug LLC Series B (IDR, JPMorgan Chase Bank LOC)		0.38			12/01/2018		645,000		645,000
Illinois Housing Development Authority Homeowner Mortgage (Housing Revenue)		0.08			08/01/2035		8,600,000		8,600,000
Illinois State Toll Highway Authority Priority RMKT-A- 2A (Transportation Revenue, Bank of Tokyo-Mitsubishi UFJ LOC)		0.10			07/01/2030		5,500,000		5,500,000
Lake County IL Brown Paper Goods Project (IDR, Bank One NA LOC)		0.38			10/01/2021		1,240,000		1,240,000
Lake County IL Northpoint Association (IDR, Northern Trust Company LOC)		0.13			07/01/2029		2,600,000		2,600,000
Schaumburg IL GO ROC-RR-II-R-11698 (GO-Local, BHAC-CR FGIC Insured)††		0.11			12/01/2032		5,200,000		5,200,000
Skokie IL Economic Development Revenue Skokie Fashion Square Project Series 1984 (IDR, Bank of America NA LOC)		0.46			12/01/2014		1,850,000		1,850,000
West Frankfort IL Kroger Company Series 2004 (IDR, U.S. Bank NA LOC)		0.15			11/01/2012		800,000		800,000
									66,398,000
Indiana: 1.76%
Variable Rate Demand Notes§: 1.76%
Greensburg IN MFHR Community Partners Village II Project Series 2002 (Housing Revenue, FHLB LOC)		0.11			09/01/2029		2,540,000		2,540,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		0.11			03/01/2041		1,490,000		1,490,000
Indiana State Development Finance Authority Shelby Gravel Incorporated Project (IDR)		0.15			10/01/2017		1,680,000		1,680,000
St. Joseph County IN Midcorr Land Development LLC Project (IDR, National City Bank LOC)		0.15			10/01/2023		2,510,000		2,510,000
City of Crawfordsville IN Economic Development Performance Master LLC Project (IDR, Bank of America NA LOC)		0.13			10/01/2018		1,400,000		1,400,000
Indiana Development Finance Authority Goodwill Industries Central Project Series 1996 (IDR, JPMorgan Chase Bank LOC)		0.15			06/01/2016		685,000		685,000
Lafayette IN Solid Water Disposal Tate & Lyle Ingredients Project Series 2006 (Miscellaneous Revenue)		0.13			09/01/2028		24,200,000		24,200,000
Indiana HFFA Revenue Fayette Memorial Hospital Association Series A (Hospital Revenue, U.S. Bank NA LOC)		0.33			10/01/2032		970,000		970,000
Indiana Finance Authority Health Systems Sisters of St. Francis Health Services Incorporated Project Series 2009-A (Hospital Revenue)††		0.11			11/01/2033		5,000,000		5,000,000
St. Joseph County IN Economic Development Revenue Hannah & Friends Project Series 2007 (Miscellaneous Revenue, LaSalle Bank Midwest LOC)		0.27			11/01/2035		2,075,000		2,075,000
Wabash IN Economic Development Revenue Martin Yale Industries Project Series 1998 (IDR, JPMorgan Chase Bank LOC)		0.38			09/01/2028		2,700,000		2,700,000
									45,250,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Iowa: 1.36%
Variable Rate Demand Notes§: 1.36%
Iowa Higher Education Loan Authority Private Colleges Ambrose (Education Revenue, Northern Trust Company LOC)		0.33	%		04/01/2033	$	2,700,000	$	2,700,000
Des Moines IA Elliot Aviation Project (Airport Revenue, U.S. Bank NA LOC)		0.16			08/01/2027		5,145,000		5,145,000
Iowa Finance Authority Industrial Development (IDR, Bank of America NA LOC)		0.29			06/01/2028		1,435,000		1,435,000
Iowa Finance Authority Solid Waste Disposal Real Estate Iowa One Project Series 2006 (Resource Recovery Revenue)		0.11			10/01/2031		7,700,000		7,700,000
Iowa Higher Education Loan Authority University of Dubuque (Education Revenue, Northern Trust Company LOC)		0.33			04/01/2035		600,000		600,000
Iowa Finance Authority Interwest Project Series 2001 (IDR, CoBank ACB LOC)		0.18			11/01/2016		2,030,000		2,030,000
Iowa Finance Authority Randy & Ronnie Hunt Partnership Project Series 2009 (Miscellaneous Revenue, Farm Credit Services America LOC)		0.08			02/01/2027		3,250,000		3,250,000
Iowa Finance Authority SFHR Series 2006-F (Housing Revenue, GNMA/FNMA Insured)		0.14			07/01/2036		12,000,000		12,000,000
									34,860,000
Kansas: 0.35%
Variable Rate Demand Notes§: 0.35%
Dodge City KS Farmland National Beef Project Series 1999 (IDR)		0.13			02/01/2029		1,000,000		1,000,000
Kansas State Development Finance Authority Adventist Health Sunbelt Series C (Health Revenue, Royal Bank of Canada LOC)		0.06			11/15/2034		2,000,000		2,000,000
Olathe KS Diamant Boart Series A (IDR, Svenska HandelsBanken LOC)		0.20			03/01/2027		1,000,000		1,000,000
Olathe KS Insulite Project Series 2000 (IDR, FirStar Bank NA LOC)		0.18			06/01/2020		910,000		910,000
Olathe KS ISL LLC Project (IDR, U.S. Bank NA LOC)		0.18			08/01/2027		3,965,000		3,965,000
									8,875,000
Kentucky: 1.54%
Other Municipal Debt: 0.29%
Kentucky Rural Water Finance Corporation Public Project Series C-1 (Water & Sewer Revenue)		1.50			12/01/2011		7,500,000		7,521,196
Variable Rate Demand Notes§: 1.25%
Bardstown KY Industrial Building Linpac Materials Handling Project (IDR, U.S. Bank NA LOC)		0.22			10/01/2019		3,100,000		3,100,000
Hancock County KY Solid Waste Disposal Facilities NSA Limited Project Series 1998 (Resource Recovery Revenue, Wells Fargo Bank NA LOC)(q)		0.38			04/01/2028		7,815,000		7,815,000
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (IDR)		0.15			09/01/2022		2,650,000		2,650,000
Kentucky EDFA Goodwill Industries Kentucky Incorporated Project Series 2007 (Miscellaneous Revenue, PNC Bank NA LOC)		0.10			12/01/2037		9,750,000		9,750,000
Kentucky EDFA Madonna Manor Incorporated Project PUTTER Series P-Floats-MT-636 (Health Revenue)††		0.11			12/01/2039		2,500,000		2,500,000
Logan County KY Solid Waste Disposal Waste Management LLC Project (Resource Recovery Revenue, PNC Bank NA LOC)		0.09			03/01/2021		1,450,000		1,450,000
Montgomery County KY Industrial Building Facilities Fineblanking Corporation Project Series 1996 (IDR, Bank of America NA LOC)		0.29			08/01/2015		1,185,000		1,185,000
Williamstown KY League of Cities Funding Trust Lease Series 2008-A (Lease Revenue, U.S. Bank NA LOC)		0.09			07/01/2038		3,520,000		3,520,000
									31,970,000

14 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Louisiana: 1.77%
Variable Rate Demand Notes§: 1.77%
Louisiana HFA Arbor Place Apartments Project Series 2008 (Housing Revenue, FHLMC Insured)		0.20	%		03/01/2043	$	8,125,000	$	8,125,000
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Miscellaneous Revenue)		0.28			12/01/2036		4,000,000		4,000,000
Louisiana Public Facilities Authority Christus Health Series 2009-B-1 (Hospital Revenue, Bank of New York LOC)		0.05			07/01/2047		2,000,000		2,000,000
Louisiana Public Facilities Authority Dynamic Fuels LLC Project Series 2008 (IDR, JPMorgan Chase Bank LOC)		0.26			10/01/2033		8,000,000		8,000,000
Parish of St. James LA Nucor Steel LLC Series A-1 (IDR)		0.08			11/01/2040		15,300,000		15,300,000
Parish of St. James LA Nucor Steel LLC Series B-1 (IDR)		0.10			11/01/2040		8,000,000		8,000,000
									45,425,000
Maine: 0.15%
Variable Rate Demand Note§: 0.15%
Maine State Housing Authority Mortgage Purchase Program Series 2004 D-3 (Housing Revenue)		0.17			11/15/2039		3,900,000		3,900,000
Maryland: 1.41%
Other Municipal Debt: 1.13%
Montgomery County MD Series 10-A (Tax Revenue)		0.08			08/09/2011		14,200,000		14,200,000
Montgomery County MD Series 10-B (Tax Revenue)		0.09			08/09/2011		15,000,000		15,000,000
									29,200,000
Variable Rate Demand Notes§: 0.28%
Maryland Economic Development Corporation YMCA Central Maryland Incorporated Project Series 2003 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.08			04/01/2028		2,200,000		2,200,000
Montgomery County MD Housing Opportunities Community MFHR (Housing Revenue, FHLMC Insured)		0.18			02/01/2040		2,000,000		2,000,000
University System of Maryland COP College Business School Project Series 2000 (Miscellaneous Revenue, Bank of America NA LOC)		0.13			06/01/2015		2,920,000		2,920,000
									7,120,000
Massachusetts: 0.15%
Variable Rate Demand Note§: 0.15%
Massachusetts Development Finance Agency Georgetown Village Apartments Series A (Housing Revenue, FNMA Insured)		0.08			07/15/2036		3,800,000		3,800,000
Michigan: 4.48%
Other Municipal Debt: 1.63%
Michigan Finance Authority Short Aid Notes Series D-1 (Miscellaneous Revenue)		2.00			08/19/2011		5,000,000		5,002,935
Michigan Finance Authority Short Aid Notes Series D-2 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		2.00			08/22/2011		6,000,000		6,005,507
Michigan Finance Authority Short Aid Notes Series D-3 (Miscellaneous Revenue, Scotia Bank LOC)		2.00			08/22/2011		6,000,000		6,005,507
Michigan State Hospital Finance Authority (Health Revenue)		0.14			10/11/2011		10,000,000		10,000,000
Michigan State Hospital Finance Authority Series 08-C (Health Revenue)		0.15			08/03/2011		10,000,000		10,000,000
Michigan State Series A (Tax Revenue)		2.00			09/30/2011		5,000,000		5,012,873
									42,026,822

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§: 2.85%
Green Lake Township MI Economic Development Corporation (Education Revenue, Harris NA LOC)		0.20	%		06/01/2034	$	800,000	$	800,000
Michigan HDA Rental Housing Project Series 2006-A (Housing Revenue, AGM GO of Authority Insured)		0.30			10/01/2040		14,405,000		14,405,000
Michigan Higher Education Authority Student Loan RBC Municipal Products Trust Incorporated Certificate Series L-33 (Education Revenue, Royal Bank of Canada LOC)		0.11			09/01/2026		40,495,000		40,495,000
Michigan Hospital Finance Authority Ascension Health Group Series 2010-8 (Hospital Revenue)		0.17			11/15/2049		7,100,000		7,100,000
Michigan State Housing Development Authority Series A (Housing Revenue, GO of Authority Insured)		0.21			10/01/2037		9,525,000		9,525,000
Michigan State Strategic Fund Fitz Land LLC Project (IDR, PNC Bank NA LOC)		0.15			08/01/2025		800,000		800,000
Michigan Strategic Fund Limited Methodist Childrens Home Project Series 1995 (Miscellaneous Revenue, Bank One Michigan LOC)		0.23			08/01/2015		200,000		200,000
									73,325,000
Minnesota: 3.16%
Other Municipal Debt: 0.08%
Minnesota Rural Water Finance Authority Public Projects Construction (Water & Sewer Revenue)		1.25			04/01/2012		2,000,000		2,007,938
Variable Rate Demand Notes§: 3.08%
Bloomington MN Bristol Village (Housing Revenue, FNMA Insured)		0.17			11/15/2032		5,005,000		5,005,000
Bloomington MN Norlan Partners Series B (Housing Revenue, LaSalle Bank NA LOC)		0.19			07/15/2032		1,410,000		1,410,000
Bloomington MN Refunding MFHR Norlan Partnership Series A-1 (Housing Revenue, FNMA Insured)		0.17			07/15/2032		4,190,000		4,190,000
Dakota County MN CDA Catholic Finance Corporation (Education Revenue, U.S. Bank NA LOC)		0.20			01/01/2012		965,000		965,000
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured)		0.17			01/15/2038		1,000,000		1,000,000
Eden Prairie MN Refunding MFHR Park At City West Apartments Project Series 2001 (Housing Revenue, FHLMC Insured)		0.09			09/01/2031		300,000		300,000
Hennepin County MN Housing & RDA Stone Arch Apartments Project (Housing Revenue, FNMA Insured)		0.20			04/15/2035		2,800,000		2,800,000
Mahtomedi MN Housing Revenue Briarcliff Manor Apartments Series A (Housing Revenue, FNMA Insured)		0.17			06/15/2038		3,645,000		3,645,000
Maplewood MN Educational Facilities Mounds Park Academy Project (Education Revenue, U.S. Bank NA LOC)		0.10			10/01/2031		2,340,000		2,340,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-2 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.20			11/15/2035		4,050,000		4,050,000
Minneapolis MN CDA C&G Partners Project (Housing Revenue, U.S. Bank NA LOC)		0.10			12/01/2015		160,000		160,000
Minneapolis MN Driftwood Apartments Project A (Housing Revenue, U.S. Bank NA LOC)		0.15			10/01/2024		4,240,000		4,240,000
Minneapolis MN MFHR Stone Arch Apartments (Housing Revenue, FNMA Insured)		0.20			04/15/2035		3,600,000		3,600,000
Minneapolis MN People Serving People Project Series A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.33			10/01/2021		140,000		140,000
Minnesota Bond Securitization Trust Certificate Carleton Lofts Project Class A (Housing Revenue, LaSalle Bank NA LOC)		0.23			12/01/2048		7,945,000		7,945,000

16 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Minnesota State HEFAR MacAlester College Series 5-Q (Education Revenue)		0.13	%		03/01/2033	$	360,000	$	360,000
Minnesota State Residential Housing Series G (Housing Revenue)		0.10			01/01/2032		265,000		265,000
Minnesota State University of St. Thomas Series 4O (Education Revenue, U.S. Bank NA LOC)		0.09			10/01/2021		3,310,000		3,310,000
Moorhead MN Solid Waste Disposal American Crystal Sugar Project Series 1997 (Resource Recovery Revenue, Wells Fargo Bank NA LOC)(q)		0.18			04/01/2012		5,500,000		5,500,000
Ramsey County MN Housing & Redevelopment MFHR Gateway Apartments LP Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2038		1,250,000		1,250,000
St. Anthony MN Landings Silver Lake Project Series 2007 (Housing Revenue, LaSalle Bank NA LOC)		0.19			10/01/2037		1,400,000		1,400,000
St. Anthony MN Landings Silver Lake Project Series A (Housing Revenue, LaSalle Bank NA LOC)		0.15			10/01/2037		3,600,000		3,600,000
St. Louis Park MN Refunding MFHR Newport on Seven Apartments Project Series 2001 (Housing Revenue, FNMA Insured)		0.17			09/15/2031		8,620,000		8,620,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured)		0.17			06/01/2032		2,140,000		2,140,000
St. Paul MN Housing & RDA Leased Housing Association Series A (Housing Revenue, LaSalle Bank NA LOC)		0.19			09/01/2035		2,000,000		2,000,000
St. Paul MN Port Authority District Cooling AMT Series 12-EE (IDR, Deutsche Bank AG LOC)		0.10			03/01/2029		450,000		450,000
St. Paul MN Port Authority District Heating AMT Series 8-R (IDR, Deutsche Bank AG LOC)		0.10			12/01/2028		1,000,000		1,000,000
Stevens County MN Solid Waste Disposal Riverview Dairy Project Series 2007 (Resource Recovery Revenue, AgCountry Farm Credit LOC)		0.19			08/01/2032		1,750,000		1,750,000
Swift County MN Solid Waste Disposal East Dublin Dairy LLP Project Series 2008 (Resource Recovery Revenue, AgCountry Farm Credit LOC)		0.19			04/01/2033		5,750,000		5,750,000
									79,185,000
Mississippi: 1.36%
Variable Rate Demand Notes§: 1.36%
Clipper Tax-Exempt Certificate Trust Series 2007-32 (GO-State)		0.13			02/01/2016		14,500,000		14,500,000
Merrill Lynch PFOTER Series MT-659 (Education Revenue, Guaranteed Student Loans Insured)††		0.13			09/01/2035		14,180,000		14,180,000
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series B (Energy Revenue)		0.21			12/01/2030		6,300,000		6,300,000
									34,980,000
Missouri: 1.57%
Other Municipal Debt: 0.28%
St. Louis County MO Special Obligation TRAN (Miscellaneous Revenue)		0.45			08/01/2011		7,105,000		7,105,000
Variable Rate Demand Notes§: 1.29%
Clipper Tax-Exempt Certificate Trust Series 2009-12 (Housing Revenue)		0.23			03/01/2038		1,149,000		1,149,000
Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation Series A (Miscellaneous Revenue)		0.33			04/01/2027		2,495,000		2,495,000
Missouri Development Finance Board Kauffman Center For The Performing Arts Series A (Miscellaneous Revenue)		0.23			06/01/2037		20,000,000		20,000,000
Missouri State HEFA Ascension Health Series C3 (Health Revenue)		0.06			11/15/2039		3,000,000		3,000,000
St. Charles County MO IDA Craftsmen Industries Project Series 1998-A (IDR, U.S. Bank NA LOC)		0.21			12/01/2019		4,770,000		4,770,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (IDR, U.S. Bank NA LOC)		0.26	%		04/01/2026	$	1,910,000	$	1,910,000
									33,324,000
Nebraska: 0.44%
Variable Rate Demand Notes§: 0.44%
Douglas County NE James Skinner Company Project Series 1999 (IDR, U.S. Bank NA LOC)		0.18			01/12/2012		570,000		570,000
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.21			09/01/2031		4,310,000		4,310,000
Nebraska Invitational Finance Authority Solid Waste Disposal Butler County Dairy LLC Series 2009 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.08			12/01/2037		6,500,000		6,500,000
									11,380,000
Nevada: 1.05%
Variable Rate Demand Notes§: 1.05%
Clark County NV Passenger Facility Las Vegas (Airport Revenue, Union Bank NA LOC)		0.10			07/01/2022		4,800,000		4,800,000
Eclipse Funding Trust 2006-0146 Solar Eclipse Clark (Tax Revenue, U.S. Bank NA LOC)		0.07			11/01/2032		6,970,000		6,972,688
Reno NV Senior Lien Transportation Rail Access Corridor Project Series 2008A (Tax Revenue, Bank of New York LOC)		0.20			06/01/2042		6,900,000		6,900,000
Washoe County NV Eclipse Funding Trust Series 2006-0142 (GO-Local, U.S. Bank NA LOC)		0.07			09/01/2014		8,365,000		8,377,745
									27,050,433
New Jersey: 2.65%
Other Municipal Debt: 0.39%
North Brunswick NJ BAN (GO-Local)		1.25			08/11/2011		10,000,000		10,002,456
Variable Rate Demand Notes§: 2.26%
Camden County NJ Improvement Authority Health Care Redevelopment The Cooper Health Systems Project Series 2004-B (Hospital Revenue, TD Bank NA LOC)		0.04			08/01/2032		7,265,000		7,265,000
Clipper Tax Exempt Series 2009-32 (Miscellaneous Revenue, State Street Bank & Trust Insured)		0.13			01/01/2018		4,300,000		4,300,000
Deutsche Bank Spears Lifers Trust (Transportation Revenue, FSA Insured)		0.08			12/15/2033		8,000,000		8,000,000
New Jersey Higher Education Assistance Authority Student Loan ROC-RR-II-R-11853 (Education Revenue, Assured Guaranty Insured)††		0.23			06/01/2016		��   14,350,000		14,350,000
New Jersey State TTFA PUTTER Series 2009-70 (Miscellaneous Revenue)		0.08			12/15/2023		21,500,000		21,500,000
New Jersey State TTFA PUTTER Series 2005-D (Miscellaneous Revenue, FSA Insured)††		0.22			12/15/2013		2,780,000		2,780,000
									58,195,000
New Mexico: 0.38%
Variable Rate Demand Notes§: 0.38%
New Mexico Educational Assistance Foundation (Education Revenue, Royal Bank of Canada LOC, Guaranteed Student Loans Insured)		0.11			04/01/2034		4,100,000		4,100,000
New Mexico Municipal Energy Acquisition Authority Gas Supply Series 2009 (Utilities Revenue)		0.08			11/01/2039		5,660,000		5,660,000
									9,760,000

18 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
New York: 7.38%
Other Municipal Debt: 0.92%
Metropolitan Transportation Authority NY Series A (Transportation Revenue)		0.23	%		10/06/2011	$	4,000,000	$	4,000,000
Oyster Bay NY BAN (GO-Local)		1.25			08/12/2011		14,000,000		14,003,995
Tarrytowns NY Union Free School District BAN (Tax Revenue, State Aid Withholding Insured)		1.50			08/12/2011		5,630,000		5,631,926
									23,635,921
Variable Rate Demand Notes§: 6.46%
Monroe County NY IDA Civic Facilities Monroe Community College Project Series A (Education Revenue, JPMorgan Chase Bank LOC)		0.06			06/01/2036		3,475,000		3,475,000
New York City NY Subseries B (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		1,500,000		1,500,000
New York Dormitory Authority Tax Exempt Certificate St. John’s University Series 2007 (Education Revenue)		0.08			07/01/2025		20,420,000		20,420,000
New York Housing Finance Agency West 23rd Street Series 2002-A (Housing Revenue, FNMA Insured)		0.08			05/15/2033		13,900,000		13,900,000
New York Metropolitan Transportation Authority Series 2005-A ROC-RR-II-R-594PB (Transportation Revenue, AGC-ICC AMBAC Insured)		0.23			11/15/2013		21,165,000		21,165,000
New York Metropolitan Transportation Authority Series 2006-B ROC-RR-II-R-11711 (Transportation Revenue, FSA Insured)††		0.23			11/15/2027		13,650,000		13,650,000
New York Mortgage Agency Homeowner ROC-RR-II-R-11704 (Housing Revenue)††		0.17			10/01/2031		5,660,000		5,660,000
New York Mortgage Agency Homeowner Series 161 ROC-RR-II-R-11713 (Housing Revenue)††		0.11			10/01/2016		4,385,000		4,385,000
New York Mortgage Agency Homeowner Series 71 ROC-RR-II-R-11706 (Housing Revenue)††		0.17			10/01/2024		4,000,000		4,000,000
New York Mortgage Agency Series 106 ROC-RR-II-R-11708 (Housing Revenue)††		0.16			04/01/2034		3,000,000		3,000,000
New York Mortgage Agency Series 73-A ROC-RR-II-R-11707 (Housing Revenue)††		0.17			10/01/2024		9,700,000		9,700,000
New York NY Housing Development Corporation Series 143 (Housing Revenue)††		0.17			11/01/2040		1,285,000		1,285,000
New York NY Housing Development Corporation Series 2009-C1 (Housing Revenue)††		0.12			05/01/2029		6,620,000		6,620,000
New York NY Housing Development Corporation Series A (Housing Revenue, CitiBank NA LOC)		0.09			06/01/2037		1,000,000		1,000,000
New York NY Housing Development Corporation Series C-4 (Housing Revenue)		0.05			05/01/2015		7,100,000		7,100,000
New York NY Housing Development Corporation Series J-1 (Housing Revenue)		0.48			05/01/2046		7,120,000		7,120,000
New York NY Municipal Water & Sewer Finance Authority PUTTER Series 1263 (Water & Sewer Revenue, FSA Insured)		0.12			06/15/2013		7,055,000		7,055,000
New York NY Municipal Water & Sewer Finance Authority ROC-RR-II R-11697 (Water & Sewer Revenue, BHAC-CR Insured)††		0.11			06/15/2016		4,200,000		4,200,000
New York NY Municipal Water & Sewer Finance Authority Subseries B2 (Water & Sewer Revenue, Lloyds Bank LOC)		0.05			06/15/2024		6,000,000		6,000,000
New York NY TFA Building Fiscal Year 2007 Series S-1 ROC-RR-II-R-809PB (Miscellaneous Revenue, AGC-ICC FGIC State Aid Withholding Insured)		0.12			01/15/2015		10,410,000		10,410,000
New York State Housing Finance Agency Weyant Green Apartments Series A (Housing Revenue, FNMA Insured)		0.05			05/15/2037		3,000,000		3,000,000
New York State Power Authority Revenue & General Purpose Consented (GO-State)		0.32			03/01/2016		4,585,000		4,585,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 19

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New York State Power Authority Revenue & General Purpose (GO-State)		0.32	%		03/01/2020	$	1,000,000	$	1,000,000
New York Urban Development Corporation ROC-II-R-11710 (Miscellaneous Revenue)††		0.11			03/01/2028		5,000,000		5,000,000
PFOTER PT-4564 (Housing Revenue, FHLMC Insured)		0.18			02/01/2046		1,075,000		1,075,000
									166,305,000
North Carolina: 0.93%
Variable Rate Demand Notes§: 0.93%
North Carolina Capital Facilities Finance Agency Educational Guilford College Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.08			05/01/2024		3,405,000		3,405,000
North Carolina Capital Facilities Finance Agency Educational High Point University Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.08			05/01/2030		3,875,000		3,875,000
North Carolina HFA Homeownership ROC-RR-II-R-11858 (Housing Revenue)††		0.17			01/01/2033		3,965,000		3,965,000
North Carolina Port Authority Facilities Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.08			06/01/2036		3,500,000		3,500,000
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (IDR, Branch Banking & Trust LOC)		0.15			12/01/2026		3,350,000		3,350,000
Stanly County NC Industrial Facilities & PCFA Chicago Tube Company (IDR, JPMorgan Chase Bank LOC)		0.18			04/01/2018		5,880,000		5,880,000
									23,975,000
North Dakota: 1.46%
Other Municipal Debt: 0.14%
North Dakota Rural Water Finance Corporation Public Project Construction Notes A-4 (Water & Sewer Revenue)		1.50			09/01/2011		3,500,000		3,502,359
Variable Rate Demand Notes§: 1.32%
North Dakota State HFA Home Mortgage Program Series A (Housing Revenue, GO of Agency Insured)		0.11			07/01/2037		3,000,000		3,000,000
North Dakota State HFA Home Mortgage Financing (Housing Revenue)		0.10			01/01/2030		1,430,000		1,430,000
Richland County ND Recovery Zone (Miscellaneous Revenue, CoBank ACB LOC)		0.09			11/01/2028		2,315,000		2,315,000
Traill County ND IDR American Crystal Project (Resource Recovery Revenue, CoBank ACB LOC)		0.15			09/01/2017		27,330,000		27,330,000
									34,075,000
Ohio: 0.82%
Variable Rate Demand Notes§: 0.82%
Butler County OH Capital Funding CCAO Low Cost Capital Series 2005-A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.09			06/01/2035		2,440,000		2,440,000
Columbus OH Regional Airport Authority Ohio Municipal Pooled Financing Program Series 2004-A (Airport Revenue, U.S. Bank NA LOC)		0.09			01/01/2030		3,420,000		3,420,000
Franklin County OH Lifeline Shelter Systems Project (IDR, Bank One NA LOC)		0.33			10/01/2021		1,050,000		1,050,000
Hamilton County OH Health Care Life Enriching Community Project Series 2006-B (Health Revenue, PNC Bank NA LOC)		0.09			01/01/2037		960,000		960,000

20 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Madeira OH Economic Development Kroger Company Series 2004 (IDR, Bank of Nova Scotia LOC)		0.15	%		11/01/2012	$	2,050,000	$	2,050,000
Montgomery County OH Cambridge Commons Apartments A (Housing Revenue, FHLB LOC)		0.20			04/01/2038		1,145,000		1,145,000
Pike County OH HCFR Traditions Health Care Obligation Group Series 2007 (Health Revenue, U.S. Bank NA LOC)		0.10			06/01/2033		2,100,000		2,100,000
Stark County OH Kroger Company Series 2004 (IDR, Bank of Nova Scotia LOC)		0.15			09/01/2012		3,100,000		3,100,000
Tuscarawas County OH Port Authority Plymouth Foam Incorporated Project Series 2008 (IDR, U.S. Bank NA LOC)		0.16			08/01/2038		4,890,000		4,890,000
									21,155,000
Oklahoma: 0.05%
Variable Rate Demand Note§: 0.05%
Oklahoma Development Finance Authority Industrial Development Tracker Marine Project (IDR, Bank of America NA LOC)		0.42			03/01/2018		1,200,000		1,200,000
Oregon: 0.03%
Variable Rate Demand Note§: 0.03%
Oregon State Beef Northwest Feeders Incorporated Series 1999 (Miscellaneous Revenue, Northwest Farm Credit LOC)		0.23			01/01/2016		875,000		875,000
Other: 8.14%
Other Municipal Debt: 0.44%
FHLMC Multiclass Mortgage Certificates (Housing Revenue)§		0.18			08/15/2045		11,286,123		11,286,123
Variable Rate Demand Notes§: 7.70%
SunAmerica Trust Various States Class A Certificates Series 2 (Miscellaneous Revenue, FHLMC LOC, FHLMC Insured)		0.15			07/01/2041		30,700,000		30,700,000
Branch Banking & Trust Company Municipal Trust Series 5003 (Lease Revenue, RaboBank International LOC)††		0.32			05/01/2027		16,436,002		16,436,002
Clipper Tax-Exempt Certificate Trust Series 2009-4 (Miscellaneous Revenue)		0.23			10/01/2033		483,055		483,055
Clipper Tax-Exempt Certificate Trust Series 2009-10 (Miscellaneous Revenue)		0.23			12/01/2035		2,648,000		2,648,000
Clipper Tax-Exempt Certificate Trust Series 2009-26 (Miscellaneous Revenue)		0.23			07/01/2037		1,733,000		1,733,000
Clipper Tax-Exempt Certificate Trust Series 2007-19 (Miscellaneous Revenue)		0.23			09/01/2039		10,091,000		10,091,000
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue)		0.13			05/01/2017		28,601,000		28,601,000
FHLMC MFHR Series M019 (Housing Revenue, FHLMC Insured)		0.13			05/01/2017		18,862,000		18,862,000
FHLMC MFHR Series M021 (Housing Revenue, FHLMC Insured)		0.13			06/15/2036		33,555,000		33,555,000
PFOTER PPT 1005 Term A (Miscellaneous Revenue, FHLMC Insured)		0.18			05/15/2035		54,970,000		54,970,000
									198,079,057
Pennsylvania: 5.11%
Variable Rate Demand Notes§: 5.11%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center PUTTER MT-636 (Hospital Revenue)††		0.14			02/01/2031		2,770,000		2,770,000
Allegheny County PA Hospital Development Authority UPMC Senior Living Corporation (Hospital Revenue, FNMA Insured)		0.09			07/15/2028		1,000,000		1,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 21

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Allegheny County PA IDA United Jewish Federation Project Series A (Miscellaneous Revenue, PNC Bank NA LOC)		0.08	%		10/01/2026	$	1,403,000	$	1,403,000
Beaver County PA IDA Daily Corporation Project (IDR)		0.24			09/01/2032		6,300,000		6,300,000
Berks County PA Municipal Authority Reading Hospital & Education Center Project Series 2009-A-1 (Hospital Revenue)††		0.09			02/01/2012		12,845,000		12,845,000
Butler County PA General Authority New Castle Area School District Project Series 2010 (GO-Local, PNC Bank NA LOC, GO of District Insured)		0.08			03/01/2030		2,315,000		2,315,000
Emmaus PA General Authority Subseries D27 (Miscellaneous Revenue, U.S. Bank NA LOC, State Aid Withholding Insured)		0.08			03/01/2024		1,500,000		1,500,000
Geisinger Authority PA Health System Series B (Health Revenue)		0.18			08/01/2022		700,000		700,000
Lancaster County PA Hospital Authority Health System Lancaster General Hospital (Hospital Revenue, Bank of America NA LOC)		0.25			07/01/2041		3,385,000		3,385,000
Lancaster PA IDA Purple Crow Partners LLC Project (IDR, U.S. Bank NA LOC)		0.12			09/01/2026		3,110,000		3,110,000
Lehigh County PA General Purpose Authority St. Lukes Hospital Bethlehem PFOTER (Hospital Revenue)		0.18			08/15/2042		2,500,000		2,500,000
Montgomery County PA Higher Education & Health Authority William Penn Charter School Series 2001 (Education Revenue, PNC Bank NA LOC)		0.08			09/15/2031		4,925,000		4,925,000
Montgomery County PA IDA New Regional Medical Center PFOTER (Hospital Revenue, FHA Insured)††		0.11			08/01/2038		14,000,000		14,000,000
Montgomery County PA IDR Series 3238 (Health Revenue, FHA Insured)††		0.11			08/01/2030		5,300,000		5,300,000
Montgomery County PA Lower Merion School District GO Series 2009-A (Tax Revenue, State Street Bank & Trust Company LOC, State Aid Withholding Insured)		0.06			04/01/2027		3,380,000		3,380,000
Moon PA IDA Community Facilities YMCA Greater Pittsburgh Project Series 2005 (Miscellaneous Revenue, PNC Bank NA LOC)		0.08			06/01/2025		1,405,000		1,405,000
Pennsylvania EDFA Series D7 (IDR, PNC Bank NA LOC)		0.12			08/01/2022		1,300,000		1,300,000
Pennsylvania HEFA Association of Independent Colleges & University of Pennsylvania Finance Program Keystone College Project Series 2002 (Education Revenue, PNC Bank NA LOC)		0.08			05/01/2027		1,600,000		1,600,000
Pennsylvania HEFA Association of Independent Colleges & University of Pennsylvania Finance Program University of Scranton Project Series 1999-E3 (Education Revenue, PNC Bank NA LOC)		0.08			11/01/2014		1,550,000		1,550,000
Pennsylvania HFA SFHR Series 3297 (Housing Revenue)††		0.23			10/01/2019		2,095,000		2,095,000
Pennsylvania HFA SFMR Series 74A (Housing Revenue, GO of Agency Insured)		0.05			10/01/2032		4,300,000		4,300,000
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006-B (Lease Revenue, FSA State Aid Withholding Insured)††		0.22			06/01/2015		1,990,000		1,990,000
Pennsylvania State Public School Building Authority ROC-RR-II-R-11396 (Lease Revenue, FSA State Aid Withholding Insured)		0.19			12/01/2023		2,900,000		2,900,000
Pennsylvania State Turnpike Commission (Transportation Revenue, AGM Insured)††		0.20			07/15/2026		5,100,000		5,100,000
Pennsylvania State University Project Series B (Education Revenue)		0.30			06/01/2031		5,000,000		5,000,000
PFOTER MT 566 (Miscellaneous Revenue)		0.31			08/15/2042		15,415,000		15,415,000
Philadelphia PA School District GO Series 2007-A (GO-Local, Branch Banking & Trust LOC)		0.11			01/04/2029		8,790,000		8,790,000
Philadelphia PA School District GO Series F (GO-Local, Barclays Bank plc LOC, State Aid Withholding Insured)±		0.04			09/01/2030		1,000,000		1,000,000
Quakertown PA General Authority Pooled Financing Program Series A (Miscellaneous Revenue, PNC Bank NA LOC)		0.08			07/01/2026		5,555,000		5,555,000
Southeastern PA Transportation Authority (Tax Revenue, PNC Bank NA LOC)		0.17			03/01/2022		2,000,000		2,000,000
Washington County PA Hospital Authority Monongahela VY Hospital Project A (Hospital Revenue, PNC Bank NA LOC)		0.06			06/01/2041		2,540,000		2,540,000

22 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Washington County PA Hospital Authority Monongahela VY Hospital Project B (Hospital Revenue, PNC Bank NA LOC)		0.06	%		06/01/2041	$	3,390,000	$	3,390,000
									131,363,000
Puerto Rico: 0.88%
Variable Rate Demand Notes§: 0.88%
JPMorgan Chase PUTTER Trust Series 3920 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)††		0.21			05/01/2013		15,000,000		15,000,000
Puerto Rico Sales Tax Finance Corporation Deutsche Bank Spears Trust Series DBE-627A (Tax Revenue, AMBAC Insured)		0.08			08/01/2050		800,000		800,000
Puerto Rico Sales Tax Corporate Financing ROC-RR-II-R-11779 (Tax Revenue)††		0.11			12/01/2047		3,300,000		3,300,000
Puerto Rico Sales Tax Corporate Financing ROC-RR-II-R-11761 (Tax Revenue)††		0.11			12/01/2047		1,600,000		1,600,000
Puerto Rico Sales Tax Corporate Financing ROC-RR-II-R-11778 (Tax Revenue)††		0.11			08/01/2047		2,000,000		2,000,000
									22,700,000
Rhode Island: 0.22%
Variable Rate Demand Note§: 0.22%
Rhode Island State Student Loan Series 3235 (Education Revenue, Guaranteed Student Loans Insured)††		0.23			12/01/2023		5,730,000		5,730,000
South Carolina: 0.56%
Variable Rate Demand Notes§: 0.56%
South Carolina Jobs Economic Development Authority (Utilities Revenue, Branch Banking & Trust LOC)		0.12			12/01/2038		4,600,000		4,600,000
South Carolina Educational Facilities Authority For Private Non-profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		0.10			08/01/2025		1,515,000		1,515,000
South Carolina Educational Facilities Authority Newbury College Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.08			06/01/2035		2,275,000		2,275,000
South Carolina Jobs EDA Blue Ridge Log Cabins LLC Series 2007 (IDR, Branch Banking & Trust LOC)		0.15			03/01/2032		6,110,000		6,110,000
									14,500,000
South Dakota: 0.19%
Variable Rate Demand Note§: 0.19%
South Dakota HDA Homeownership Mortgage Series 2009-A (Housing Revenue)		0.15			05/01/2039		4,840,000		4,840,000
Tennessee: 0.92%
Variable Rate Demand Notes§: 0.92%
Alcoa Maryville Blount County TN Industrial Development Board Series A (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.08			06/01/2036		2,080,000		2,080,000
Blount County TN Public Building Authority GO Series E-5-B (GO-Local, Branch Banking & Trust LOC)		0.08			06/01/2042		4,760,000		4,760,000
Franklin County TN Health & Educational Facilities Board University of the South Project Series 1994 (Education Revenue)		0.12			01/01/2013		2,900,000		2,900,000
Huntingdon TN Industrial Development Board Behlen Manufacturing Company Project (IDR, LaSalle Bank NA LOC)		0.20			05/01/2020		8,000,000		8,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 23

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Pulaski & Giles County TN Lomar Development Company Project (IDR, U.S. Bank NA LOC)		0.18	%		01/01/2017	$	1,445,000	$	1,445,000
Springfield TN Industrial Development Board Kroger Company Series 2004 (IDR, Bank of Nova Scotia LOC)		0.15			02/01/2012		4,500,000		4,500,000
									23,685,000
Texas: 13.03%
Other Municipal Debt: 0.05%
Texas State TAN (Tax Revenue)		2.00			08/31/2011		1,420,000		1,421,918
Variable Rate Demand Notes§: 12.98%
Beaumont TX Independent School District Building GO Series 2008 (GO-Local, PSF Insured)		0.08			02/15/2033		6,680,000		6,680,000
Bexar County TX Housing Finance Corporation Multifamily Apartments Project Series A PFOTER (Miscellaneous Revenue)		0.18			05/01/2032		17,735,000		17,735,000
Brazos River TX Harbor Naval District Brazoria County BASF Corporation Project Series 2001 (Miscellaneous Revenue)		0.22			07/01/2022		4,900,000		4,900,000
Brazos River TX Harbor Naval District Brazoria County BASF Corporation Project Series 2001 (Miscellaneous Revenue)		0.25			05/01/2036		500,000		500,000
Collin County TX Housing Finance Corporation Huntington Apartments Project Series 1996 (Housing Revenue, Northern Trust Company LOC)		0.09			12/01/2015		12,305,000		12,305,000
Dallam County TX Industrial Development Corporation (Miscellaneous Revenue, Bank of the West LOC)		0.07			08/01/2035		5,000,000		5,000,000
Dallam County TX Industrial Development Corporation Economic Development Revenue Dallhart Jersey Ranch Incorporated Series 2008 (Miscellaneous Revenue)		0.18			08/01/2039		1,700,000		1,700,000
Dallam County TX Industrial Development Corporation Economic Development Revenue Hilmar Cheese Company Incorporated Project Series 2009 (Miscellaneous Revenue, Bank of the West LOC)		0.07			07/01/2032		12,250,000		12,250,000
Dallas TX Waterworks & Sewer Systems Series 2845 (Water & Sewer Revenue, AMBAC Insured)		0.14			10/01/2015		1,570,000		1,570,000
Del Valle TX GO Independent School District Building PUTTER Series 1946 (GO-Local, PSF Insured)		0.15			08/15/2014		2,965,000		2,965,000
First Rio Grande Regional Water Authority Economic Development Corporation Rio Grande Valley Sugar (Miscellaneous Revenue, CoBank ACB LOC)		0.08			03/01/2032		14,660,000		14,660,000
Fort Bend County TX GO PFOTER Series 1326 (GO-Local, FGIC Insured)		0.14			09/01/2012		2,730,000		2,730,000
Harris County TX Industrial Development Corporation Solid Waste Disposal Deer Park (Resource Recovery Revenue)		0.21			03/01/2023		7,500,000		7,500,000
Harris County TX Industrial Development Corporation Solid Waste Disposal Deer Park Refining Project Series A (Resource Recovery Revenue)		0.24			03/01/2023		26,200,000		26,200,000
Houston TX Utilities Systems Authority Series 2010-B (Water & Sewer Revenue, Royal Bank of Canada LOC)††		0.08			05/15/2034		4,900,000		4,900,000
Lamar TX Independent School District Construction Refunding GO Series 2008 (GO-Local, PSF Insured)		0.08			02/15/2038		6,435,000		6,435,000
Lovejoy TX Independent School District Building GO Deutsche Bank Spears Trust Series 2008 (GO-Local, PSF Insured)		0.08			02/15/2038		3,270,000		3,270,000
Port Arthur Texas Navigation District Total Petrochemicals USA (IDR)		0.09			06/01/2041		5,000,000		5,000,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series A (Energy Revenue)		0.19			11/01/2040		1,700,000		1,700,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series C (Energy Revenue)		0.09			04/01/2027		1,000,000		1,000,000

24 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-A (Resource Recovery Revenue)		0.13	%		07/01/2029	$	10,000,000	$	10,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2006 (Resource Recovery Revenue)		0.13			01/01/2030		25,500,000		25,500,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2007 (Resource Recovery Revenue)		0.13			01/01/2032		13,300,000		13,300,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series A (Resource Recovery Revenue)		0.13			04/01/2028		11,500,000		11,500,000
Rockwall TX Columbia Extrusion Corporation Project Series 1989 (IDR, Bank of America NA LOC)		0.12			07/01/2014		1,700,000		1,700,000
San Antonio TX Electric & Gas Deutsche Bank Spears Trust Series 2007 (Utilities Revenue)		0.08			02/01/2032		8,250,000		8,250,000
San Antonio TX Housing Finance Corporation PFOTER Rosemont at Pleasanton Apartments Project Series 2005 (Housing Revenue, FHLMC Insured)		0.18			07/01/2048		12,045,000		12,045,000
San Marcos TX Industrial Development Corporation Butler Manufacturing Company Project (IDR, Bank of America NA LOC)		0.32			04/01/2015		6,250,000		6,250,000
Spring TX Independent School District Refunding GO Deutsche Bank Spears Trust Series 2008-A (GO-Local, PSF Insured)		0.08			08/15/2033		3,785,000		3,785,000
Tarant County TX Housing Finance Corporation PFOTER Evergreen at Keller Apartments Project (Housing Revenue, FHLMC Insured)		0.18			02/01/2049		12,920,000		12,920,000
Texas Department of Housing Providence at Rush Creek II Apartments Series 2004 (Housing Revenue, FHLMC Insured)		0.18			01/01/2044		8,610,000		8,610,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue)		0.13			12/15/2026		71,130,000		71,130,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2849 (Utilities Revenue)		0.13			12/15/2026		9,842,105		9,842,105
									333,832,105
Utah: 0.19%
Variable Rate Demand Notes§: 0.19%
Juab County UT Intermountain Farmers Association Project (IDR, CoBank ACB LOC)		0.18			08/01/2012		500,000		500,000
Juab County UT Intermountain Farmers Association Project (IDR, CoBank ACB LOC)		0.18			10/01/2021		2,400,000		2,400,000
South Valley Sewer District UT ROC-RR-II-R-11919 (Water & Sewer Revenue, BHAC Insured)††		0.11			07/01/2016		2,080,000		2,080,000
									4,980,000
Vermont: 0.17%
Variable Rate Demand Notes§: 0.17%
Vermont Educational & Health Buildings Financing Agency Various Norwich University Project (Education Revenue, TD Bank NA LOC)		0.05			09/01/2038		3,250,000		3,250,000
Vermont Educational & Health Buildings North County Hospital Project A (Health Revenue, TD Bank NA LOC)		0.24			10/01/2034		1,125,000		1,125,000
									4,375,000
Virginia: 0.91%
Variable Rate Demand Notes§: 0.91%
Chesterfield County VA Health Center Community Residential Care Facilities Lucy Corr Village Series 2008-B (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.08			12/01/2012		105,000		105,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 25

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Henrico County VA EDA Residential Care Facilities Westminster-Cantebury Richmond Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.11	%		10/01/2037	$	2,680,000	$	2,680,000
Norfolk VA Economic Development Authority Hospital Facilities Sentra Healthcare Series C (Hospital Revenue)		0.20			11/01/2034		9,250,000		9,250,000
Salem VA IDA MFHR Oak Park Apartments Project Series 2008 (Housing Revenue, FNMA Insured)		0.10			08/15/2043		2,745,000		2,745,000
Virginia Commonwealth University Health System Authority Series B (Hospital Revenue, Branch Banking & Trust LOC)		0.27			07/01/2037		7,310,000		7,310,000
Virginia Small Business Financing Authority (IDR, Branch Banking & Trust LOC)		0.15			07/01/2024		1,290,000		1,290,000
									23,380,000
Washington: 1.95%
Variable Rate Demand Notes§: 1.95%
King County WA Housing Authority Summerfield Apartments Project for YWCA of Seattle-King County Series 2005 (Housing Revenue, U.S. Bank NA LOC)		0.15			09/01/2035		1,675,000		1,675,000
King County WA Sewer Series 3090 (Water & Sewer Revenue, FSA Insured)††		0.08			01/01/2039		1,100,000		1,100,000
Seattle WA Water & Sewer Systems Eclipse Funding Trust Series 2006-0002 (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			09/01/2029		6,670,000		6,682,861
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Miscellaneous Revenue, Northwest Farm Credit LOC)		0.23			09/01/2021		3,300,000		3,300,000
Washington GO Austin Trust Variable Certificate Series 2007-A (GO-State, FSA Insured)††		0.11			07/01/2014		4,640,000		4,640,000
Washington GO PUTTER Series 2640 (GO-State)		0.12			01/01/2016		9,995,000		9,995,000
Washington GO Series 2005-C (GO-State)		0.08			06/01/2027		6,655,000		6,655,000
Washington Housing Finance Commission Gonzaga Preparatory School (Education Revenue, Bank of America NA LOC)		0.14			09/01/2033		1,655,000		1,655,000
Washington Housing Finance Commission Nonprofit Tacoma Art Museum Project (Miscellaneous Revenue, Northern Trust Company LOC)		0.09			06/01/2032		5,775,000		5,775,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA Insured)		0.11			05/15/2035		1,590,000		1,590,000
Yakima County WA Public Corporation Macro Plastics Incorporated Project Series 1996 (IDR, Bank of the West LOC)		0.25			12/01/2026		2,880,000		2,880,000
Yakima County WA Public Corporation Revenue Valley Processing Project Bank of America (IDR, Bank of America NA LOC)		0.42			02/01/2015		1,700,000		1,700,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		0.23			08/01/2026		2,500,000		2,500,000
									50,147,861
West Virginia: 0.75%
Variable Rate Demand Notes§: 0.75%
Kanawha County WV Kroger Company Series 2004-A (IDR, Bank of Nova Scotia LOC)		0.15			02/01/2012		4,500,000		4,500,000
Kanawha County WV Kroger Company Series 2004-B (IDR, U.S. Bank NA LOC)		0.15			04/01/2013		6,850,000		6,850,000
Marmet WV Commercial Development Kroger Company Series 2004 (IDR, Bank of Nova Scotia LOC)		0.15			11/01/2012		3,100,000		3,100,000
West Virginia EDA Solid Waste Disposal Appalachian Power Company (Resource Recovery Revenue, Mizuho Corporate Bank LOC)		0.11			02/01/2036		3,000,000		3,000,000
West Virginia EDA Coastal Lumber Products Project Series A (IDR, Branch Banking & Trust LOC)		0.25			09/01/2015		1,160,000		1,160,000

26 Wells Fargo Advantage Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
West Virginia EDA Coastal Lumber Products Project Series B (IDR, Branch Banking & Trust LOC)		0.25	%		09/01/2015	$	700,000	$	700,000
									19,310,000
Wisconsin: 3.19%
Other Municipal Debt: 0.47%
Wisconsin State HEFA (Hospital Revenue, PNC Bank NA LOC)		0.42			09/01/2011		6,000,000		6,000,000
Wisconsin State HEFA (Hospital Revenue, State Street Bank & Trust Company LOC)		0.42			09/01/2011		6,000,000		6,000,000
									12,000,000
Variable Rate Demand Notes§: 2.72%
Appleton WI Recovery Zone Facilities Foremost Farms USA (Miscellaneous Revenue, CoBank ACB LOC)		0.08			05/01/2037		26,000,000		26,000,000
Belgium WI Trimen Industries Incorporated Project Series 2006 (IDR, U.S. Bank NA LOC)		0.21			02/01/2026		3,610,000		3,610,000
Hull WI Welcome Dairy Incorporated Project Series 2010-A (IDR, Associated Bank NA LOC)		0.15			01/01/2027		740,000		740,000
Hull WI Welcome Dairy Incorporated Project Series 2010-B (IDR, Associated Bank NA LOC)		0.11			01/01/2027		3,435,000		3,435,000
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		0.37			11/01/2020		1,435,000		1,435,000
Newton WI Stecker Machine Company Incorporated Project Series 2001 (IDR, FHLB LOC)		0.17			09/01/2021		2,090,000		2,090,000
Oneida Tribe Of Indians of Wisconsin (Health Revenue, Bank of America NA LOC)		0.18			07/01/2016		6,380,000		6,380,000
Sheboygan WI Alaark Manufacturing Corporation Project Series 2000 (IDR, U.S. Bank NA LOC)		0.17			12/01/2021		1,615,000		1,615,000
Sheboygan WI Vortex Liquid Color Project (IDR, Bank First National LOC)		0.13			11/01/2020		1,340,000		1,340,000
Two Rivers WI Riverside Foods Incorporated Project (IDR, Bank First National LOC)		0.14			12/01/2022		2,100,000		2,100,000
Wisconsin HEFA St. Camillus Health Center Project Series 2005 (Health Revenue, U.S. Bank NA LOC)		0.08			02/01/2035		2,275,000		2,275,000
Wisconsin Housing & EDFA Series 2879 (Housing Revenue, GO of Authority Insured)		0.25			03/01/2015		2,070,000		2,070,000
Wisconsin Housing & EDFA Zero Zone Incorporated Project Series 1999 (IDR, U.S. Bank NA LOC)		0.24			08/01/2019		3,420,000		3,420,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC-CR AMBAC Insured)		0.16			07/01/2013		10,290,000		10,290,000
Wisconsin State HEFA Aurora Health Care Series A (Hospital Revenue, Bank of Montreal LOC)		0.24			04/01/2028		3,300,000		3,300,000
									70,100,000
Wyoming: 0.15%
Variable Rate Demand Note§: 0.15%
Wyoming Student Loan Corporation (Education Revenue, Royal Bank of Canada LOC)		0.08			12/01/2043		3,850,000		3,850,000

Total Investments in Securities
(Cost $2,348,282,451)*	91.30	%		2,348,282,451
Other Assets and Liabilities, Net	8.70			223,832,336
Total Net Assets	100.00	%	$	2,572,114,787

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 27

§ These securities are subject to a demand feature which reduces the effective maturity.

†† Security 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.

(q) Credit enhancement is provided by an affiliate.

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

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

28 Wells Fargo Advantage Municipal Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	2,348,282,451
Cash		133,636,004
Receivable for investments sold		88,747,448
Receivable for Fund shares sold		1,198,491
Receivable for interest		1,545,056
Receivable from adviser		1,605,594
Prepaid expenses and other assets		379,457
Total assets		2,575,394,501
Liabilities
Dividends payable		3,614
Payable for Fund shares redeemed		443,147
Distribution fees payable		687,358
Due to other related parties		551,648
Trustees’ fees and expenses payable		200,918
Shareholder reporting expense		135,584
Shareholder servicing fees payable		577,861
Accrued expenses and other liabilities		679,584
Total liabilities		3,279,714
Total net assets	$	2,572,114,787
NET ASSETS CONSIST OF
Paid-in capital	$	2,572,135,896
Overdistributed net investment income		(123,932	)
Accumulated net realized gains on investments		102,823
Total net assets	$	2,572,114,787
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	114,831,940
Shares outstanding – Class A		114,834,030
Net asset value per share – Class A		$1.00
Net assets – Institutional Class	$	52,998,068
Shares outstanding – Institutional Class		53,000,063
Net asset value per share – Institutional Class		$1.00
Net assets – Investor Class	$	190,364,500
Shares outstanding – Investor Class		190,366,868
Net asset value per share – Investor Class		$1.00
Net assets – Service Class	$	108,548,455
Shares outstanding – Service Class		108,550,260
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	2,105,371,824
Shares outstanding – Sweep Class		2,105,415,049
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 29

Investment income
Interest	$	4,394,446
Expenses
Advisory fee		4,842,120
Administration fees
Fund level		857,845
Class A		130,021
Institutional Class		27,523
Investor Class		247,666
Service Class		62,819
Sweep Class		3,235,712
Shareholder servicing fees
Class A		146,207
Investor Class		246,704
Service Class		130,151
Sweep Class		3,676,946
Distribution fees
Sweep Class		5,147,724
Custody and accounting fees		96,461
Professional fees		21,970
Registration fees		5,000
Shareholder report expenses		77,862
Trustees’ fees and expenses		49,018
Other fees and expenses		134,706
Total expenses		19,136,455
Less: Fee waivers and/or expense reimbursements		(14,936,673	)
Net expenses		4,199,782
Net investment income		194,664
Net realized gains on investments		69,297
Net increase in net assets resulting from operations	$	263,961

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

30 Wells Fargo Advantage Municipal Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111
Operations
Net investment income				$	194,664					$	323,526
Net realized gains on investments					69,297						193,881
Net increase in net assets resulting from operations					263,961						517,407
Distributions to shareholders from
Net investment income
Class A					(5,910	)					(12,772	)
Institutional Class					(26,530	)					(113,677	)2
Investor Class					(9,907	)					(10,247	)2
Service Class					(5,236	)					(14,309	)3
Sweep Class					(147,081	)					(356,908	)4
Net realized gains
Class A					0						(2,337	)
Institutional Class					0						(1,998	)2
Investor Class					0						(3,868	)2
Service Class					0						(2,281	)3
Sweep Class					0						(60,742	)4
Total distributions to shareholders					(194,664	)					(579,139	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		155,615,075			155,615,075			338,694,969			338,694,969
Institutional Class		61,039,661			61,039,661			435,018,169	2		435,018,169	2
Investor Class		30,248,360			30,248,360			45,678,331	2		45,678,331	2
Service Class		85,785,342			85,785,342			91,720,582	3		91,720,582	3
Sweep Class		4,256,399,195			4,256,399,195			12,432,288,193	4		12,432,288,193	4
					4,589,087,633						13,343,400,244
Reinvestment of distributions
Class A		5,504			5,504			16,511			16,511
Institutional Class		26,493			26,493			120,970	2		120,970	2
Investor Class		9,334			9,334			15,747	2		15,747	2
Service Class		2,390			2,390			8,208	3		8,208	3
Sweep Class		147,081			147,081			416,642	4		416,642	4
					190,802						578,078
Payment for shares redeemed
Class A		(171,330,076	)		(171,330,076	)		(357,429,599	)		(357,429,599	)
Institutional Class		(114,255,605	)		(114,255,605	)		(448,541,602	)2		(448,541,602	)2
Investor Class		(48,937,986	)		(48,937,986	)		(62,794,956	)2		(62,794,956	)2
Service Class		(73,581,856	)		(73,581,856	)		(149,853,701	)3		(149,853,701	)3
Sweep Class		(5,384,765,600	)		(5,384,765,600	)		(12,726,232,651	)4		(12,726,232,651	)4
					(5,792,871,123	)					(13,744,852,509	)

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Municipal Money Market Fund which became the accounting and performance survivor in this transaction. The information for the period prior to July 12, 2010 is that of Evergreen Municipal Money Market Fund.

2. Class commenced operations on July 9, 2010.

3. Class I shares of Evergreen Municipal Money Market Fund became Service Class shares on July 12, 2010.

4. Class S shares of Evergreen Municipal Money Market Fund became Sweep Class shares on July 12, 2010.

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

Statements of Changes in Net Assets Wells Fargo Advantage Municipal Money Market Fund 31

	Six Months Ended July 31, 2011 (Unaudited)				Year Ended January 31, 20111
Capital share transactions (continued)
Net asset value of shares issued in acquisition
Class A		$	0			$	100,000
Institutional Class			0				119,591,229
Investor Class			0				226,146,551
Service Class			0				100,000
Sweep Class			0				100,000
			0				346,037,780
Net decrease in net assets resulting from capital share transactions			(1,203,592,688	)			(54,836,407	)
Total decrease in net assets			(1,203,523,391	)			(54,898,139	)
Net assets
Beginning of period			3,775,638,178				3,830,536,317
End of period		$	2,572,114,787			$	3,775,638,178
Overdistributed net investment income		$	(123,932	)		$	(123,932	)

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

32 Wells Fargo Advantage Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Class A				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Net realized gains on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net realized gains		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.08	%		1.63	%		2.97	%		2.80	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.84	%		0.86	%		0.84	%		0.85	%		0.86	%
Net expenses		0.24	%		0.35	%		0.61	%		0.81	%		0.82	%		0.83	%
Net investment income		0.01	%		0.01	%		0.09	%		1.58	%		2.92	%		2.75	%
Supplemental data
Net assets, end of period (000’s omitted)		$114,832			$130,539			$149,162			$329,511			$391,651			$401,369

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class A of Evergreen Municipal Money Market Fund.

2. Amount is less than $0.005.

3. Returns for periods less than one year are not annualized.

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

Financial Highlights Wells Fargo Advantage Municipal Money Market Fund 33

(For a share outstanding throughout each period)

Institutional Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.03	%		0.09	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.45	%
Net expenses		0.19	%		0.20	%
Net investment income		0.08	%		0.16	%
Supplemental data
Net assets, end of period (000’s omitted)		$52,998			$106,186

1. For the period from July 9, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

3. Returns for periods less than one year are not annualized.

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

34 Wells Fargo Advantage Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

Investor Class	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.89	%
Net expenses		0.24	%		0.35	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$190,365			$209,041

1. For the period from July 9, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

3. Returns for periods less than one year are not annualized.

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

Financial Highlights Wells Fargo Advantage Municipal Money Market Fund 35

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Service Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Net realized gains on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net realized gains		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.20	%		1.94	%		3.28	%		3.11	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.64	%		0.56	%		0.54	%		0.55	%		0.56	%
Net expenses		0.24	%		0.35	%		0.46	%		0.51	%		0.52	%		0.53	%
Net investment income		0.01	%		0.01	%		0.23	%		1.88	%		3.22	%		3.06	%
Supplemental data
Net assets, end of period (000’s omitted)		$108,548			$96,341			$154,410			$265,743			$363,542			$375,326

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen Municipal Money Market Fund.

2. Amount is less than $0.005.

3. Returns for periods less than one year are not annualized.

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

36 Wells Fargo Advantage Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Sweep Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.03			0.02
Net realized gains on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.02	)
Net realized gains		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.03	%		1.34	%		2.67	%		2.50	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.15	%		1.15	%		1.15	%		1.16	%
Net expenses		0.25	%		0.35	%		0.63	%		1.11	%		1.12	%		1.13	%
Net investment income		0.01	%		0.01	%		0.03	%		1.29	%		2.50	%		2.46	%
Supplemental data
Net assets, end of period (000’s omitted)		$2,105,372			$3,233,532			$3,527,022			$2,485,601			$1,731,950			$337,019

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class S of Evergreen Municipal Money Market Fund.

2. Amount is less than $0.005.

3. Returns for periods less than one year are not annualized.

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 37

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Municipal Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share

38 Wells Fargo Advantage Municipal Money Market Fund Notes to Financial Statements (Unaudited)

dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.28% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Institutional Class		0.08
Investor Class		0.25
Service Class		0.12

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 39

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Investor Class, Service Class and Sweep Class of each applicable Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITION

After the close of business on July 9, 2010, the Fund, which is the legal survivor, acquired the net assets of Evergreen Municipal Money Market Fund, the accounting and performance survivor. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of all of the shares of Evergreen Municipal Money Market Fund. Shareholders holding Class A, Class S and Class I shares of Evergreen Municipal Money Market Fund received Class A, Sweep Class and Service Class, respectively, of the Fund in the reorganization. The exchange ratio and number of shares issued to the Evergreen Municipal Money Market Fund were as follows:

Acquired Fund	Exchange Ratio		Number of Shares Issued
Evergreen Municipal Money Market Fund		1.00		133,242,290	Class A
		1.00		3,408,031,308	Sweep Class
		1.00		128,556,109	Service Class

The investment portfolio of the Fund with a fair value of $345,316,204 and amortized cost of $345,316,204 at July 9, 2010 were the principal assets acquired by the accounting and performance survivor. The shares and net assets of the Fund immediately prior to the acquisition were 346,040,015 shares and $346,037,780. The aggregate net assets of Evergreen Municipal Money Market Fund immediately prior to the acquisition were $3,669,614,294. The aggregate net assets of the Fund immediately after the acquisition were $4,015,652,074. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Fund was carried forward to align ongoing reporting the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed February 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended January 31, 2011 would have been:

Net investment income	$	535,222
Net realized gains on investments	$	191,695
Net increase in net assets resulting from operations	$	726,917

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

40 Wells Fargo Advantage Municipal Money Market Fund Notes to Financial Statements (Unaudited)

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

Other Information (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 41

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

42 Wells Fargo Advantage Municipal Money Market Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Other Information (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 43

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

44 Wells Fargo Advantage Municipal Money Market Fund Other Information (Unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Municipal Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital Management about various topics, including Funds Management’s oversight of service providers. The above factors,

Other Information (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 45

together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

46 Wells Fargo Advantage Municipal Money Market Fund Other Information (Unaudited)

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Other Information (Unaudited) Wells Fargo Advantage Municipal Money Market Fund 47

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

48 Wells Fargo Advantage Municipal Money Market Fund List of Abbreviations

The following is a list of common abbreviations for terms and entities which may have appeared in this report.

ABAG —  Association of Bay Area Governments

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204804 09-11 SA308/SAR308 7-11

Wells Fargo Advantage

National Tax-Free Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	28
Statement of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	36
Other Information	40
List of Abbreviations	47

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage National Tax-Free Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage National Tax-Free Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage National Tax-Free Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage National Tax-Free Money Market Fund Letter to Shareholders

classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

January 7, 1988

SECTOR DISTRIBUTION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²
(AS OF JULY 31, 2011)

11 Days

WEIGHTED AVERAGE FINAL MATURITY³
(AS OF JULY 31, 2011)

11 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage National Tax-Free Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (NWMXX)		07/28/2003		0.00		0.01		1.20		1.21		0.64%		0.64%
Administrator Class (WNTXX)		04/11/2005		0.01		0.02		1.41		1.44		0.37%		0.30%
Institutional Class (WFNXX)		11/08/1999		0.03		0.09		1.50		1.57		0.25%		0.20%
Service Class (MMIXX)		08/03/1993		0.00		0.01		1.31		1.37		0.54%		0.45%
Sweep Class		06/30/2010		0.00		0.01		1.20		1.25		0.99%		0.99%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Administrator Class		Institutional Class		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Class A shares, and has not been adjusted to include the higher expenses applicable to the Sweep Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for Class A shares prior to their inception reflects the performance of the Service Class shares, and is adjusted to reflect the higher expenses applicable to Class A shares.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through May 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.65% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class and 1.05% for Sweep Class. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.52)%, (0.25)%, (0.13)%, (0.42)% and (0.87)% for Class A, Administrator Class, Institutional Class, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage National Tax-Free Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	1.09		0.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10		0.22	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	1.09		0.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10		0.22	%
Institutional Class
Actual	$	1,000.00	$	1,000.27	$	0.84		0.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	0.85		0.17	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.09		0.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10		0.22	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 91.80%
Alabama: 3.69%
Variable Rate Demand Notes§: 3.69%
Homewood AL Educational Building Authority (Education Revenue, Branch Banking & Trust LOC)		0.08	%		12/01/2043	$	10,000,000	$	10,000,000
Lower Alabama Gas District Supply Revenue Series A (Utilities Revenue, Societe Generale LOC)		0.13			11/01/2027		55,000,000		55,000,000
Mobile AL Downtown RDA Gulf Opportunity Zone Austal USA LLC Project Series A (IDR, National Australia Bank LOC)		0.07			05/01/2041		12,200,000		12,200,000
Mobile AL Downtown RDA Gulf Opportunity Zone Austal USA LLC Project Series B (IDR)		0.07			05/01/2041		12,000,000		12,000,000
Mobile AL Industrial Development Board Alabama Power Company Project Series C (Utilities Revenue)		0.05			08/01/2017		12,000,000		12,000,000
Mobile AL Infirmary Health System Special Care Facilities Series A (Hospital Revenue, Bank of Nova Scotia LOC)		0.07			02/01/2040		6,300,000		6,300,000
Mobile County AL IDA Series B (Energy Revenue, Svenska HandelsBanken LOC)		0.07			07/01/2040		22,500,000		22,500,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		30,463,000		30,463,000
Tuscaloosa County AL IDA Tax Exempt Gulf Opportunity Zone Hunt Refining Project Series 2008-C (Energy Revenue, JPMorgan Chase Bank LOC)		0.08			12/01/2027		10,000,000		10,000,000
									170,463,000
Alaska: 0.84%
Variable Rate Demand Notes§: 0.84%
Alaska Housing Finance Corporation Series 2006-0022 (Housing Revenue, U.S. Bank NA LOC)		0.07			12/01/2030		14,825,000		14,825,000
Alaska State Housing Finance Corporation PUTTER Series DB-507 (Housing Revenue, FGIC GO of Corporation Insured)		0.08			12/01/2034		8,455,000		8,455,000
Alaska State Housing Finance Corporation PUTTER Series DB-532 (Housing Revenue, NATL-RE GO of Corporation Insured)		0.08			12/01/2041		15,625,000		15,625,000
									38,905,000
Arizona: 1.09%
Variable Rate Demand Notes§: 1.09%
Maricopa County AZ IDA Gran Victoria Housing LLC Project A (Housing Revenue, FNMA Insured)		0.08			04/15/2030		10,400,000		10,400,000
Mesa AZ Utility System PUTTER (Utilities Revenue, State Street Bank LOC)		0.08			07/01/2024		35,055,000		35,055,000
Pima County AZ IDA Charter School Delaware Military Academy Project Series 2008 (Education Revenue, PNC Bank NA LOC)		0.14			09/01/2038		4,900,000		4,900,000
									50,355,000
California: 4.17%
Other Municipal Debt: 0.29%
San Diego County CA School District TRAN Series B-1 (Tax Revenue, GO of Participants Insured)		2.00			01/31/2012		3,500,000		3,526,637
San Joaquin County CA COP Series A (Miscellaneous Revenue)		0.09			08/09/2011		10,000,000		10,000,000
									13,526,637

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§: 3.88%
California Infrastructure & Economic Development Bank Pacific Gas & Electric Series C (Electric Utilities, Sumitomo Mitsui Banking LOC)		0.23	%		12/01/2016	$	8,400,000	$	8,400,000
California Infrastructure & Economic Development Bank ROC RR II R-11527 (Transportation Revenue, AMBAC Insured)		0.11			07/01/2030		3,145,000		3,145,000
California PCFA Hilmar Cheese Company Project Series 20 (Miscellaneous Revenue, Bank of the West LOC)		0.07			11/01/2034		9,695,000		9,695,000
California State Series A3 (GO-State, Bank of Montreal LOC)		0.21			05/01/2033		1,550,000		1,550,000
California Statewide CDA Gas Supply (Energy Revenue, Royal Bank of Canada SPA)		0.07			11/01/2040		100,000		100,000
Campton CA USD 2002 Election Series D PUTTER DB-362 (GO-Local, AMBAC Insured)		0.08			06/01/2022		18,020,000		18,020,000
Deutsche Bank Spears Lifers Trust Series 445 (GO-Local, FSA Insured)		0.08			08/01/2032		11,570,000		11,570,000
Deutsche Bank Spears Lifers Trust Series DB-477 (GO-Local, FSA FGIC AMBAC Insured)		0.08			12/01/2024		10,000,000		10,000,000
Deutsche Bank Spears Lifers Trust Series DBE-247 (Tax Revenue, FGIC Insured)		0.08			12/01/2030		26,355,000		26,355,000
Golden State CA Tobacco Securitization Corporation Tobacco Settlement ROC RR II R-11442 (Tobacco Revenue, AGC-ICC Insured)		0.28			06/01/2035		3,055,000		3,055,000
JP Morgan Chase PUTTER/DRIVER Trust Series 3931 (Tax Revenue)		0.21			08/12/2012		6,250,000		6,250,000
JPMorgan Chase PUTTER Series 3934 (Miscellaneous Revenue)††		0.20			08/07/2012		15,000,000		15,000,000
Kings County CA Housing Authority Edgewater Apartments Series A (Housing Revenue, FNMA Insured)		0.08			02/15/2031		7,310,000		7,310,000
Metropolitan Water District Southern California Series A-1 (Water & Sewer Revenue)		0.10			07/01/2036		6,500,000		6,500,000
Orange County CA Apartment Development Revenue Series D Harbor Point Project (Housing Revenue, FHLMC Insured)		0.16			12/01/2022		4,000,000		4,000,000
Sacramento County CA River Pointe Housing Authority Apartments Series B (Housing Revenue, FNMA LOC, FNMA Insured)		0.10			08/15/2027		10,000,000		10,000,000
San Francisco CA City & County RDA Fillmore Center Series B1 (Housing Revenue, FHLMC Insured)		0.10			12/01/2017		8,600,000		8,600,000
Sweetwater CA Union High School District ROC RR II-11484 (GO-Local, FSA Insured)		0.20			02/01/2013		1,880,000		1,880,000
Vacaville CA MFHR Quail Run Project Series A (Housing Revenue, FNMA Insured)		0.09			07/15/2018		7,300,000		7,300,000
Victorville CA Joint Powers Finance Authority Project A (Utilities Revenue, BNP Paribas LOC)		1.35			05/01/2040		20,490,000		20,490,000
									179,220,000
Colorado: 1.43%
Variable Rate Demand Notes§: 1.43%
Aurora CO Centretech Metropolitan District Remarketing Series A (GO-Local, U.S. Bank NA LOC)		0.13			12/01/2028		2,995,000		2,995,000
Aurora CO Centretech Metropolitan District Remarketing Series B (GO-Local, U.S. Bank NA LOC)		0.13			12/01/2017		2,765,000		2,765,000
Colorado ECFA National Jewish Program F-2 (Miscellaneous Revenue, Northern Trust Company LOC)		0.20			07/01/2041		2,080,000		2,080,000
Colorado Health Facilities Authority Crossroads Maranatha Projects (Health Revenue, U.S. Bank NA LOC)		0.06			12/01/2043		5,800,000		5,800,000
Commerce City CO Northern Infrastructure General Improvement District (GO-Local, U.S. Bank NA LOC)		0.13			12/01/2028		5,000,000		5,000,000
Commerce City CO Northern Infrastructure General Improvement District (GO-Local, U.S. Bank NA LOC)		0.13			12/01/2038		8,625,000		8,625,000
Cornerstone CO Metropolitan District #2 (Tax Revenue, Bank of America NA LOC)		0.14			12/01/2046		6,090,000		6,090,000

10 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Denver CO City & County Cottonwood Creek Series A (Housing Revenue, FHLMC Insured)		0.08	%		04/15/2014	$	6,850,000	$	6,850,000
Meridian Ranch CO Metropolitan District GO Series 2009 (GO-Local, U.S. Bank NA LOC)		0.13			12/01/2038		4,270,000		4,270,000
Mountain Village CO Housing Authority Facilities Remarketing Project (Housing Revenue, U.S. Bank NA LOC)		0.13			11/01/2040		6,440,000		6,440,000
South Glenn CO Metropolitan District (Tax Revenue, BNP Paribas LOC)		0.14			12/01/2030		11,010,000		11,010,000
Southeast CO Public Improvement Metropolitan District (GO-Local, U.S. Bank NA LOC)		0.13			11/15/2034		4,030,000		4,030,000
									65,955,000
Delaware: 0.44%
Variable Rate Demand Notes§: 0.44%
Delaware State EDA YMCA Delaware Projects (Miscellaneous Revenue, PNC Bank NA LOC)		0.14			05/01/2036		3,900,000		3,900,000
Delaware State Health Facilities Authority Series B (Hospital Revenue, PNC Bank NA LOC)		0.06			07/01/2039		9,730,000		9,730,000
University of Delaware (Education Revenue)		0.26			11/01/2035		6,550,000		6,550,000
									20,180,000
District of Columbia: 0.65%
Other Municipal Debt: 0.54%
District of Columbia TRAN (GO-State)		2.00			09/30/2011		25,000,000		25,068,273
Variable Rate Demand Note§: 0.11%
District of Columbia Wesley Theological Seminary Issue Series 2008-A (Education Revenue, PNC Bank NA LOC)		0.08			12/01/2048		4,815,000		4,815,000
Florida: 3.42%
Other Municipal Debt: 0.09%
Hillsborough County FL School Board COP Master Lease Series A (Lease Revenue, Wells Fargo Bank NA LOC, NATL-RE Insured)(q)		0.18			08/25/2011		4,000,000		4,000,000
Variable Rate Demand Notes§: 3.33%
Clay County FL DRIVER Trust Series 3439 (Water & Sewer Revenue, FSA-CR XLCA Insured)††		0.22			11/01/2015		3,700,000		3,700,000
Eclipse Funding Trust 2006-0002-Solar Eclipse (Tax Revenue, U.S. Bank NA LOC)		0.07			03/01/2014		9,975,000		9,975,000
Florida Gulf Coast University Finance Corporation Parking Project Series A (Miscellaneous Revenue, Harris NA LOC)		0.08			02/01/2039		7,835,000		7,835,000
Florida HEFAR Ringling College (Education Revenue, PNC Bank NA LOC)		0.06			03/01/2038		6,895,000		6,895,000
Florida HFA (Housing Revenue, FHLMC Insured)		0.10			12/01/2013		7,100,000		7,100,000
Highlands County FL HFFA Hospital Adventist Health Systems Project Series 2003-C (Hospital Revenue)		0.05			11/15/2021		12,095,000		12,095,000
Highlands County Health Facilities Authority (Hospital Revenue, PNC Bank NA LOC)		0.06			11/15/2012		3,865,000		3,865,000
Hillsborough County FL School Board COP Series C (Lease Revenue, Wells Fargo Bank NA LOC, NATL-RE Insured)(q)		0.24			07/01/2030		590,000		590,000
Jea FL Electrical System Revenue (Utilities Revenue, Bank of Montreal LOC)		0.07			10/01/2035		16,000,000		16,000,000
Lee Memorial Health Services Florida Project Series 3088 (Hospital Revenue)††		0.08			04/01/2037		20,035,000		20,035,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Miami-Dade County FL COP Series 2008-1119X (Housing Revenue, Assured Guaranty Insured)		0.11	%		05/01/2033	$	5,000,000	$	5,000,000
Miami-Dade County FL Special Obligation Capital Asset Acquisition Series A PUTTER DBE-538 (Tax Revenue, AMBAC Insured)		0.08			04/01/2027		4,475,000		4,475,000
Orange County FL HFFA Adventist Health System (Health Revenue)		0.06			11/15/2026		15,000,000		15,000,000
Orange County FL School Board COP Series E (Lease Revenue, Wells Fargo Bank NA LOC)(q)		0.24			08/01/2022		2,000,000		2,000,000
Orlando FL Utilities Commission Series A (Utilities Revenue)		0.19			10/01/2027		6,745,000		6,745,000
Palm Beach County FL Children’s Home Project (Miscellaneous Revenue, Bank of America NA LOC)		0.18			05/01/2038		4,025,000		4,025,000
Palm Beach County FL Jupiter Medical Center Incorporated Series B (Hospital Revenue, TD Bank NA LOC)		0.08			08/01/2020		6,015,000		6,015,000
Palm Beach County FL Norton Gallery Incorporated (Miscellaneous Revenue, Northern Trust Company LOC, GO of Institution Insured)		0.11			05/01/2025		1,465,000		1,465,000
Palm Beach County FL Zoological Society Incorporated Project (Miscellaneous Revenue, Northern Trust Company LOC)		0.08			05/01/2031		2,500,000		2,500,000
Polk County FL IDA HCFR Winter Haven Hospital Series B (Hospital Revenue, PNC Bank NA LOC)		0.06			09/01/2034		5,400,000		5,400,000
Polk County FL IDA HCFR Winter Haven Hospital Series C (Hospital Revenue, PNC Bank NA LOC)		0.06			09/01/2036		4,570,000		4,570,000
PFOTER 4703 (Health Revenue)††		0.11			11/15/2036		4,300,000		4,300,000
Sarasota County FL Planned Parenthood Incorporated Project (Miscellaneous Revenue, Harris NA LOC)		0.11			10/01/2041		4,290,000		4,290,000
									153,875,000
Georgia: 2.39%
Variable Rate Demand Notes§: 2.39%
Atlanta GA Airport Passenger Facility Charge (Airport Revenue, FSA Insured)		0.23			01/01/2013		12,650,000		12,650,000
Atlanta GA Development Authority Perkins Will Incorporated Project (Miscellaneous Revenue, Harris NA LOC)		0.10			11/01/2030		3,580,000		3,580,000
Clipper Tax-Exempt Certified Trust Series 2007-10 (Housing Revenue)		0.11			01/01/2016		8,795,000		8,795,000
Fulton County GA Development Authority Shepherd Center (Hospital Revenue, FHLB LOC)		0.07			09/01/2035		13,055,000		13,055,000
Fulton County GA Development Authority The Lovett School Project Series 2008 (Education Revenue, FHLB LOC)		0.07			04/01/2033		11,700,000		11,700,000
Gwinnett County GA Development Authority Goodwill North GA Incorporated Project (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.09			10/01/2033		5,000,000		5,000,000
Gwinnett County GA Hospital Authority Series A (Hospital Revenue, FHLB LOC)		0.07			07/01/2036		9,690,000		9,690,000
Gwinnett County GA School District PUTTER Series 2007-1011 (Housing Revenue, GO of Authority Insured)		0.11			07/01/2041		2,830,000		2,830,000
Macon-Bibb County GA Hospital Authority Anticipation Note Medical Center Series B (Hospital Revenue, Branch Banking & Trust LOC)		0.08			07/01/2028		5,450,000		5,450,000
Main Street Natural Gas Incorporated Gas Project Series A (Utilities Revenue)		0.08			08/01/2040		23,685,000		23,685,000
Private Colleges & Universities Authority of Georgia Mercer University Project Series 2003 (Education Revenue, Branch Banking & Trust LOC)		0.08			10/01/2032		8,630,000		8,630,000
Private Colleges & Universities Authority of Georgia Mercer University Project Series 2006-A (Education Revenue, Branch Banking & Trust LOC)		0.08			10/01/2036		5,500,000		5,500,000
									110,565,000

12 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Idaho: 0.22%
Variable Rate Demand Note§: 0.22%
Jerome County ID Economic Development Corporation Davisco Foods International Project Series 2009 (Miscellaneous Revenue, Bank of Montreal LOC)		0.07	%		12/01/2029	$	10,000,000	$	10,000,000
Illinois: 10.58%
Variable Rate Demand Notes§: 10.58%
Aurora IL Economic Development Aurora University (Education Revenue, Harris Trust & Savings Bank LOC)		0.10			03/01/2035		4,225,000		4,225,000
Austin Trust Series 2008-1098 (Hospital Revenue, Assured Guaranty Insured)		0.14			08/15/2047		16,682,000		16,682,000
Branch Bank & Trust Municipal Trust Series 5001 (Lease Revenue, RaboBank International LOC) ††		0.17			06/01/2020		7,125,000		7,125,000
Chicago IL Series ZC-1 (GO-Local, FGIC Insured)		0.14			01/01/2023		28,100,000		28,100,000
Chicago IL ROC RR II R-11940 (Tax Revenue)††		0.13			07/01/2028		4,000,000		4,000,000
Chicago IL ROC RR II R-720PB (Water & Sewer Revenue, FSA-CR FGIC Insured)		0.15			01/01/2015		8,970,000		8,970,000
Chicago IL Series 3190 (GO-Local)††		0.08			01/01/2034		5,000,000		5,000,000
Chicago IL Subseries 04-3 (Water & Sewer Revenue, State Street Bank & Trust Company LOC)		0.06			11/01/2031		3,180,000		3,180,000
Chicago IL Various Neighborhoods Alive 21-B-3 (GO-Local, Bank of America NA LOC)		0.26			01/01/2037		8,000,000		8,000,000
Cook County IL (GO-Local, FSA-CR AMBAC Insured)††		0.11			11/15/2011		49,500,000		49,500,000
Deutsche Bank Spears/Lifers Trust Series DB-483 (Miscellaneous Revenue, NATL-RE Insured)		0.08			01/01/2037		13,100,000		13,100,000
Deutsche Bank Spears/Lifers Trust Series DB-494 (Miscellaneous Revenue, FGIC Insured)		0.08			01/01/2029		14,960,000		14,960,000
Deutsche Bank Spears/Lifers Trust Series DB-601 (Miscellaneous Revenue)		0.08			07/01/2046		8,000,000		8,000,000
Eagle Tax Exempt Trust (Tax Revenue, FSA GO of Authority Insured)††		0.12			06/01/2025		9,900,000		9,900,000
Eclipse Funding Trust (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			05/01/2014		29,815,000		29,815,000
Eclipse Funding Trust (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			01/01/2030		11,260,000		11,260,000
Illinois Development Finance Authority (Miscellaneous Revenue, Bank of America NA LOC)		0.22			01/01/2029		3,803,000		3,803,000
Illinois Development Finance Authority Aurora Central Catholic High School (Education Revenue, JPMorgan Chase Bank LOC)		0.09			04/01/2024		4,045,000		4,045,000
Illinois Development Finance Authority Chicago Academy of Sciences (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.09			01/01/2033		5,480,000		5,480,000
Illinois Development Finance Authority Cook Communications Project (Miscellaneous Revenue, Bank of America NA LOC)		0.27			03/01/2017		4,500,000		4,500,000
Illinois Development Finance Authority Lake Forest Academy (Education Revenue, Northern Trust Company LOC)		0.09			12/01/2024		1,000,000		1,000,000
Illinois Development Finance Authority McCormick Theological Project B (Education Revenue, Northern Trust Company LOC)		0.08			06/01/2035		22,435,000		22,435,000
Illinois Development Finance Authority Presbyterian Homes Project (Health Revenue, Northern Trust Company LOC)		0.09			04/01/2035		9,000,000		9,000,000
Illinois Development Finance Authority St. Ignatius College (Education Revenue, Northern Trust Company LOC)		0.09			06/01/2024		10,000,000		10,000,000
Illinois Development Finance Authority YMCA Metropolitan Chicago Project (Miscellaneous Revenue, Harris Trust & Savings Bank LOC)		0.08			06/01/2029		23,700,000		23,700,000
Illinois Educational Facilities Authority Chicago Zoological Society Series B (Miscellaneous Revenue)		0.09			12/15/2025		5,000,000		5,000,000
Illinois Educational Facilities Authority Newberry Library Project (Miscellaneous Revenue, Northern Trust Company LOC)		0.08			03/01/2028		250,000		250,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Illinois Finance Authority Children’s Museum (Miscellaneous Revenue, Northern Trust Company LOC)		0.09	%		07/01/2034	$	1,970,000	$	1,970,000
Illinois Finance Authority DRIVER Trust Series 3420 (Tax Revenue, Assured Guaranty Insured)††		0.12			01/01/2016		3,300,000		3,300,000
Illinois Finance Authority Elmhurst Memorial Healthcare Series D (Hospital Revenue, Northern Trust Company LOC)		0.06			01/01/2048		8,600,000		8,600,000
Illinois Finance Authority Lake Forest Country Day School Project (Education Revenue, Northern Trust Company LOC)		0.09			07/01/2035		12,750,000		12,750,000
Illinois Finance Authority Loyola Academy (Education Revenue, JPMorgan Chase Bank LOC)		0.09			10/01/2037		11,500,000		11,500,000
Illinois Finance Authority Presbyterian Homes (Health Revenue, Northern Trust Company LOC)		0.09			09/01/2024		22,605,000		22,605,000
Illinois Finance Authority Richard H. Driehaus Museum (Miscellaneous Revenue, Northern Trust Company LOC)		0.09			02/01/2035		10,100,000		10,100,000
Illinois Finance Authority Southern Illinois Healthcare (Hospital Revenue, Bank of Nova Scotia LOC)		0.06			03/01/2038		9,020,000		9,020,000
Illinois Finance Authority The Catherine Cook School Project (Education Revenue, Northern Trust Company LOC)		0.09			01/01/2037		5,820,000		5,820,000
Illinois Metropolitan Pier & Exposition Authority Series 3217 (Tax Revenue)		0.08			06/15/2050		7,500,000		7,500,000
Illinois Metropolitan Pier & Exposition Authority Series 3220 (Tax Revenue)††		0.08			06/15/2050		27,900,000		27,900,000
Illinois Metropolitan Pier & Exposition Authority Series 3221 (Tax Revenue)††		0.08			06/15/2050		12,500,000		12,500,000
Illinois State Toll Highway Authority A 2A (Transportation Revenue, Bank of Tokyo-Mitsubishi UFJ LOC)		0.10			07/01/2030		9,000,000		9,000,000
Schaumburg IL GO ROC RR II R-11698 (GO-Local, BHAC-CR FGIC Insured)††		0.11			12/01/2032		400,000		400,000
Springfield IL PUTTER Series 1314 (Utilities Revenue, BHAC-CR MBIA Insured)		0.12			03/01/2014		13,575,000		13,575,000
Warren County IL Monmouth College Project (Education Revenue, PNC Bank NA LOC)		0.08			12/01/2032		9,145,000		9,145,000
Will County IL Deutsche Bank Spears-Lifers Trust (Education Revenue, FSA Insured)		0.08			11/01/2023		12,155,000		12,155,000
									488,870,000
Indiana: 2.51%
Variable Rate Demand Notes§: 2.51%
Clipper Tax-Exempt Certified Trust Series 2007-02 (Lease Revenue)		0.11			07/01/2023		26,140,000		26,140,000
Indiana Finance Authority Community Health Network Project 8 (Hospital Revenue, PNC Bank NA LOC)		0.06			07/01/2039		8,800,000		8,800,000
Indiana Finance Authority Hospital Indiana University Health Series G (Hospital Revenue, Bank of Mellon LOC)		0.04			03/01/2021		10,000,000		10,000,000
Indiana Finance Authority Northshore Health Center Project (Health Revenue, Harris NA LOC)		0.11			07/01/2038		5,205,000		5,205,000
Indiana Finance Authority Parkview Health System Obligation C (Hospital Revenue, PNC Bank NA LOC)		0.05			11/01/2039		5,250,000		5,250,000
Indianapolis IN Canal Square Apartments (Housing Revenue, FHLMC Insured)		0.09			04/01/2033		11,905,000		11,905,000
Indianapolis IN Industrial MFHR Washington Pointe Project A (Housing Revenue, Fleet National Bank LOC)		0.11			04/15/2039		8,430,000		8,430,000
Indianapolis Local Public Improvement Bond Bank ROC RR 11 R-1179 (Water & Sewer Revenue, Assured Guaranty Insured)††		0.20			01/01/2017		24,825,000		24,825,000
RBC Municipal Products Incorporated Trust Series E-23 (Miscellaneous Revenue, Royal Bank of Canada LOC)††		0.08			03/01/2036		5,000,000		5,000,000
Valparaiso IN Economic Development Pines Village Retirement Community Project Series 2008 (Health Revenue, Centier Bank LOC)		0.11			05/01/2038		10,395,000		10,395,000
									115,950,000

14 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Iowa: 0.78%
Variable Rate Demand Notes§: 0.78%
Iowa Finance Authority Cedarwood Hills Project Series A (Housing Revenue)		0.15	%		05/01/2031	$	2,960,000	$	2,960,000
Iowa Higher Education Loan Authority Private College Dubuque Project (Education Revenue, Northern Trust Company LOC)		0.33			05/01/2029		6,370,000		6,370,000
Iowa Higher Education Loan Authority Private College Project (Education Revenue, JPMorgan Chase Bank LOC)		0.33			10/01/2038		3,695,000		3,695,000
Iowa Higher Education Loan Authority Private Colleges Ambrose (Education Revenue, Northern Trust Company LOC)		0.33			04/01/2033		11,540,000		11,540,000
Iowa Higher Education Loan Authority University of Dubuque (Education Revenue, Northern Trust Company LOC)		0.33			04/01/2035		11,265,000		11,265,000
									35,830,000
Kansas: 0.07%
Variable Rate Demand Note§: 0.07%
Kansas State Development Finance Authority Adventist Health Sunbelt Series C (Health Revenue, Royal Bank of Canada LOC)		0.06			11/15/2034		3,000,000		3,000,000
Kentucky: 0.95%
Other Municipal Debt: 0.23%
Kentucky Rural Water Finance Corporation Public Project Series C-1 (Water & Sewer Revenue)		1.50			12/01/2011		10,500,000		10,529,675
Variable Rate Demand Notes§: 0.72%
Fort Mitchell KY League of Cities Funding Trust Program Series A (Lease Revenue, U.S. Bank NA LOC)		0.09			10/01/2032		7,635,000		7,635,000
Kentucky EDFA Hospital Ashland Hospital Corporation Series B (Hospital Revenue, Branch Banking & Trust LOC)		0.09			01/01/2038		15,000,000		15,000,000
Williamstown KY League of Cities Funding Trust Lease Series 2008-A (Lease Revenue, U.S. Bank NA LOC)		0.09			07/01/2038		4,500,000		4,500,000
Williamstown KY League of Cities Funding Trust Series B (Lease Revenue, U.S. Bank NA LOC)		0.09			12/01/2038		6,395,000		6,395,000
									33,530,000
Louisiana: 2.04%
Variable Rate Demand Notes§: 2.04%
Louisiana HFA (Housing Revenue, FHLMC LOC, FHLMC Insured)		0.10			07/01/2040		4,095,000		4,095,000
Louisiana HFA Woodward (Housing Revenue, FHLMC Insured)		0.08			09/01/2033		8,955,000		8,955,000
Louisiana State Gas & Fuel Series RR-II-R 661 (Tax Revenue, FSA Insured)		0.11			05/01/2014		18,365,000		18,365,000
Parish of St. James LA Series A-1 (Energy Revenue)		0.08			11/01/2040		41,000,000		41,000,000
Parish of St. James LA Series B-1 (Energy Revenue)		0.10			11/01/2040		22,000,000		22,000,000
									94,415,000
Maine: 0.26%
Variable Rate Demand Note§: 0.26%
Maine Finance Authority Foxcroft Academy (Education Revenue, TD Bank NA LOC)		0.08			06/01/2038		12,000,000		12,000,000
Maryland: 1.77%
Other Municipal Debt: 0.99%
Montgomery County MD Series 10-A (Tax Revenue)		0.08			08/09/2011		24,750,000		24,750,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Municipal Debt (continued)
Montgomery County MD Series 10-B (Tax Revenue)		0.09	%		08/09/2011	$	15,000,000	$	15,000,000
Montgomery County MD Series 10-B (Tax Revenue)		0.10			08/09/2011		6,000,000		6,000,000
									45,750,000
Variable Rate Demand Notes§: 0.78%
Maryland CDA MFHR Hopkins Village Apartments Series 2008-F (Housing Revenue, FHLMC Insured)		0.09			11/01/2038		3,000,000		3,000,000
Maryland HEFA Johns Hopkins University Project Series 1003 (Education Revenue)		0.11			07/01/2033		6,665,000		6,665,000
Maryland HEFA Suburban Hospital (Hospital Revenue, PNC Bank NA LOC)		0.06			07/01/2029		5,790,000		5,790,000
Maryland HEFA University of Maryland Medical System Series E (Hospital Revenue, Bank of Montreal LOC)		0.08			07/01/2041		7,500,000		7,500,000
Maryland HEFA University of Maryland Medicine System Series D (Hospital Revenue, TD Bank NA LOC)		0.21			07/01/2041		8,000,000		8,000,000
Montgomery County MD Housing Opportunities Series 2002-C (Housing Revenue, FNMA LOC, GO of Commonwealth Insured)		0.08			11/01/2032		5,000,000		5,000,000
									35,955,000
Massachusetts: 1.08%
Variable Rate Demand Notes§: 1.08%
Massachusetts Development Finance Agency Boston University Series U-6E (Education Revenue, Bank of Nova Scotia LOC)		0.04			10/01/2042		13,670,000		13,670,000
Massachusetts Development Finance Agency Cushing Academy Issue (Education Revenue, TD Bank NA LOC)		0.08			03/01/2034		12,045,000		12,045,000
Massachusetts State College Building Authority Series 2 (Education Revenue, State Guaranteed)		0.17			11/01/2034		7,100,000		7,100,000
Massachusetts State Development Finance Agency Fay School Issue Series 2008 (Education Revenue, TD Bank NA LOC)		0.08			04/01/2038		5,000,000		5,000,000
Massachusetts State Development Finance Agency Shady Hill School (Education Revenue, TD Bank NA LOC)		0.08			06/01/2038		9,645,000		9,645,000
Massachusetts State Series A PUTTER (GO-State, NATL-RE FGIC Insured)††		0.14			05/01/2037		2,520,000		2,520,000
									49,980,000
Michigan: 2.60%
Other Municipal Debt: 1.25%
Michigan Finance Authority Short Aid Notes Series D-1 (Miscellaneous Revenue)		2.00			08/19/2011		5,000,000		5,002,935
Michigan Finance Authority Short Aid Notes Series D-2 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		2.00			08/22/2011		7,000,000		7,006,425
Michigan Finance Authority Short Aid Notes Series D-3 (Miscellaneous Revenue, Scotia Bank LOC)		2.00			08/22/2011		7,000,000		7,006,425
Michigan State Hospital Finance Authority Series 08-C (Health Revenue)		0.14			10/11/2011		20,000,000		20,000,000
Michigan State Hospital Finance Authority Series 08-C (Health Revenue)		0.15			08/03/2011		13,400,000		13,400,000
Michigan State Series A (GO-State)		2.00			09/30/2011		5,000,000		5,012,873
									57,428,658
Variable Rate Demand Notes§: 1.35%
Detroit MI ROC RR II R-11941 (Water & Sewer Revenue, AGM Insured)††		0.23			01/03/2028		20,980,000		20,980,000
Green Lake Township MI Economic Development Corporation (Education Revenue, Harris NA LOC)		0.20			06/01/2034		2,000,000		2,000,000

16 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Michigan State Hospital Finance Authority Ascension Health Senior Bonds (Hospital Revenue)		0.17	%		11/15/2049	$	4,000,000	$	4,000,000
Michigan State Hospital Finance Authority Ascension Health Senior Bonds (Hospital Revenue)		0.17			11/15/2049		4,200,000		4,200,000
Royal Oak MI Hospital Finance Authority PUTTER DBE-711 (Hospital Revenue)††		0.08			11/01/2035		31,275,000		31,275,000
									62,455,000
Minnesota: 4.37%
Other Municipal Debt: 0.36%
Minnesota Rural Water Finance Authority Public Projects Construction (Water & Sewer Revenue)		1.25			04/01/2012		2,800,000		2,811,113
Minnesota State Trunk Highway Series B (GO-State)		4.00			08/01/2011		2,000,000		2,000,000
University of Minnesota Series 05-A (Education Revenue)		0.13			10/05/2011		11,660,000		11,660,000
									16,471,113
Variable Rate Demand Notes§: 4.01%
Andover MN Senior Housing Presbyterian Homes Incorporated Project (Housing Revenue, FNMA Insured)		0.15			11/15/2033		7,805,000		7,805,000
Bloomington MN Bristol Village (Housing Revenue, FNMA Insured)		0.17			11/15/2032		3,125,000		3,125,000
Bloomington MN Presbyterian Homes (Housing Revenue, FHLMC Insured)		0.15			07/01/2038		4,475,000		4,475,000
Brooklyn Center MN Brookdale Corporation II Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.33			12/01/2014		500,000		500,000
Burnsville MN Berkshire Project Series A (Housing Revenue, FNMA Insured)		0.15			07/15/2030		4,145,000		4,145,000
Cohasset MN Power & Light Company Project A (IDR, LaSalle Bank NA LOC)		0.11			06/01/2020		100,000		100,000
Crystal MN MFHR Crystal Apartments Project (Housing Revenue, FHLMC Insured)		0.10			05/01/2027		3,250,000		3,250,000
Dakota County MN CDA Catholic Finance Corporation (Education Revenue, U.S. Bank NA LOC)		0.20			01/01/2012		3,475,000		3,475,000
Dakota County MN RDA (Housing Revenue, FHLMC Insured)		0.11			06/01/2029		3,685,000		3,685,000
East Grand Forks MN Solid Waste Disposal American Crystal Sugar Company Project (Miscellaneous Revenue, CoBank ACB LOC)		0.09			12/01/2021		1,000,000		1,000,000
Eden Prairie MN Eden Glen Apartments Project (Housing Revenue, FNMA Insured)		0.15			02/15/2031		990,000		990,000
Edina MN Edina Park Plaza (Housing Revenue, FHLMC Insured)		0.10			12/01/2029		3,380,000		3,380,000
Forest Lake MN Kilkenny Court Apartments Project (Housing Revenue, FNMA Insured)		0.10			08/15/2038		4,100,000		4,100,000
Inver Grove Heights MN Inver Grove Incorporated Project (Housing Revenue, FNMA Insured)		0.15			05/15/2035		10,220,000		10,220,000
Maple Grove MN MFHR Basswood Trails Project (Housing Revenue, FHLMC Insured)		0.15			03/01/2029		1,620,000		1,620,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-1 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.31			11/15/2035		3,675,000		3,675,000
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-2 (Hospital Revenue, JPMorgan Chase Bank LOC)		0.20			11/15/2035		10,900,000		10,900,000
Minneapolis & St. Paul MN Housing & RDA Health Care Facilities Series A (Hospital Revenue, AGM Insured)		0.33			08/15/2034		600,000		600,000
Minneapolis & St. Paul MN Metro Airports Commission Series A PUTTER DB-489 (Airport Revenue, AMBAC Insured)		0.08			01/01/2030		6,920,000		6,920,000
Minneapolis MN Housing Development Symphony Place Project (Housing Revenue, FHLMC Insured)		0.18			12/01/2014		500,000		500,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Minneapolis MN MacPhail Center for Music Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.33	%		08/01/2036	$	665,000	$	665,000
Minnesota State Concordia University Series P1 (Education Revenue, U.S. Bank NA LOC)		0.30			04/01/2027		955,000		955,000
Minnesota State HEFAR Carleton College Series 5G (Education Revenue, JPMorgan Chase Bank LOC)		0.06			11/01/2029		4,610,000		4,610,000
Minnesota State HEFAR Hamline University Series 6E1 (Education Revenue, Harris NA LOC)		0.09			10/01/2016		850,000		850,000
Minnesota State HEFAR MacAlester College Series 3-Z (Education Revenue, GO of Institution Insured)		0.13			03/01/2024		300,000		300,000
Minnesota State HEFAR MacAlester College Series 5-Q (Education Revenue)		0.13			03/01/2033		1,400,000		1,400,000
Minnesota State University of St. Thomas Series 4O (Education Revenue, U.S. Bank NA LOC)		0.07			10/01/2021		5,195,000		5,195,000
Minnesota State University of St. Thomas Series 5C (Education Revenue, U.S. Bank NA LOC)		0.07			04/01/2025		7,570,000		7,570,000
Minnesota State University of St. Thomas Series 6H (Education Revenue, U.S. Bank NA LOC)		0.08			10/01/2032		8,200,000		8,200,000
Minnetonka MN Housing Facilities Beacon Hill (Housing Revenue, FNMA Insured)		0.15			05/15/2034		5,850,000		5,850,000
Minnetonka MN Minnetonka Hills Apartments (Housing Revenue, FNMA Insured)		0.15			11/15/2031		2,665,000		2,665,000
Oak Park Heights MN Boutwells Landing Project (Housing Revenue, FHLMC Insured)		0.15			11/01/2035		9,300,000		9,300,000
Pine City MN State Senior Housing Agency Lakeview Project (Housing Revenue, FNMA Insured)		0.15			04/15/2036		5,700,000		5,700,000
Plymouth MN Lancaster Village Apartments Project (Housing Revenue, FNMA Insured)		0.15			09/15/2031		2,865,000		2,865,000
Rochester MN Health Care Facilities Mayo Foundation (Hospital Revenue)		0.04			08/15/2032		9,750,000		9,750,000
Spring Lake Park MN Senior Housing Oak Crest Apartments Project (Housing Revenue, FNMA Insured)		0.15			02/15/2033		1,115,000		1,115,000
St. Anthony MN Autumn Woods Housing Project (Housing Revenue, FNMA Insured)		0.15			05/15/2032		2,550,000		2,550,000
St. Cloud MN Cenracare Health Series A (Hospital Revenue, U.S. Bank NA LOC)		0.10			05/01/2042		7,200,000		7,200,000
St. Louis Park MN Knollwood Place (Housing Revenue, FHLMC Insured)		0.15			10/01/2035		11,300,000		11,300,000
St. Louis Park MN MFHR Parkshore Project (Housing Revenue, FHLMC Insured)		0.15			08/01/2034		1,045,000		1,045,000
St. Paul MN Housing & RDA Highland Ridge Project (Housing Revenue, FHLMC Insured)		0.15			10/01/2033		1,000,000		1,000,000
St. Paul MN Port Authority District Cooling Series 13-FF (IDR, Deutsche Bank AG LOC)		0.05			03/01/2029		4,080,000		4,080,000
St. Paul MN Port Authority District Heating Series 14-S ( IDR, Deutsche Bank AG LOC)		0.05			12/01/2028		3,215,000		3,215,000
St. Paul MN Port Authority District Heating Series 7-Q (IDR, Deutsche Bank AG LOC)		0.05			12/01/2028		625,000		625,000
St. Paul MN Port Authority District Series 11Dd (IDR, Deutsche Bank AG LOC)		0.05			03/01/2029		1,000,000		1,000,000
St. Paul MN Port Authority District Series 9BB (IDR, Deutsche Bank AG LOC)		0.05			03/01/2029		1,300,000		1,300,000
St. Paul MN Port Authority MFHR (Housing Revenue, FHLMC Insured)		0.15			02/01/2034		5,680,000		5,680,000
St. Paul MN Port Authority Tax Increment Westgate Office & Industrial Center Project (Tax Revenue, U.S. Bank NA LOC)		0.05			02/01/2015		4,750,000		4,750,000
									185,200,000

18 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Mississippi: 0.41%
Variable Rate Demand Note§: 0.41%
Clipper Tax-Exempt Certificate Trust Series 2007-32 (GO-State)		0.13	%		11/01/2018	$	18,960,000	$	18,960,000
Missouri: 2.25%
Other Municipal Debt: 0.24%
St. Louis County MO Special Obligation TRAN (Miscellaneous Revenue)		0.45			08/01/2011		11,000,000		11,000,000
Variable Rate Demand Notes§: 2.01%
Eclipse Funding Trust (Utilities Revenue, U.S. Bank NA LOC)		0.07			01/01/2032		12,055,000		12,055,000
Independence MO IDA The Mansions Project (Housing Revenue, FHLMC Insured)		0.09			08/01/2035		5,110,000		5,110,000
Kansas City IDA Multi Family Housing PUTTER Series DBE-712 (Housing Revenue)††		0.07			06/01/2012		9,175,000		9,175,000
Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation (IDR)		0.33			04/01/2027		250,000		250,000
Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation Series A (Miscellaneous Revenue)		0.33			04/01/2027		1,905,000		1,905,000
Missouri HEFA Washington University Project Series B (Education Revenue)		0.23			02/15/2033		4,000,000		4,000,000
Missouri State Development Finance Board Association of Municipal Utilities (Utilities Revenue, U.S. Bank NA LOC)		0.33			06/01/2033		7,440,000		7,440,000
Missouri State Development Finance Board Ewing Marion Kauffman Project Series A (Miscellaneous Revenue)		0.33			06/01/2037		9,525,000		9,525,000
Missouri State HEFA Ascension Health Series C-3 (Health Revenue)		0.06			11/15/2039		18,000,000		18,000,000
Missouri State HEFA Ranken Technical College (Education Revenue, Northern Trust Company LOC)		0.33			11/15/2031		5,250,000		5,250,000
Missouri State HEFA Southwest Baptist University Project (Education Revenue, Bank of America NA LOC)		0.33			10/01/2033		330,000		330,000
St. Louis County MO IDA Heatherbrook Gardens (Housing Revenue, U.S. Bank NA LOC)		0.28			03/01/2022		1,765,000		1,765,000
St. Louis County MO IDA Pelican Cove Project (Housing Revenue, FNMA Insured)		0.09			03/15/2034		18,000,000		18,000,000
									92,805,000
Nebraska: 0.75%
Variable Rate Demand Note§: 0.75%
Central Plains NE Nebraska Gas Project #2 Series 2009 (Utilities Revenue)		0.08			08/01/2039		34,690,000		34,690,000
Nevada: 0.38%
Variable Rate Demand Notes§: 0.38%
Las Vegas NV EDA Andre Agassi Foundation Project (Education Revenue, Bank of America NA LOC)		0.09			10/01/2035		1,705,000		1,705,000
Las Vegas NV Economic Development Keep Memory Alive Project (Miscellaneous Revenue, PNC Bank NA LOC)		0.06			05/01/2037		8,000,000		8,000,000
Reno NV Senior Lien Transportation Rail Access Corridor Project Series 2008A (Tax Revenue, Bank of New York LOC)		0.20			06/01/2042		7,865,000		7,865,000
									17,570,000
New Hampshire: 0.38%
Variable Rate Demand Notes§: 0.38%
New Hampshire HEFA Frisbie Memorial Hospital (Hospital Revenue, TD Bank NA LOC)		0.07			10/01/2036		9,550,000		9,550,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 19

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New Hampshire HEFA Tilton School (Education Revenue, TD Bank NA LOC)		0.10	%		02/01/2036	$	8,000,000	$	8,000,000
									17,550,000
New Jersey: 2.76%
Other Municipal Debt: 0.23%
North Brunswick NJ BAN (GO-Local)		1.25			08/11/2011		10,500,000		10,502,579
Variable Rate Demand Notes§: 2.53%
Austin Trust Varous States Series 2008-3302 (Miscellaneous Revenue, FSA Insured)		0.11			09/01/2032		5,800,000		5,800,000
Camden County NJ Improvement Authority Health Care Redevelopment The Cooper Health Systems Project Series 2004-B (Hospital Revenue, TD Bank NA LOC)		0.04			08/01/2032		11,880,000		11,880,000
Deutsche Bank Spears Lifers Trust Series DB-317 (Transportation Revenue, FSA Insured)		0.08			12/15/2033		1,000,000		1,000,000
Deutsche Bank Spears Trust Series Series DB-449 (Miscellaneous Revenue, FSA Insured)		0.08			12/15/2034		1,850,000		1,850,000
New Jersey EDA Gas Facility (Utilities Revenue, Bank of Tokyo-Mitsubishi UFJ LOC)		0.23			10/01/2022		18,300,000		18,300,000
New Jersey EDA Princeton School Project (Miscellaneous Revenue, PNC Bank NA LOC)		0.05			11/01/2034		4,800,000		4,800,000
New Jersey EDA The Peddie School Project Series B (Education Revenue)		0.06			02/01/2029		1,700,000		1,700,000
New Jersey HFFA Princeton Healthcare Series A (Hospital Revenue, Bank of America NA LOC)		0.10			07/01/2041		2,000,000		2,000,000
New Jersey HFFA Princeton Healthcare Series B (Hospital Revenue, TD Bank NA LOC)		0.06			07/01/2041		1,800,000		1,800,000
New Jersey HFFA Series A1 (Hospital Revenue, TD Bank NA LOC)		0.10			07/01/2014		1,000,000		1,000,000
New Jersey HFFA Various Somerset Medical Center (Hospital Revenue, TD Bank NA LOC)		0.06			07/01/2024		1,700,000		1,700,000
New Jersey Higher Education Assistance Foundation Series 1A PUTTER MT-638 (Education Revenue)††		0.11			12/01/2024		16,795,000		16,795,000
New Jersey State Transportation Trust Fund Authority PUTTER 2009-70 (Miscellaneous Revenue)		0.08			12/15/2023		43,000,000		43,000,000
Newark NJ Housing Authority Port Marine Newark Redevelopment Project PUTTER Series DBE-511 (Port Revenue, NATL-RE Insured)		0.08			01/01/2032		5,380,000		5,380,000
									117,005,000
New Mexico: 1.70%
Variable Rate Demand Notes§: 1.70%
New Mexico Educational Assistance Foundation Series 2 A-2 PUTTER (Education Revenue, Guaranteed Student Loans Insured)††		0.12			12/01/2038		23,595,000		23,595,000
New Mexico Finance Authority State Subseries A1 (Tax Revenue, State Street Bank & Trust Company LOC)		0.04			06/15/2024		5,000,000		5,000,000
New Mexico Municipal Energy Acquisition Authority Gas Supply Series 2009 (Utilities Revenue)		0.08			11/01/2039		49,925,000		49,925,000
									78,520,000
New York: 3.65%
Other Municipal Debt: 0.66%
Metropolitan Transportation Authority NY Series A (Transportation Revenue)		0.23			10/06/2011		5,000,000		5,000,000
Oyster Bay NY BAN (GO-Local)		1.25			08/12/2011		19,000,000		19,005,422

20 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Municipal Debt (continued)
Tarrytown NY USD BAN (GO-Local, State Aid Withholding Insured)		1.50	%		08/12/2011	$	6,500,000	$	6,502,223
									30,507,645
Variable Rate Demand Notes§: 2.99%
JPMorgan Chase PUTTER/DRIVER Trust Series 3899 (Water & Sewer Revenue)††		0.21			05/02/2013		5,050,000		5,050,000
Monroe County NY IDA Civic Facilities Monroe Community College Project Series A (Education Revenue, JPMorgan Chase Bank LOC)		0.06			06/01/2036		3,965,000		3,965,000
New York NY City Subseries B (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		2,470,000		2,470,000
New York Convention Center Development Corporation New York Hotel Unit Fee Secured Series 3095 (Tax Revenue, BHAC-CR AMBAC Insured)††		0.08			11/15/2044		26,135,000		26,135,000
New York Metropolitan Transportation Authority ROC RR 11 R-11645 (Transportation Revenue, FSA Insured)††		0.23			11/15/2025		7,280,000		7,280,000
New York NY City Housing Development Corporation (Housing Revenue)		0.48			05/01/2046		9,085,000		9,085,000
New York NY City Housing Development Corporation Series M (Housing Revenue)		0.48			11/01/2013		5,000,000		5,000,000
New York NY City Transitional Finance Authority Building Aid Class A (Miscellaneous Revenue, FSA-CR, FGIC, State Aid Withholding Insured)		0.12			01/15/2037		14,800,000		14,800,000
New York NY City Trust for Cultural Resources (Education Revenue)††		0.11			01/01/2033		2,600,000		2,600,000
New York NY Municipal Water & Sewer Finance Authority Fiscal Year 2009 Series 3484 (Water & Sewer Revenue)††		0.21			06/15/2033		39,870,000		39,870,000
New York NY Subseries F-4 (GO-Local, Sumitomo Mitsui Banking LOC)		0.08			09/01/2035		2,100,000		2,100,000
New York State Dormitory Authority Northern Westchester Association (Hospital Revenue, TD Bank NA LOC)		0.06			11/01/2034		3,000,000		3,000,000
New York State Power Authority & General Purpose (Miscellaneous Revenue)		0.32			03/01/2016		6,300,000		6,300,000
New York State Power Authority & General Purpose (Miscellaneous Revenue)		0.32			03/01/2020		1,000,000		1,000,000
New York State Thruway Authority PUTTER Series 3600-Z (Transportation Revenue, FGIC Insured)††		0.22			01/01/2016		4,645,000		4,645,000
Oneida County NY IDA (Hospital Revenue, HSBC Bank USA NA LOC)		0.06			06/01/2026		2,750,000		2,750,000
PFOTER 4705 (Water & Sewer Revenue)††		0.11			06/15/2031		2,000,000		2,000,000
									138,050,000
North Carolina: 1.35%
Variable Rate Demand Notes§: 1.35%
Durham County NC COP (Miscellaneous Revenue, FHLB LOC)		0.07			06/01/2034		23,000,000		23,000,000
North Carolina Capital Facilities Finance Agency (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.07			03/01/2031		10,610,000		10,610,000
North Carolina Capital Facilities Finance Agency Campbell University (Education Revenue, Branch Banking & Trust LOC)		0.08			10/01/2034		5,920,000		5,920,000
North Carolina Education Care Community Health Care Facilities University Health Systems of Eastern Carolina Series 2008-B-1 (Health Revenue, Branch Banking & Trust LOC)		0.08			12/01/2036		9,410,000		9,410,000
North Carolina Education Care Community Health Care Facilities University Health Systems of Eastern Carolina Series 2008-B-2 (Hospital Revenue, Branch Banking & Trust LOC)		0.07			12/01/2036		5,040,000		5,040,000
North Carolina Medical Care Commission Wayne Memorial Hospital (Hospital Revenue, Branch Banking & Trust LOC)		0.06			10/01/2036		4,680,000		4,680,000
Piedmont Triad NC Airport Authority Series A (Airport Revenue, Branch Banking & Trust LOC)		0.09			07/01/2032		3,500,000		3,500,000
									62,160,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 21

Security Name	Interest Rate			Maturity Date		Principal		Value
North Dakota: 0.94%
Other Municipal Debt: 0.87%
Mercer County ND Pollution Control Authority Series 09-2 (Miscellaneous Revenue)		0.23	%		08/17/2011	$	30,000,000	$	30,000,000
North Dakota Rural Water Finance Corporation Public Project Construction Notes A-4 (Water & Sewer Revenue)		1.50			09/01/2011		10,000,000		10,006,739
									40,006,739
Variable Rate Demand Note§: 0.07%
Richland County ND Recovery Zone (IDR, CoBank ACB LOC)		0.09			11/01/2028		3,500,000		3,500,000
Ohio: 1.73%
Variable Rate Demand Notes§: 1.73%
Lancaster OH Port Authority Gas Series 2008 (Utilities Revenue)		0.08			05/01/2038		27,155,000		27,155,000
Ohio State HEFA Western Reserve B-1 (Education Revenue, U.S. Bank NA LOC)		0.26			12/01/2044		6,500,000		6,500,000
Ohio State Water Development Authority First Energy General Corporation Series A (IDR, UBS AG LOC)		0.23			05/15/2019		5,800,000		5,800,000
Ohio State Water Development Authority Pollution Control First Energy Series C (Utilities Revenue, UBS AG LOC)		0.23			06/01/2033		11,625,000		11,625,000
Parma OH Community General Hospital Association Series 2006A (Health Revenue, PNC Bank NA LOC)		0.06			11/01/2029		11,250,000		11,250,000
Portage County OH Robinson Memorial Hospital (Hospital Revenue, JPMorgan Chase Bank LOC)±		0.21			09/01/2033		300,000		300,000
Warren County OH Cincinnati Electricity Corporation Project (IDR, Scotia Bank LOC)		0.28			09/01/2015		2,810,000		2,810,308
Warren County OH Health Care Facilities Otterbein Homes Series B (Health Revenue, U.S. Bank NA LOC)		0.08			07/01/2023		14,430,000		14,430,000
									79,870,308
Oklahoma: 0.42%
Variable Rate Demand Notes§: 0.42%
Oklahoma State Municipal Power Authority Series 1880 (Utilities Revenue, AGC-ICC FGIC Insured)		0.22			01/01/2015		10,090,000		10,090,000
Oklahoma State Turnpike Authority Second SR Series D (Transportation Revenue)		0.07			01/01/2028		9,300,000		9,300,000
									19,390,000
Other: 2.28%
Variable Rate Demand Notes§: 2.28%
Clipper Tax-Exempt Certified Trust Series 2004-05 (GO-State, FHLMC Insured)		0.13			05/01/2014		14,500,000		14,500,000
Puttable Floating Option Tax-Exempt Receipts Class C PPT 10011 (Housing Revenue, FHLMC Insured)		0.11			03/01/2040		90,780,000		90,780,000
									105,280,000
Pennsylvania: 4.05%
Variable Rate Demand Notes§: 4.05%
Allegheny County PA Hospital Development Authority University of Pittsburgh Education Center Project Series 2007-B-2 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			04/15/2039		9,500,000		9,500,000

22 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center PUTTER MT-636 (Hospital Revenue)††		0.14	%		02/01/2031	$	2,360,000	$	2,360,000
Allegheny County PA IDA Watson Institute Friendship Academy (Education Revenue, PNC Bank NA LOC)		0.08			08/01/2040		3,750,000		3,750,000
Beaver County PA IDA Electric Company Project Series A (Utilities Revenue, Bank of Nova Scotia LOC)		0.07			11/01/2020		10,000,000		10,000,000
Beaver County PA IDA Met Edison Company Project Series A (Utilities Revenue, Bank of Nova Scotia LOC)		0.07			07/15/2021		10,000,000		10,000,000
Berks County PA Municipal Authority Reading Hospital & Education Center Project Series 2008A-1 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			11/01/2011		11,000,000		11,000,000
Chester County PA IDA Archdiocese (Miscellaneous Revenue, PNC Bank NA LOC)		0.06			07/01/2031		6,675,000		6,675,000
Delaware County PA IDA United Parcel Service Project (IDR)		0.22			12/01/2015		200,000		200,000
Emmaus PA General Authority (GO-Local, U.S. Bank NA LOC)		0.08			03/01/2024		6,400,000		6,400,000
Emmaus PA General Authority Subseries D27 (Miscellaneous Revenue, U.S. Bank NA LOC, State Aid Withholding Insured)		0.08			03/01/2024		1,500,000		1,500,000
Geisinger Authority PA Health System Series B (Health Revenue)		0.18			08/01/2022		3,300,000		3,300,000
Geisinger Authority PA Health System Series C (Health Revenue)		0.21			08/01/2028		7,260,000		7,260,000
Lehigh County PA General Purpose Authority St. Lukes Hospital Bethlehem PFOTER (Hospital Revenue)		0.18			08/15/2042		15,640,000		15,640,000
Montgomery County PA IDA LaSalle College High School Series 2007-A (Education Revenue, PNC Bank NA LOC)		0.14			11/01/2037		5,000,000		5,000,000
Montgomery County PA IDR Series 3238 (Hospital Revenue, FHA Insured)††		0.11			08/01/2030		4,700,000		4,700,000
Montgomery County PA Lower Merion School District GO Series 2009-A (Tax Revenue, State Street Bank & Trust Company LOC, State Aid Withholding Insured)		0.06			04/01/2027		4,100,000		4,100,000
Montgomery County PA IDA ROC R II R-11856 (Hospital Revenue, FHA Insured)††		0.12			02/01/2018		10,425,000		10,425,000
Pennsylvania HEFA Association of Independent Colleges & University of Pennsylvania Finance Program University of Scranton Project Series 1999-E3 (Education Revenue, PNC Bank NA LOC)		0.08			11/01/2014		5,000,000		5,000,000
Pennsylvania Housing Finance 4653 (Housing Revenue)††		0.11			10/01/2039		9,900,000		9,900,000
Pennsylvania State University Project Series B (Education Revenue)		0.30			06/01/2031		6,450,000		6,450,000
Pennsylvania Turnpike Commission ROC RR II R-12259 (Tax Revenue, BHAC-CR AMBAC Insured)††		0.12			10/01/2013		12,850,000		12,850,000
RBC Municipal Products Incorporated Trust Series E-22 (Miscellaneous Revenue, Royal Bank of Canada LOC)††		0.08			12/01/2038		17,000,000		17,000,000
Southeastern PA Transportation Authority (Tax Revenue, PNC Bank NA LOC)		0.17			03/01/2022		18,940,000		18,940,000
Westmoreland County PA Excella Health Project Series B (Hospital Revenue, PNC Bank NA LOC)		0.08			07/01/2030		5,300,000		5,300,000
									187,250,000
Puerto Rico: 3.00%
Variable Rate Demand Notes§: 3.00%
JPMorgan Chase PUTTER/DRIVER Trust Series 3920 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)††		0.21			05/01/2013		27,750,000		27,750,000
Puerto Rico Commonwealth Aqueduct & Sewer Authority Floaters Series 2601 (Water & Sewer Revenue, Assured Guaranty Insured)		0.13			07/01/2047		9,000,000		9,000,000
Puerto Rico Commonwealth Highway & Transportation Authority Series A (Tax Revenue, Scotia Bank LOC)		0.04			07/01/2028		7,395,000		7,395,000
Puerto Rico Commonwealth Public Improvement C-5-2 (Miscellaneous Revenue, Barclays Bank LOC)±		0.14			07/01/2020		13,300,000		13,300,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 23

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Puerto Rico HFA Series 2984 (Housing Revenue, HUD Loan Insured)		0.12	%		06/01/2012	$	2,400,000	$	2,400,000
Puerto Rico Sales Tax Finance Corporation ROC RR II R-11851 (Tax Revenue, BHAC-CR FGIC Insured)††		0.11			02/01/2016		7,500,000		7,500,000
Puerto Rico Sales Tax Financing Corporation ROC RR II R-11760 (Tax Revenue, Citibank NA Insured)††		0.11			12/01/2047		2,200,000		2,200,000
Puerto Rico Sales Tax Financing Corporation Series 11829 (Tax Revenue, AGM Insured)††		0.20			02/01/2034		3,100,000		3,100,000
Puerto Rico Sales Tax Financing Corporation Series 3036 (Tax Revenue)		0.13			08/01/2057		66,100,000		66,100,000
									138,745,000
South Carolina: 0.91%
Variable Rate Demand Notes§: 0.91%
Eclipse Funding Trust 2007-0009-Solar Eclipse South (Transportation Revenue, U.S. Bank NA LOC)		0.07			10/01/2032		25,055,000		25,055,000
Piedmont Municipal Power Agency Series C (Utilities Revenue, TD Bank NA LOC)		0.04			01/01/2034		5,000,000		5,000,000
South Carolina Housing Finance & Development Authority MFHR Brookside Crossing Apartments Series 2008 (Housing Revenue, FHLMC Insured)		0.09			06/01/2046		4,900,000		4,900,000
South Carolina Jobs EDA Columbia Jewish Community Center (Miscellaneous Revenue, Wells Fargo Bank NA LOC)(q)		0.20			12/01/2024		2,620,000		2,620,000
South Carolina Jobs EDA Institutional Business & Home Project (IDR, Branch Banking & Trust LOC)		0.08			11/01/2034		4,500,000		4,500,000
									42,075,000
South Dakota: 0.41%
Variable Rate Demand Notes§: 0.41%
South Dakota Housing Development Authority (Housing Revenue, FNMA Insured)		0.10			02/15/2031		6,495,000		6,495,000
South Dakota State HEFA Regional Health (Hospital Revenue, U.S. Bank NA LOC)		0.33			09/01/2027		7,950,000		7,950,000
South Dakota State HEFA Sioux Valley Series B (Hospital Revenue, U.S. Bank NA LOC)		0.09			11/01/2034		4,700,000		4,700,000
									19,145,000
Tennessee: 1.11%
Other Municipal Debt: 0.08%
Sevier County TN Public Building Authority Public Projects Construction Notes Series B-3 (Miscellaneous Revenue)		1.25			05/01/2012		3,500,000		3,515,628
Variable Rate Demand Notes§: 1.03%
Alcoa Maryville Blount County TN Industrial Development Board Series A (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.08			06/01/2036		820,000		820,000
Blount County TN Public Building Authority Local Government Public Import E1 Series A (GO-Local, Branch Banking & Trust LOC, County Guaranty Insured)		0.08			06/01/2037		6,450,000		6,450,000
Clarksville TN Public Building Authority Metropolitan Government Nashville & Davidson (Miscellaneous Revenue, Bank of America NA LOC)		0.24			07/01/2026		200,000		200,000
Clarksville TN Public Building Authority Metropolitan Government Nashville & Davidson County HEFA Lipscomb University Project (Education Revenue, FHLB LOC)		0.07			11/01/2028		12,950,000		12,950,000

24 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Tennessee Municipal Energy Acquisition Corporation (Utilities Revenue)		0.17	%		12/01/2016	$	27,190,000	$	27,190,000
									47,610,000
Texas: 10.74%
Other Municipal Debt: 0.04%
Texas State TAN (Tax Revenue)		2.00			08/31/2011		1,890,000		1,892,554
Variable Rate Demand Notes§: 10.70%
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project (Housing Revenue, FHLMC Insured)		0.15			09/01/2039		4,000,000		4,000,000
Bexar County TX Housing Finance Corporation Vista Meadows Fredricksburg Place Apartments Project Series 2006 (Housing Revenue, FHLMC Insured)		0.15			09/01/2036		12,435,000		12,435,000
Brazos County TX Health Facilities Development Corporation Franciscan Services PUTTER MT-636 (Hospital Revenue, NATL-RE Insured)††		0.16			01/01/2028		30,860,000		30,860,000
Clipper Tax-Exempt Certified Trust Series 2007-44 (Miscellaneous Revenue)		0.13			09/01/2014		28,780,000		28,780,000
Dallam County TX Industrial Development Corporation (Miscellaneous Revenue, Bank of the West LOC)		0.07			08/01/2035		5,000,000		5,000,000
Dallas TX Waterworks & Sewer System PUTTER (Water & Sewer Revenue)		0.13			10/01/2018		15,000,000		15,000,000
Del Valle TX GO Independent School District Building PUTTER Series 1946 (GO-Local, PSF-GTD Insured)		0.15			08/15/2014		6,140,000		6,140,000
Deutsche Bank Spears/Lifers Trust Goldman Sachs DB-597 (Tax Revenue, PSF-GTD Insured)		0.08			02/15/2028		11,425,000		11,425,000
Dickinson TX Independent School District Series SGA 94 (GO-Local, PSF-GTD Insured)		0.23			02/15/2028		10,600,000		10,600,000
Fort Bend TX Independent School District Series 2852 (GO-Local, PSF-GTD Insured)††		0.12			02/15/2016		1,800,000		1,800,000
Galveston County TX Housing Finance Corporation Village By The Sea Apartments Project (Housing Revenue, FNMA Insured)		0.10			02/15/2032		5,090,000		5,090,000
Gregg County TX Health Facilities Development Corporation (Hospital Revenue, JPMorgan Chase Bank LOC, Radian Insured)		0.33			10/01/2029		4,800,000		4,800,000
Harris County TX Industrial Development Corporation Solid Waste Disposal Deer Park Refining Project Series A (Solid Waste Revenue)		0.24			03/01/2023		21,100,000		21,100,000
Houston TX Airport System Sub Lien Series B PUTTER DBE-526 (Airport Revenue, FGIC Insured)		0.08			07/01/2026		9,320,000		9,320,000
Houston TX Utilities Systems Authority Series 2010-B (Water & Sewer Revenue, Royal Bank of Canada LOC)††		0.08			05/15/2034		20,100,000		20,100,000
Lovejoy TX Independent School District PUTTER DB-514 (GO-Local, PSF-GTD Insured)		0.08			02/15/2038		3,270,000		3,270,000
Medina Valley TX Independent School District ROC RR II R-11969 (Tax Revenue, PSF-GTD Insured)††		0.11			08/15/2015		2,960,000		2,960,000
Northwest TX Independent School District ROC RR II-11539PB (Tax Revenue, PSF-GTD Insured)		0.14			02/15/2015		5,555,000		5,555,000
Panhandle TX Regional Housing Finance Corporation Jason Avenue Residential Apartments (Housing Revenue, FHLMC LOC)		0.09			08/01/2041		7,500,000		7,500,000
Port Arthur TX Navigation District Industrial Development Corporation (IDR)		0.09			06/01/2041		45,000,000		45,000,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series A (IDR)		0.19			04/01/2040		43,375,000		43,375,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series B (Resource Recovery Revenue)		0.19			12/01/2039		5,950,000		5,950,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series B (Resource Recovery Revenue)		0.26			12/01/2039		15,700,000		15,700,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 25

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series C (Resource Recovery Revenue)		0.26	%		12/01/2039	$	10,600,000	$	10,600,000
Port Arthur TX Navigation District Environmental Facilities Motiva Enterprises Series B (IDR)		0.19			04/01/2040		8,350,000		8,350,000
Port Arthur TX Navigation District of Jefferson County Multi Mode ATOFINA Chemicals, Incorporated Project (Miscellaneous Revenue)		0.09			04/01/2027		2,000,000		2,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series B (Resource Recovery Revenue)		0.12			07/01/2029		11,700,000		11,700,000
RBC Municipal Products Incorporate Trust Floater Certificates Series E-18 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			06/01/2032		17,395,000		17,395,000
San Antonio TX Electric & Gas Deutsche Bank Spears Trust Series 2007 (Utilities Revenue)		0.08			02/01/2032		8,650,000		8,650,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue)		0.13			12/15/2026		92,000,000		92,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2849 (Utilities Revenue)		0.13			12/15/2026		11,578,947		11,578,947
Texas State Department of Housing & Community Affairs Costa Ibiza Apartments (Housing Revenue, FHLMC Insured)		0.09			08/01/2041		13,550,000		13,550,000
Tyler TX Health Facilities Development Corporation Mother Frances Hospital Series B (Hospital Revenue, Bank of America NA LOC)		0.18			07/01/2020		2,800,000		2,800,000
									494,383,947
Utah: 0.72%
Variable Rate Demand Notes§: 0.72%
PFOTER Series P-Floats-PPT-1008- CL-A (Housing Revenue, FHLMC Insured)		0.11			01/01/2032		19,405,000		19,405,000
South Valley Sewer District ROC RR II R-11919 (Water & Sewer Revenue, BHAC Insured)††		0.11			07/01/2016		3,995,000		3,995,000
West Jordan UT Multifamily Housing Broadmoor Village Apartments (Housing Revenue, FHLMC Insured)		0.10			12/01/2034		9,675,000		9,675,000
									33,075,000
Vermont: 0.73%
Variable Rate Demand Notes§: 0.73%
Vermont Educational & Health Buildings Financing Agency Brattleboro Memorial Hospital Project A (Hospital Revenue, TD Bank NA LOC)		0.24			10/01/2028		2,135,000		2,135,000
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series A (Education Revenue, TD Bank NA LOC)		0.24			07/01/2033		3,140,000		3,140,000
Vermont Educational & Health Buildings Financing Agency North County Hospital Project A (Health Revenue, TD Bank NA LOC)		0.24			10/01/2034		10,295,000		10,295,000
Vermont Educational & Health Buildings Financing Agency Northeastern Vermont Regional Hospital Series A (Health Revenue, TD Bank NA LOC)		0.24			10/01/2029		2,065,000		2,065,000
Vermont Educational & Health Buildings Financing Agency Various Norwich University Project (Education Revenue, TD Bank NA LOC)		0.05			09/01/2038		16,005,000		16,005,000
									33,640,000
Virginia: 1.00%
Variable Rate Demand Notes§: 1.00%
Arlington County VA IDA Refunding MFHR Woodbury Park Apartments Project Series 2005-A (Housing Revenue, FHLMC Insured)		0.09			03/01/2035		800,000		800,000
Fairfax County VA IDA Inova Health Care (Hospital Revenue)		0.20			05/15/2039		5,000,000		5,000,000

26 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Fauquier County VA IDA Highland School Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.08	%		12/01/2033	$	4,250,000	$	4,250,000
James City County VA IDA Chambrel Project (Housing Revenue, FNMA Insured)		0.09			11/15/2032		12,715,000		12,715,000
Norfolk VA EDA Inova Health Systems (Health Revenue)		0.20			11/01/2034		5,000,000		5,000,000
Virginia Commonwealth University Health System Authority Series A (Hospital Revenue, Branch Banking & Trust LOC)		0.22			07/01/2037		110,000		110,000
Virginia Small Business Financing Authority Carilion Clinic Obligation Series B (Hospital Revenue, PNC Bank NA LOC)		0.17			07/01/2042		18,330,000		18,330,000
									46,205,000
Washington: 1.25%
Variable Rate Demand Notes§: 1.25%
Bellevue WA ROC RR 11 R-12315 (GO-Local, AGM-CR NATL-RE Insured)††		0.11			12/01/2013		7,870,000		7,870,000
King City WA Public Hospital District #1 (Hospital Revenue, Assured Guaranty Insured)		0.20			12/01/2015		6,930,000		6,930,000
King County WA Sewer Series 3090 (Water & Sewer Revenue, FSA Insured)††		0.08			01/01/2039		12,000,000		12,000,000
Seattle WA Water & Sewer Systems Eclipse Funding Trust Series 2006-0002 (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			09/01/2029		9,685,000		9,685,000
Washington State HEFAR University Puget Sound Project A Puttable (Education Revenue, Bank of America NA LOC)		0.11			10/01/2030		6,505,000		6,505,000
Washington State Housing Finance Commission (Housing Revenue, FHLMC Insured)		0.09			07/01/2044		3,250,000		3,250,000
Washington State ROC RR II R-12285 (GO-State, FSA-CR FGIC Insured)††		0.11			01/01/2031		11,625,000		11,625,000
									57,865,000
West Virginia: 0.66%
Variable Rate Demand Notes§: 0.66%
Monongalia County WV Building Commission Series A (Health Revenue, JPMorgan Chase Bank LOC)		0.12			07/01/2040		11,655,000		11,655,000
Weirton WV Municipal Hospital Building Commission Weirton Medical Center Incorporated (Hospital Revenue, PNC Bank NA LOC)		0.08			12/01/2031		8,985,000		8,985,000
West Virginia State Hospital Finance Authority Cabell Hospital Series A (Hospital Revenue, Branch Banking & Trust LOC)		0.08			01/01/2034		10,000,000		10,000,000
									30,640,000
Wisconsin: 2.87%
Other Municipal Debt: 0.30%
Wisconsin State HEFA Series 08-A (Hospital Revenue)		0.42			09/01/2011		7,000,000		7,000,000
Wisconsin State HEFA Series 08-B (Hospital Revenue)		0.42			09/01/2011		7,000,000		7,000,000
									14,000,000
Variable Rate Demand Notes§: 2.57%
Appleton WI Recovery Zone Facilities Foremost Farms USA (Miscellaneous Revenue, CoBank ACB LOC)		0.08			05/01/2037		4,000,000		4,000,000
Milwaukee WI RDA University of Wisconsin Kenilworth Project (Education Revenue, U.S. Bank NA LOC)		0.08			09/01/2040		7,725,000		7,725,000
Wisconsin HEFA Ministry Healthcare Incorporated Project Series B (Health Revenue)		0.07			08/01/2022		15,485,000		15,485,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 27

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Wisconsin HEFA ProHealth Care Incorporated Series A (Hospital Revenue, U.S. Bank NA LOC)		0.33	%		08/01/2030	$	5,875,000	$	5,875,000
Wisconsin HEFA St. Norbert College Incorporated (Education Revenue, JPMorgan Chase & Company LOC)		0.09			02/01/2038		9,935,000		9,935,000
Wisconsin State HEFA Fort Healthcare Incorporated Series A (Hospital Revenue, JPMorgan Chase Bank LOC)		0.33			05/01/2037		6,185,000		6,185,000
Wisconsin State HEFA Hess Memorial Hospital Incorporated (Hospital Revenue, U.S. Bank NA LOC)		0.08			05/01/2024		11,390,000		11,390,000
Wisconsin State HEFA Meriter Retirement Services Series B (Health Revenue, U.S. Bank NA LOC)		0.10			03/01/2038		6,150,000		6,150,000
Wisconsin State Series 1 PUTTER 2009-36 (GO-State)		0.13			05/01/2020		26,755,000		26,755,000
Wisconsin State Series 1 PUTTER 2009-6 (GO-State)		0.13			05/01/2013		25,000,000		25,000,000
									118,500,000

Total Investments in Securities
(Cost $4,240,201,756)*	91.80	%		4,240,201,756
Other Assets and Liabilities, Net	8.20			378,525,471
Total Net Assets	100.00	%	$	4,618,727,227

§ These securities are subject to a demand feature which reduces the effective maturity.

†† Security 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.

(q) Credit enhancement is provided by an affiliate.

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

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

28 Wells Fargo Advantage National Tax-Free Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	4,240,201,756
Cash		260,079,224
Receivable for investments sold		117,155,067
Receivable for Fund shares sold		119,648
Receivable for interest		2,246,932
Receivable from adviser		914,612
Prepaid expenses and other assets		89,032
Total assets		4,620,806,271
Liabilities
Dividends payable		23,850
Payable for Fund shares redeemed		487,688
Distribution fees payable		135,705
Due to other related parties		730,051
Shareholder report expenses payable		146,043
Custodian and accounting fees payable		124,884
Shareholder servicing fees payable		402,014
Accrued expenses and other liabilities		28,809
Total liabilities		2,079,044
Total net assets	$	4,618,727,227
NET ASSETS CONSIST OF
Paid-in capital	$	4,618,478,420
Undistributed net investment income		18
Accumulated net realized gains on investments		248,789
Total net assets	$	4,618,727,227
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	701,862,978
Shares outstanding – Class A		701,785,371
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	313,601,653
Shares outstanding – Administrator Class		313,569,572
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	2,563,938,910
Shares outstanding – Institutional Class		2,563,667,189
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	587,019,756
Shares outstanding – Service Class		586,960,898
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	452,303,930
Shares outstanding – Sweep Class		452,287,830
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 29

Investment income
Interest	$	5,355,007
Expenses
Advisory fee		2,385,112
Administration fees
Fund level		1,190,014
Class A		937,845
Administrator Class		167,460
Institutional Class		1,122,702
Service Class		376,582
Sweep Class		163,160
Shareholder servicing fees
Class A		1,002,220
Administrator Class		165,744
Service Class		777,698
Sweep Class		185,409
Distribution fees
Sweep Class		259,572
Custody and accounting fees		123,250
Professional fees		17,882
Registration fees		10,356
Shareholder report expenses		28,778
Trustees’ fees and expenses		5,245
Other fees and expenses		57,089
Total expenses		8,976,118
Less: Fee waivers and/or expense reimbursements		(4,478,904	)
Net expenses		4,497,214
Net investment income		857,793
Net realized gains on investments		209,641
Net increase in net assets resulting from operations	$	1,067,434

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

30 Wells Fargo Advantage National Tax-Free Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	857,793					$	3,147,350					$	9,561,850
Net realized gains on investments					209,641						133,587						329,201
Net increase in net assets resulting from operations					1,067,434						3,280,937						9,891,051
Distributions to shareholders from
Net investment income
Class A					(42,627	)					(89,245	)					(556,154	)
Administrator Class					(16,965	)					(135,401	)					(910,229	)
Institutional Class					(759,405	)					(2,832,178	)					(6,501,763	)
Service Class					(31,380	)					(90,345	)					(1,593,687	)
Sweep Class					(7,416	)					(178	)2					NA
Net realized gains
Class A					0						(22,813	)					(84,941	)
Administrator Class					0						(8,587	)					(38,014	)
Institutional Class					0						(65,322	)					(169,665	)
Service Class					0						(21,744	)					(90,859	)
Sweep Class					0						(262	)2					NA
Total distributions to shareholders					(857,793	)					(3,266,075	)					(9,945,312	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		990,919,198			990,919,198			1,395,771,868			1,395,771,868			1,205,818,801			1,205,818,801
Administrator Class		122,437,373			122,437,373			296,173,817			296,173,817			470,840,097			470,840,097
Institutional Class		5,894,964,344			5,894,964,344			12,910,627,926			12,910,627,926			8,019,262,600			8,019,262,600
Service Class		507,125,626			507,125,626			1,294,037,180			1,294,037,180			1,614,119,092			1,614,119,092
Sweep Class		751,663,077			751,663,077			14,993,156	2		14,993,156	2		NA			NA
					8,267,109,618						15,911,603,947						11,310,040,590
Reinvestment of distributions
Class A		41,891			41,891			110,580			110,580			644,234			644,234
Administrator Class		14,464			14,464			127,177			127,177			916,869			916,869
Institutional Class		233,621			233,621			1,410,010			1,410,010			3,701,725			3,701,725
Service Class		5,279			5,279			13,322			13,322			248,690			248,690
Sweep Class		7,416			7,416			440	2		440	2		NA			NA
					302,671						1,661,529						5,511,518
Payment for shares redeemed
Class A		(1,235,046,786	)		(1,235,046,786	)		(1,468,465,692	)		(1,468,465,692	)		(1,756,338,646	)		(1,756,338,646	)
Administrator Class		(170,598,763	)		(170,598,763	)		(354,495,225	)		(354,495,225	)		(569,314,030	)		(569,314,030	)
Institutional Class		(6,219,924,770	)		(6,219,924,770	)		(12,180,378,396	)		(12,180,378,396	)		(8,355,250,035	)		(8,355,250,035	)
Service Class		(572,120,946	)		(572,120,946	)		(1,697,327,637	)		(1,697,327,637	)		(2,433,961,093	)		2,433,961,093
Sweep Class		(304,374,241	)		(304,374,241	)		(10,002,018	)2		(10,002,018	)2		NA			NA
					(8,502,065,506	)					(15,710,668,968	)					(13,114,863,804	)
Net asset value of shares issued in acquisition
Institutional Class		0			0			107,938,955			107,942,643			0			0
Net increase (decrease) in net assets resulting from capital share transactions					(234,653,217	)					310,539,151						(1,799,311,696	)
Total increase (decrease) in net assets					(234,443,576	)					310,554,013						(1,799,365,957	)
Net assets
Beginning of period					4,853,170,803						4,542,616,790						6,341,982,747
End of period				$	4,618,727,227					$	4,853,170,803					$	4,542,616,790
Undistributed net investment income				$	18					$	18					$	15

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on July 30, 2010.

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

Financial Highlights Wells Fargo Advantage National Tax-Free Money Market Fund 31

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class A							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.03			0.03			0.02
Net realized gains on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.05	%		1.32	%		2.91	%		2.92	%		1.89	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.61	%		0.67	%		0.67	%		0.65	%		0.65	%		0.66	%
Net expenses		0.22	%		0.32	%		0.46	%		0.67	%		0.65	%		0.65	%		0.65	%
Net investment income		0.01	%		0.01	%		0.05	%		1.27	%		2.86	%		2.89	%		2.07	%
Supplemental data
Net assets, end of period (000’s omitted)		$701,863			$945,917			$1,018,470			$1,568,362			$1,562,483			$1,164,801			$1,001,084

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

32 Wells Fargo Advantage National Tax-Free Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Administrator Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.02
Net realized gains on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.01	%		0.04	%		0.18	%		1.68	%		3.27	%		3.28	%		2.21	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.36	%		040	%		0.40	%		0.38	%		0.38	%		0.39	%
Net expenses		0.22	%		0.29	%		0.31	%		0.32	%		0.30	%		0.30	%		0.30	%
Net investment income		0.01	%		0.04	%		0.18	%		1.63	%		3.24	%		3.23	%		2.39	%
Supplemental data
Net assets, end of period (000’s omitted)		$313,602			$361,735			$419,954			$517,520			$517,666			$541,840			$561,788

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage National Tax-Free Money Market Fund 33

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Institutional Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.02
Net realized gains on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.03	%		0.12	%		0.27	%		1.78	%		3.37	%		3.39	%		2.31	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.25	%		0.29	%		0.28	%		0.26	%		0.26	%		0.27	%
Net expenses		0.17	%		0.20	%		0.23	%		0.22	%		0.20	%		0.20	%		0.20	%
Net investment income		0.05	%		0.13	%		0.28	%		1.77	%		3.31	%		3.35	%		2.46	%
Supplemental data
Net assets, end of period (000’s omitted)		$2,563,939			$2,888,542			$2,048,774			$2,381,083			$1,403,838			$1,146,902			$700,534

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

34 Wells Fargo Advantage National Tax-Free Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Service Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.03			0.03			0.02
Net realized gains on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.03			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.10	%		1.52	%		3.12	%		3.13	%		2.08	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.53	%		0.58	%		0.57	%		0.55	%		0.55	%		0.56	%
Net expenses		0.22	%		0.32	%		0.40	%		0.47	%		0.45	%		0.45	%		0.45	%
Net investment income		0.01	%		0.01	%		0.12	%		1.47	%		3.07	%		3.09	%		2.23	%
Supplemental data
Net assets, end of period (000’s omitted)		$587,020			$651,984			$1,055,420			$1,875,018			$1,674,047			$1,303,728			$1,160,594

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage National Tax-Free Money Market Fund 35

(For a share outstanding throughout each period)
Sweep Class	Six Month Ended July 31, 2011 (Unaudited)			Year Ended January  31, 20111
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.98	%		0.98	%
Net expenses		0.13	%		0.32	%
Net investment income		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$452,304			$4,992

1. For the period from July 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount is less than $0.005.

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

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

36 Wells Fargo Advantage National Tax-Free Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage National Tax-Free Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share

Notes to Financial Statements (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 37

dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of the Fund.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

38 Wells Fargo Advantage National Tax-Free Money Market Fund Notes to Financial Statements (Unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class.

Shareholder servicing

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITION

After the close of business on November 5, 2010, the Fund acquired the net assets of Wells Fargo Advantage National Tax-Free Money Market Trust. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Existing shareholders of Wells Fargo Advantage National Tax-Free Money Market Trust received Institutional Class shares of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage National Tax-Free Money Market Trust for 107,938,955 shares of the Fund valued at $107,942,643 at an exchange ratio of 1.00 for Institutional Class shares. The investment portfolio of Wells Fargo Advantage National Tax-Free Money Market Trust with a fair value of $107,514,791 and amortized cost of $107,514,791 at November 5, 2010 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage National Tax-Free Money Market Trust and the Fund immediately prior to the acquisition were $107,942,643 and $4,602,060,727, respectively. The aggregate net assets of the Fund immediately after the acquisition were $4,710,003,370. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage National Tax-Free Money Market Trust was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	3,264,021
Net realized and unrealized gains on investments	$	131,645
Net increase in net assets resulting from operations	$	3,395,666

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 39

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

40 Wells Fargo Advantage National Tax-Free Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 41

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

42 Wells Fargo Advantage National Tax-Free Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 43

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to National Tax-Free Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

44 Wells Fargo Advantage National Tax-Free Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens

Other Information (Unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 45

and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that

46 Wells Fargo Advantage National Tax-Free Money Market Fund Other Information (Unaudited)

have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage National Tax-Free Money Market Fund 47

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204805 09-11 SA309/SAR309 7-11

Wells Fargo Advantage

New Jersey Municipal Money Market Fund

Semi-Annual Report

July 31, 2011

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	17
Other Information	20
List of Abbreviations	27

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage New Jersey Municipal Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage New Jersey Municipal Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately, the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending

Letter to Shareholders Wells Fargo Advantage New Jersey Municipal Money Market Fund 3

below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage New Jersey Municipal Money Market Fund Letter to Shareholders

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax and New Jersey individual income tax, while preserving capital and liquity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

October 26, 1998

SECTOR DISTRIBUTION¹
(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹
(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²
(AS OF JULY 31, 2011)

6 Days

WEIGHTED AVERAGE FINAL MATURITY³
(AS OF JULY 31, 2011)

6 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage New Jersey Municipal Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (ENJXX)		10/26/1998		0.00		0.01		1.17		1.18		0.89%		0.70%
Service Class (EJMXX)		04/05/1999		0.00		0.01		1.35		1.42		0.79%		0.45%
Sweep Class		06/30/2000		0.00		0.01		1.01		0.95		1.24%		1.05%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen New Jersey Municipal Money Market Fund.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.83)%, (0.73)%, and (1.18)% for Class A, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage New Jersey Municipal Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.94		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85	$	0.95		0.19	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.89		0.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage New Jersey Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 94.54%
Arizona: 0.43%
Variable Rate Demand Note§: 0.43%
Maricopa County, AZ IDA Valley of the Sun YMCA Project (IDR, U.S. Bank NA LOC)		0.10	%		12/01/2037	$	600,000	$	600,000
California: 0.21%
Variable Rate Demand Note§: 0.21%
California State Series A3 (GO-State, Bank of Montreal LOC)		0.21			05/01/2033		300,000		300,000
Delaware: 3.33%
Variable Rate Demand Notes§: 3.33%
Delaware River & Bay Authority (Transportation Revenue, TD Bank NA LOC)		0.05			01/01/2030		3,800,000		3,800,000
Delaware State Economic Development Authority IDR Clean Power Project Series A (Energy Revenue)		0.21			08/01/2029		500,000		500,000
Delaware State Economic Development Authority IDR Clean Power Project Series D (Energy Revenue)		0.21			08/01/2029		350,000		350,000
									4,650,000
Florida: 0.36%
Variable Rate Demand Note§: 0.36%
Palm Beach County FL Pine Crest Preparatory (Education Revenue, Bank of America NA LOC)		0.13			06/01/2032		500,000		500,000
Maryland: 0.72%
Other Municipal Debt: 0.72%
Montgomery County MD BAN 2010 Series B (Miscellaneous Revenue, State Street Bank & Trust Insured)		0.09			08/09/2011		1,000,000		1,000,000
New Jersey: 67.94%
Variable Rate Demand Notes§: 67.94%
Burlington County NJ Bridge Lutheran Home Project Series A (Health Revenue, Commerce Bank NA LOC)		0.10			12/01/2025		965,000		965,000
Camden County NJ Import Authority Cooper Health System (Hospital Revenue, TD Bank NA LOC)		0.04			08/01/2032		4,595,000		4,595,000
Garden State Preservation Trust New Jersey Open Space & Farmland 2005 Series A (Tax Revenue, FSA Insured)		0.12			05/01/2024		4,185,000		4,185,000
Gloucester County NJ Industrial PCFA Exxon Mobil (Resource Recovery Revenue, Mobil Corporation Guarantee Agreement)		0.10			01/01/2022		2,700,000		2,700,000
Mercer County NJ Import Authority Atlantic Funding Project (Education Revenue, Bank of America NA LOC)		0.25			09/01/2028		3,785,000		3,785,000
New Jersey Economic Development Authority (Tax Revenue, BHAC-CR NATL-RE Insured)		0.11			07/01/2022		2,190,000		2,190,000
New Jersey Economic Development Authority Gas Facility (Utilities Revenue, Bank of Tokyo-Mitsubishi UFJ LOC)		0.23			10/01/2022		4,200,000		4,200,000
New Jersey Economic Development Authority Lawrenceville School Project (Education Revenue)		0.22			07/01/2031		400,000		400,000
New Jersey Economic Development Authority Presbyterian Homes Assistance Project Series B (Health Revenue, Commerce Bank NA LOC)		0.06			04/01/2016		1,340,000		1,340,000
New Jersey Economic Development Authority Princeton Day School Project (Education Revenue, U.S. Bank NA LOC)		0.06			08/01/2035		5,000,000		5,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New Jersey Economic Development Authority The Hun School of Princeton Project (Miscellaneous Revenue, PNC Bank NA LOC)		0.05	%		11/01/2034	$	5,000,000	$	5,000,000
New Jersey Economic Development Authority The Peddie School Project Series 1996 (Education Revenue, U.S. Bank NA Insured)		0.06			02/01/2026		2,250,000		2,250,000
New Jersey Economic Development Authority Various Paddock Realty LLC Project (IDR, Wells Fargo Bank NA LOC)(q)		0.25			05/01/2031		915,000		915,000
New Jersey Economic Development Authority Various Peddie School Project Series B (Education Revenue, U.S. Bank NA Insured)		0.06			02/01/2019		995,000		995,000
New Jersey Economic Development Authority Various Peddie School Project Series B (Education Revenue, U.S. Bank NA Insured)		0.06			02/01/2029		705,000		705,000
New Jersey Educational Facilities Authority Various Institute Defense Analyses Series D (Miscellaneous Revenue, Branch Banking & Trust LOC, AMBAC Insured)		0.08			10/01/2030		4,500,000		4,500,000
New Jersey Health Care Facilities Financing Authority Various Virtua Health Service Series C (Health Revenue, JPMorgan Chase Bank LOC)		0.25			07/01/2043		250,000		250,000
New Jersey HFFA Princeton Healthcare Series B (Hospital Revenue, TD Bank NA LOC)		0.06			07/01/2041		700,000		700,000
New Jersey HFFA Series A1 (Hospital Revenue, TD Bank NA LOC)		0.10			07/01/2014		1,645,000		1,645,000
New Jersey HFFA Various Princeton Healthcare Series A (Hospital Revenue, Bank of America NA LOC)		0.10			07/01/2041		2,000,000		2,000,000
New Jersey HFFA Various Somerset Medical Center (Hospital Revenue, TD Bank NA LOC)		0.06			07/01/2024		1,565,000		1,565,000
New Jersey Higher Education Assistance Authority Student Loan Series ROC-RR-II-R-11853 (Education Revenue, Assured Guaranty Insured)††		0.23			06/01/2016		4,400,000		4,400,000
New Jersey Housing & Mortgage Finance Agency Series A (Housing Revenue, FSA Insured)††		0.11			05/01/2027		1,310,000		1,310,000
New Jersey State Building Authority Sub Series A-3 (Lease Revenue, Barclays Bank plc LOC)		0.05			06/15/2023		5,415,000		5,415,000
New Jersey State Higher Education Assistance Student Loan Revenue (Education Revenue, Assured Guaranty Insured)		0.23			06/01/2016		5,000,000		5,000,000
New Jersey State Transportation Trust Fund Authority PUTTER DB-297 (Miscellaneous Revenue, NATL-RE FGIC Insured)		0.08			12/15/2031		4,910,000		4,910,000
New Jersey State Transportation Trust Fund Capital Appreciation Transportation System Series C (Transportation Revenue, FSA Insured)		0.08			12/15/2033		4,590,000		4,590,000
New Jersey State Turnpike Authority Refunding Various Series B (Transportation Revenue, PNC Bank NA LOC)		0.14			01/01/2024		5,000,000		5,000,000
New Jersey State Turnpike Authority Refunding Various Series C (Transportation Revenue, Scotia Bank LOC)		0.04			01/01/2024		4,950,000		4,950,000
New Jersey State Turnpike Authority Refunding Various Series D (Transportation Revenue, Scotia Bank LOC)		0.14			01/01/2024		4,200,000		4,200,000
New Jersey Transportation Trust Fund Series 31 (Miscellaneous Revenue, State Street Bank & Trust Insured)††		0.08			12/15/2023		5,200,000		5,200,000
									94,860,000
New York: 2.55%
Variable Rate Demand Notes§: 2.55%
Austin Trust Various States Series 2008-1067 (Port, Airport, & Marina Authority Revenue, GO of Authority Insured)		0.18			10/01/2025		1,415,000		1,415,000
Port Authority of New York & New Jersey (Port, Airport, & Marina Authority Revenue, Barclays Bank plc Insured)††		0.06			01/15/2041		2,150,000		2,150,000
									3,565,000

10 Wells Fargo Advantage New Jersey Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Pennsylvania: 1.77%
Variable Rate Demand Notes§: 1.77%
Allegheny County PA Airport Authority Series 4 (Airport Revenue, State Street Bank & Trust Insured)††		0.13	%		01/01/2018	$	900,000	$	900,000
Allegheny County PA Hospital Development Authority UPMC Senior Living Corporation (Health Revenue, FNMA Insured)		0.09			07/15/2028		1,275,000		1,275,000
Emmaus PA General Authority Subseries D27 (Miscellaneous Revenue, U.S. Bank NA LOC, State Aid Withholding Insured)		0.08			03/01/2024		300,000		300,000
									2,475,000
Puerto Rico: 11.08%
Variable Rate Demand Notes§: 11.08%
Puerto Rico Commonwealth Various Refunding Public Improvement Series C-5-2-RMKT (GO-State, Barclays Bank plc LOC, AGM Insured)		0.04			07/01/2020		2,200,000		2,200,000
Deutsche Bank Spears Lifers Trust Series DBE-627A (Tax Revenue, AMBAC Insured)		0.08			08/01/2050		2,490,000		2,490,000
Puerto Rico HFA PUTTER Series 2984 (Housing Revenue, HUD Loan Insured)		0.12			06/01/2012		5,780,000		5,780,000
Puerto Rico Electric Power Authority Municipal Securities Trust Receipts Sgc 57 Class A (Utilities Revenue, Societe Generale LOC, FSA Insured)		0.11			07/01/2029		3,200,000		3,200,000
Puerto Rico Sales Tax Financing Corporation ROC-RR-II-R-11760 (Tax Revenue, Citibank NA Insured)††		0.11			12/01/2047		1,800,000		1,800,000
									15,470,000
Texas: 3.62%
Variable Rate Demand Notes§: 3.62%
Nueces County TX Port Corpus Christi Authority Solid Waste Disposal Flint Hills Resources Project Series 2007 (Resource Recovery Revenue, Flint Hills Resources Guaranteed)		0.13			01/01/2032		4,500,000		4,500,000
Nueces County TX Port Corpus Christi Authority Solid Waste Disposal Flint Hills Resources Project Series 2006 (Resource Recovery Revenue, Flint Hills Resources Guaranteed)		0.13			01/01/2030		550,000		550,000
									5,050,000
Utah: 1.04%
Variable Rate Demand Note§: 1.04%
Logan City UT Scientific Technology Incorporation (IDR, Bank of the West LOC)		0.16			08/01/2031		1,450,000		1,450,000
Virginia: 0.77%
Variable Rate Demand Note§: 0.77%
Virginia Commonwealth University Health System Authority Series B (Hospital Revenue, Branch Banking & Trust LOC)		0.27			07/01/2037		1,075,000		1,075,000
Washington: 0.72%
Variable Rate Demand Note§: 0.72%
Washington State Housing Finance Commission (Housing Revenue, FHLMC Insured)		0.09			07/01/2044		1,000,000		1,000,000

Total Investments in Securities
(Cost $131,995,000)*	94.54	%		131,995,000
Other Assets and Liabilities, Net	5.46			7,628,461
Total Net Assets	100.00	%	$	139,623,461

§ These securities are subject to a demand feature which reduces the effective maturity.

†† Security 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.

(q) Credit enhancement is provided by an affiliate.

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 11

Assets
Investments in unaffiliated securities, at amortized cost	$	131,995,000
Cash		7,397,891
Receivable for investments sold		240,000
Receivable for Fund shares sold		1,918
Receivable for interest		20,236
Receivable from adviser		104,550
Prepaid expenses and other assets		25,557
Total assets		139,785,152
Liabilities
Distribution fees payable		40,593
Due to other related parties		34,888
Shareholder report expenses payable		28,929
Custodian and accounting fees payable		10,860
Shareholder servicing fees payable		34,161
Accrued expenses and other liabilities		12,260
Total liabilities		161,691
Total net assets	$	139,623,461
NET ASSETS CONSIST OF
Paid-in capital	$	139,547,410
Undistributed net investment income		72,896
Accumulated net realized gains on investments		3,155
Total net assets	$	139,623,461
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	14,609,541
Shares outstanding – Class A		14,593,911
Net asset value per share – Class A		$1.00
Net assets – Service Class	$	10,820,427
Shares outstanding – Service Class		10,812,655
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	114,193,493
Shares outstanding – Sweep Class		114,002,684
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

12 Wells Fargo Advantage New Jersey Municipal Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	193,432
Expenses
Advisory fee		281,740
Administration fees
Fund level		46,957
Class A		16,379
Service Class		5,745
Sweep Class		179,698
Shareholder servicing fees
Class A		17,159
Service Class		11,502
Sweep Class		203,970
Distribution fees
Sweep Class		285,883
Custody and accounting fees		7,970
Professional fees		13,789
Registration fees		19,727
Shareholder report expenses		15,968
Trustees’ fees and expenses		5,951
Other fees and expenses		5,158
Total expenses		1,117,596
Less: Fee waivers and/or expense reimbursements		(933,545	)
Net expenses		184,051
Net investment income		9,381
Net realized gains on investments		3,157
Net increase in net assets resulting from operations	$	12,538

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

Statements of Changes in Net Assets Wells Fargo Advantage New Jersey Municipal Money Market Fund 13

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111
Operations
Net investment income				$	9,381					$	22,388
Net realized gains on investments					3,157						3,817
Net increase in net assets resulting from operations					12,538						26,205
Distributions to shareholders from
Net investment income
Class A					(744	)					(1,760	)
Service Class					(478	)					(1,142	)2
Sweep Class					(8,159	)					(19,486	)3
Net realized gains
Class A					0						(260	)
Service Class					0						(138	)2
Sweep Class					0						(2,939	)3
Total distributions to shareholders					(9,381	)					(25,725	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		4,054,918			4,054,918			17,056,974			17,056,974
Service Class		9,260,793			9,260,793			17,077,270	2		17,077,270	2
Sweep Class		240,633,382			240,633,382			1,077,592,170	3		1,077,592,170	3
					253,949,093						1,111,726,414
Reinvestment of distributions
Class A		721			721			1,841			1,841
Service Class		101			101			371	2		371	2
Sweep Class		8,159			8,159			22,425	3		22,425	3
					8,981						24,637
Payment for shares redeemed
Class A		(4,884,229	)		(4,884,229	)		(21,483,188	)		(21,483,188	)
Service Class		(7,274,634	)		(7,274,634	)		(18,926,791	)2		(18,926,791	)2
Sweep Class		(318,360,708	)		(318,360,708	)		(1,099,058,988	)3		(1,099,058,988	)3
					(330,519,571	)					(1,139,468,967	)
Net decrease in net assets resulting from capital share transactions					(76,561,497	)					(27,717,916	)
Total decrease in net assets					(76,558,340	)					(27,717,436	)
Net assets
Beginning of period					216,181,801						243,899,237
End of period				$	139,623,461					$	216,181,801
Undistributed net investment income				$	72,896					$	72,896

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New Jersey Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 12, 2010 is that of Evergreen New Jersey Municipal Money Market Fund.

2. Class I shares of Evergreen New Jersey Municipal Money Market Fund became Service Class shares on July 12, 2010.

3. Class S shares of Evergreen New Jersey Municipal Money Market Fund became Sweep Class shares on July 12, 2010.

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

14 Wells Fargo Advantage New Jersey Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31,
Class A				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.03			0.03
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.03	)
Net realized gains		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.09	%		1.33	%		3.04	%		2.77	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.87	%		0.90	%		0.87	%		0.87	%		0.87	%
Net expenses		0.19	%		0.32	%		0.58	%		0.87	%		0.87	%		0.87	%
Net investment income		0.01	%		0.01	%		0.10	%		1.30	%		2.77	%		2.74	%
Supplemental data
Net assets, end of period (000’s omitted)		$14,610			$15,438			$19,885			$35,927			$36,121			$22,145

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New Jersey Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class A of Evergreen New Jersey Municipal Money Market Fund.

2. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage New Jersey Municipal Money Market Fund 15

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Service Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net realized gains		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.20	%		1.63	%		3.35	%		3.07	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.68	%		0.60	%		0.58	%		0.57	%		0.57	%
Net expenses		0.18	%		0.32	%		0.46	%		0.58	%		0.57	%		0.57	%
Net investment income		0.01	%		0.01	%		0.21	%		1.60	%		3.07	%		3.02	%
Supplemental data
Net assets, end of period (000’s omitted)		$10,820			$8,834			$10,684			$19,115			$21,147			$15,313

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New Jersey Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen New Jersey Municipal Money Market Fund.

2. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage New Jersey Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Sweep Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.03			0.02
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.02	)
Net realized gains		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.03	%		1.03	%		2.73	%		2.46	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.19	%		1.19	%		1.18	%		1.17	%		1.17	%
Net expenses		0.20	%		0.32	%		0.63	%		1.17	%		1.17	%		1.17	%
Net investment income		0.01	%		0.01	%		0.03	%		1.00	%		2.48	%		2.42	%
Supplemental data
Net assets, end of period (000’s omitted)		$114,193			$191,910			$213,330			$225,386			$210,726			$168,806

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New Jersey Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class S of Evergreen New Jersey Municipal Money Market Fund.

2. Amount is less than $0.005.

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 17

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage New Jersey Municipal Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are

18 Wells Fargo Advantage New Jersey Municipal Money Market Fund Notes to Financial Statements (Unaudited)

allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Service Class		0.12

Notes to Financial Statements (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 19

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

20 Wells Fargo Advantage New Jersey Municipal Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 21

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

22 Wells Fargo Advantage New Jersey Municipal Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 23

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to New Jersey Municipal Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

24 Wells Fargo Advantage New Jersey Municipal Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens

Other Information (Unaudited) Wells Fargo Advantage New Jersey Municipal Money Market Fund 25

and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process

26 Wells Fargo Advantage New Jersey Municipal Money Market Fund Other Information (Unaudited)

under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage New Jersey Municipal Money Market Fund 27

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204806 09-11 SA310/SAR310 7-11

Wells Fargo Advantage

New York Municipal Money Market Fund

Semi-Annual Report

July 31, 2011

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Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	18
Other Information	21
List of Abbreviations	28

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage New York Municipal Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage New York Municipal Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage New York Municipal Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage New York Municipal Money Market Fund Letter to Shareholders

opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights Wells Fargo Advantage New York Municipal Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax and New York individual income tax, while preserving capital and liquity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

September 24, 2001

SECTOR DISTRIBUTION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

7 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

7 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a Fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a Fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a Fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage New York Municipal Money Market Fund Performance Highlights

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		Life of Fund		Gross		Net6
Class A (ENYXX)		09/24/2001		0.00		0.01		1.17		1.14		0.87%		0.70%
Service Class (ENIXX)		09/24/2001		0.00		0.01		1.34		1.38		0.77%		0.45%
Sweep Class		09/24/2001		0.00		0.01		1.02		0.92		1.22%		1.05%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen New York Municipal Money Market Fund.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.76)%, (0.66)%, and (1.11)% for Class A, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage New York Municipal Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.94		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85	$	0.95		0.19	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.94		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85	$	0.95		0.19	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage New York Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 94.78%
California: 0.16%
Variable Rate Demand Note§: 0.16%
California Housing Finance Agency PUTTER Series 3484 (Water & Sewer Revenue)††		0.21	%		06/15/2033	$	450,000	$	450,000
Delaware: 0.44%
Variable Rate Demand Note§: 0.44%
Delaware State Economic Development Authority Delaware Clean Power Project Series 1997-C (Resource Recovery Revenue)		0.25			08/01/2029		1,200,000		1,200,000
Maryland: 0.72%
Other Municipal Debt: 0.72%
Montgomery County MD (GO – Local, State Street Corporation LOC)		0.09			08/09/2011		2,000,000		2,000,000
Minnesota: 0.91%
Variable Rate Demand Note§: 0.91%
Sherburne County MN Housing & Redevelopment Authority Apperts Incorporated Project (Housing Revenue, Bremer Bank LOC)		0.33			12/01/2021		2,515,000		2,515,000
Mississippi: 0.40%
Variable Rate Demand Note§: 0.40%
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series B (Energy Revenue)		0.21			12/01/2030		1,100,000		1,100,000
Nevada: 0.43%
Variable Rate Demand Note§: 0.43%
Sparks NV Economic Development RIX Industries Project (IDR, Wells Fargo Bank NA LOC)(q)		0.30			07/01/2027		1,195,000		1,195,000
New York: 81.63%
Other Municipal Debt: 1.40%
New York Metropolitan Transportation Authority (Transportation Revenue, TD Bank NA LOC)		0.23			10/06/2011		1,000,000		1,000,000
Oyster Bay NY BAN (GO-Local)		1.25			08/12/2011		2,880,000		2,880,822
									3,880,822
Variable Rate Demand Notes§: 80.23%
Albany NY IDA (Hospital Revenue, Bank of America Corporation LOC)		0.11			05/01/2027		2,605,000		2,605,000
City of New York NY (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		4,200,000		4,200,000
Dutchess County NY IDA (Education Revenue, JPMorgan Chase Bank LOC)		0.06			07/01/2028		3,890,000		3,890,000
Erie County NY IDA School Facilities Series 2946 (Education Revenue, FSA Insured)		0.13			11/01/2012		3,050,000		3,050,000
JPMorgan Chase PUTTER (Water & Sewer Revenue)††		0.21			05/02/2013		3,700,000		3,700,000
Long Island Power Authority NY Electric System Subseries 1-B (Utilities Revenue, State Street Corporation LOC)		0.19			05/01/2033		7,275,000		7,275,000
Nassau County NY Interim Finance Authority Series D-1 (Tax Revenue)		0.14			11/15/2017		2,185,000		2,185,000
Nassau Health Care Corporation Series B-2 (Hospital Revenue, TD Bank NA LOC, County Guaranty Insured)		0.07			08/01/2029		9,500,000		9,500,000
New York City NY Capital Resource Corporation Loan Enhanced Assistance Series A (Hospital Revenue, Bank of America Corporation LOC)		0.13			01/01/2026		3,720,000		3,720,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New York City NY Capital Resource Corporation Loan Enhanced Assistance Series A (Education Revenue, Bank of America Corporation LOC)		0.13	%		05/01/2037	$	3,600,000	$	3,600,000
New York Convention Center Development Corporation New York Hotel Unit Fee Secured Series 3095 (Tax Revenue, BHAC-CR AMBAC Insured)††		0.08			11/15/2044		9,200,000		9,200,000
New York Metropolitan Transportation Authority (Transportation Revenue, Bank of Nova Scotia LOC)		0.07			11/01/2026		9,000,000		9,000,000
New York Metropolitan Transportation Authority ROC-RR-II-R-11711 (Transportation Revenue, FSA Insured)††		0.23			11/15/2027		9,650,000		9,650,000
New York Metropolitan Transportation Authority ROC-RR-II-R-594PB (Transportation Revenue, AGC-ICC AMBAC Insured)		0.23			11/15/2013		1,000,000		1,000,000
New York NY City Housing Development Corporation 1904 Vyse Avenue Apartments Series A (Housing Revenue, FNMA Insured)		0.07			01/15/2038		4,035,000		4,035,000
New York NY City Housing Development Corporation Ogden Avenue Apartments II Series A (Housing Revenue, FHLMC Insured)		0.18			03/01/2038		2,500,000		2,500,000
New York NY City Housing Development Corporation Series C-4 (Housing Revenue)		0.05			05/01/2015		1,945,000		1,945,000
New York NY City Housing Development Corporation Series J-1 (Housing Revenue)		0.48			05/01/2046		2,000,000		2,000,000
New York NY City Housing Development Corporation West End Towers Series A (Housing Revenue, FNMA Insured)		0.18			05/15/2034		5,500,000		5,500,000
New York NY City Series F-4 (Tax Revenue, Union Bank NA LOC)		0.08			09/01/2035		3,000,000		3,000,000
New York NY City Transitional Finance Authority Series 3 Subseries 3H (Tax Revenue)		0.22			11/01/2022		2,500,000		2,500,000
New York NY City Transitional Finance Authority Subseries F-5 (Tax Revenue, Sumitomo Mitsui Banking LOC)		0.05			02/01/2035		2,200,000		2,200,000
New York NY City Trust Cultural Research Lincoln Center For the Arts Series B-1 (Miscellaneous Revenue, U.S. Bank NA LOC)		0.05			11/01/2038		3,750,000		3,750,000
New York NY Series E-2 (GO-Local, Bank of America Corporation LOC)		0.23			08/01/2034		2,600,000		2,600,000
New York NY Subseries A-5 (GO-Local, Bank of Nova Scotia LOC)		0.04			08/01/2031		4,205,000		4,205,000
New York NY Subseries C-4 (GO-Local, Bank of Tokyo-Mitsubishi UFJ LOC)		0.16			08/01/2020		7,000,000		7,000,000
New York NY Subseries C-5 (GO-Local, Bank of New York LOC)		0.05			08/01/2020		8,000,000		8,000,000
New York NY Subseries F-4 (GO-Local, Sumitomo Mitsui Banking LOC)		0.08			09/01/2035		9,900,000		9,900,000
New York NY Subseries I-7 (GO-Local, Bank of America Corporation LOC)		0.10			04/01/2036		2,700,000		2,700,000
New York NY Transitional Finance Authority Series 3F (Tax Revenue)		0.19			11/01/2022		3,300,000		3,300,000
New York NY Triborough Bridge & Tunnel Authority Sub Series CD (Transportation Revenue, AGM Insured)		0.09			01/01/2019		3,500,000		3,500,000
New York State Dormitory Authority Eclipse Funding Trust 2006-0029 Solar Eclipse (Miscellaneous Revenue, U.S. Bank NA LOC)		0.07			02/15/2012		3,150,000		3,150,000
New York State Dormitory Authority North Shore LI Jewish Series B (Hospital Revenue, TD Bank NA LOC)		0.05			07/01/2039		9,000,000		9,000,000
New York State Dormitory Authority PUTTER 2009-35 (Miscellaneous Revenue, State Street Corporation LOC)		0.08			11/01/2020		5,000,000		5,000,000
New York State Dormitory Authority PUTTER 2009-45 (Education Revenue, State Street Corporation LOC)		0.08			07/01/2025		5,600,000		5,600,000
New York State Dormitory Authority Rockefeller University Series B (Education Revenue)		0.07			07/01/2039		7,500,000		7,500,000
New York State Housing Finance Agency Avalon Bowery Place Series II-A (Housing Revenue, Bank of America Corporation LOC)		0.12			11/01/2039		1,500,000		1,500,000
New York State Housing Finance Agency Rip Van Winkle House Series A (Housing Revenue, FHLMC Insured)		0.11			11/01/2034		3,300,000		3,300,000
New York State Housing Finance Agency Victory Housing Series 2004-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		2,500,000		2,500,000

10 Wells Fargo Advantage New York Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
New York State Housing Finance Agency West 23rd Street Series A (Housing Revenue, FNMA Insured)		0.08	%		05/15/2033	$	8,200,000	$	8,200,000
New York State Housing Finance Agency Weyant Green Apartments Series A (Housing Revenue, FNMA Insured)		0.05			05/15/2037		700,000		700,000
New York State Mortgage Agency ROC-RR-II-R-11706 (Housing Revenue)††		0.17			10/01/2024		2,700,000		2,700,000
New York State Power Authority (GO-State)		0.32			03/01/2016		1,000,000		1,000,000
New York State Power Authority (GO-State)		0.32			03/01/2020		1,700,000		1,700,000
New York State Thruway Authority PUTTER Series 3600-Z (Transportation Revenue, FGIC Insured)††		0.22			01/01/2016		4,600,000		4,600,000
Niagara County NY IDA Niagara University Project Series B (Education Revenue, HSBC Bank USA NA LOC, Radian Insured)		0.06			11/01/2031		5,000,000		5,000,000
Oneida County NY IDA (Hospital Revenue, HSBC Bank USA NA LOC)		0.06			06/01/2026		3,600,000		3,600,000
PFOTER PT-4564 (Housing Revenue, FHLMC Insured)		0.18			02/01/2046		11,100,000		11,100,000
Southeast NY IDA Dairy Conveyor Corporation Project (IDR, Chase Manhattan Bank LOC)		0.07			11/01/2015		800,000		800,000
Syracuse NY IDA (Education Revenue, JPMorgan Chase Bank LOC)		0.28			12/01/2037		3,865,000		3,865,000
									222,025,000
Puerto Rico: 5.74%
Variable Rate Demand Notes§: 5.74%
Puerto Rico Commonwealth ROC-II-R-185 (GO – State, FGIC Insured)††		0.11			07/01/2012		3,715,000		3,715,000
Puerto Rico Electric Power Authority MSTR SGC-57 Class A (Utilities Revenue, Societe Generale LOC, FSA Insured)		0.11			07/01/2029		6,180,000		6,180,000
Puerto Rico Sales Tax Corporate Financing ROC-RR-II-R-11778 (Tax Revenue)††		0.11			08/01/2047		2,875,000		2,875,000
Puerto Rico Sales Tax Corporate Financing ROC-RR-II-R-11779 (Tax Revenue)††		0.11			12/01/2047		2,700,000		2,700,000
Puerto Rico Sales Tax Financing Corporation PUTTER Series DBE-627A (Tax Revenue, AMBAC Insured)		0.08			08/01/2050		400,000		400,000
									15,870,000
Texas: 4.08%
Variable Rate Demand Notes§: 4.08%
Nueces County TX Port Corpus Christi Authority Solid Waste Disposal Flint Hills Resources Project Series 2007 (Resource Recovery Revenue, Flint Hills Resources Guaranteed)		0.13			01/01/2032		6,975,000		6,975,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series A (Energy Revenue)		0.19			11/01/2040		1,925,000		1,925,000
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series C (Energy Revenue)		0.26			04/01/2040		2,400,000		2,400,000
									11,300,000
Wisconsin: 0.27%
Variable Rate Demand Note§: 0.27%
Wisconsin State HEFA Aurora Health Care Series A (Hospital Revenue, Bank of Montreal LOC)		0.24			04/01/2028		750,000		750,000

Total Investments in Securities
(Cost $262,285,822)*	94.78	%		262,285,822
Other Assets and Liabilities, Net	5.22			14,458,355
Total Net Assets	100.00	%	$	276,744,177

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 11

†† Security 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 are subject to a demand feature which reduces the effective maturity.

(q) Credit enhancement is provided by an affiliate.

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

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

12 Wells Fargo Advantage New York Municipal Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	262,285,822
Cash		14,443,857
Receivable for interest		75,000
Receivable from adviser		206,417
Prepaid expenses and other assets		24,586
Total assets		277,035,682
Liabilities
Distribution fees payable		89,176
Due to other related parties		69,949
Shareholder servicing fees payable		68,850
Accrued expenses and other liabilities		63,530
Total liabilities		291,505
Total net assets	$	276,744,177
NET ASSETS CONSIST OF
Paid-in capital	$	276,741,855
Undistributed net investment income		1,251
Accumulated net realized gains on investments		1,071
Total net assets	$	276,744,177
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	10,765,496
Shares outstanding – Class A		10,765,598
Net asset value per share – Class A		$1.00
Net assets – Service Class	$	11,034,887
Shares outstanding – Service Class		11,035,004
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	254,943,794
Shares outstanding – Sweep Class		254,954,335
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 13

Investment income
Interest	$	394,531
Expenses
Advisory fee		563,529
Administration fees
Fund level		93,921
Class A		12,392
Service Class		7,157
Sweep Class		387,740
Shareholder servicing fees
Class A		13,867
Service Class		14,112
Sweep Class		440,614
Distribution fees
Sweep Class		616,859
Custody and accounting fees		10,850
Professional fees		14,380
Registration fees		18,718
Shareholder report expenses		2,083
Trustees’ fees and expenses		5,951
Other fees and expenses		9,077
Total expenses		2,211,250
Less: Fee waivers and/or expense reimbursements		(1,835,504	)
Net expenses		375,746
Net investment income		18,785
Net realized gains on investments		804
Net increase in net assets resulting from operations	$	19,589

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

14 Wells Fargo Advantage New York Municipal Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111
Operations
Net investment income				$	18,785					$	19,575
Net realized gains on investments					804						1,809
Net increase in net assets resulting from operations					19,589						21,384
Distributions to shareholders from
Net investment income
Class A					(563	)					(1,936	)
Service Class					(595	)					(1,769	)2
Sweep Class					(17,627	)					(42,340	)3
Total distributions to shareholders					(18,785	)					(46,045	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		9,920,270			9,920,270			40,186,012			40,186,012
Service Class		26,706,743			26,706,743			79,156,755	2		79,156,755	2
Sweep Class		491,117,886			491,117,886			1,237,044,799	3		1,237,044,799	3
					527,744,899						1,356,387,566
Reinvestment of distributions
Class A		459			459			1,387			1,387
Service Class		79			79			216	2		216	2
Sweep Class		17,627			17,627			42,340	3		42,340	3
					18,165						43,943
Payment for shares redeemed
Class A		(10,622,220	)		(10,622,220	)		(46,935,972	)		(46,935,972	)
Service Class		(27,600,630	)		(27,600,630	)		(77,001,001	)2		(77,001,001	)2
Sweep Class		(627,526,185	)		(627,526,185	)		(1,249,894,067	)3		(1,249,894,067	)3
					(665,749,035	)					(1,373,831,040	)
Net decrease in net assets resulting from capital share transactions					(137,985,971	)					(17,399,531	)
Total decrease in net assets					(137,985,167	)					(17,424,192	)
Net assets
Beginning of period					414,729,344						432,153,536
End of period				$	276,744,177					$	414,729,344
Undistributed net investment income				$	1,251					$	1,251

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New York Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 12, 2010 is that of Evergreen New York Municipal Money Market Fund.

2. Class I shares of Evergreen New York Municipal Money Market Fund became Service Class shares on July 12, 2010.

3. Class S shares of Evergreen New York Municipal Money Market Fund became Sweep Class shares on July 12, 2010.

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

Financial Highlights Wells Fargo Advantage New York Municipal Money Market Fund 15

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Class A				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.03			0.03
Net realized gains (losses) on investments		0.00	2		(0.00	)2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.00	%		0.01	%		0.04	%		1.41	%		2.92	%		2.88	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.88	%		0.85	%		0.86	%		0.86	%
Net expenses		0.19	%		0.31	%		0.55	%		0.85	%		0.86	%		0.86	%
Net investment income		0.01	%		0.01	%		0.04	%		1.36	%		2.84	%		2.72	%
Supplemental data
Net assets, end of period (000’s omitted)		$10,765			$11,467			$18,245			$25,597			$51,071			$47,842

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New York Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class A of Evergreen New York Municipal Money Market Fund.

2. Amount represents less than $0.005.

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

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

16 Wells Fargo Advantage New York Municipal Money Market Fund Financial Highlights

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Service Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.00	%		0.01	%		0.14	%		1.71	%		3.23	%		3.18	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.66	%		0.58	%		0.55	%		0.56	%		0.56	%
Net expenses		0.19	%		0.30	%		0.44	%		0.55	%		0.56	%		0.56	%
Net investment income		0.01	%		0.01	%		0.15	%		1.69	%		3.13	%		2.98	%
Supplemental data
Net assets, end of period (000’s omitted)		$11,035			$11,929			$9,766			$12,241			$18,163			$60,677

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New York Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen New York Municipal Money Market Fund.

2. Amount represents less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage New York Municipal Money Market Fund 17

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Sweep Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.01			0.03			0.03
Net realized gains (losses) on investments		0.00	2		(0.00	)2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)		(0.03	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.00	%		0.01	%		0.03	%		1.12	%		2.61	%		2.57	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.17	%		1.17	%		1.16	%		1.16	%		1.16	%
Net expenses		0.20	%		0.31	%		0.53	%		1.14	%		1.16	%		1.16	%
Net investment income		0.01	%		0.01	%		0.03	%		1.06	%		2.54	%		2.41	%
Supplemental data
Net assets, end of period (000’s omitted)		$254,944			$391,334			$404,142			$357,605			$273,501			$249,845

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen New York Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class S of Evergreen New York Municipal Money Market Fund.

2. Amount represents less than $0.005.

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

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

18 Wells Fargo Advantage New York Municipal Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage New York Municipal Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share

Notes to Financial Statements (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 19

dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Service Class		0.12

20 Wells Fargo Advantage New York Municipal Money Market Fund Notes to Financial Statements (Unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

Other Information (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 21

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

22 Wells Fargo Advantage New York Municipal Money Market Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Other Information (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 23

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

24 Wells Fargo Advantage New York Municipal Money Market Fund Other Information (Unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to New York Municipal Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

Other Information (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 25

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens

26 Wells Fargo Advantage New York Municipal Money Market Fund Other Information (Unaudited)

and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the

Other Information (Unaudited) Wells Fargo Advantage New York Municipal Money Market Fund 27

Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

28 Wells Fargo Advantage New York Municipal Money Market Fund List of Abbreviations

The following is a list of common abbreviations for terms and entities which may have appeared in this report.

ABAG —  Association of Bay Area Governments

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204807 09-11 SA311/SAR311 7-11

Wells Fargo Advantage

Pennsylvania Municipal Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	17
Other Information	20
List of Abbreviations	27

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Pennsylvania Municipal Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Letter to Shareholders Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 3

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately, the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns—chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Letter to Shareholders

risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income exempt from regular federal income tax and Pennsylvania individual income tax, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

James Randazzo

FUND INCEPTION

August 15, 1991

SECTOR DISTRIBUTION¹
(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹
(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY2 (AS OF JULY 31, 2011)
6 Days	��

WEIGHTED AVERAGE FINAL MATURITY³
(AS OF JULY 31, 2011)

6 Days

1. Sector distribution and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a Fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a Fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a Fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Performance Highlights

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (EPPXX)		08/22/1995		0.00		0.01		1.22		1.25		0.90%		0.70%
Service Class (EPAXX)		08/15/1991		0.00		0.01		1.39		1.47		0.80%		0.45%
Sweep Class		06/30/2000		0.00		0.01		1.05		1.00		1.25%		1.05%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. A portion of the Fund’s income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

4. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen Pennsylvania Municipal Money Market Fund.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.84)%, (0.74)%, and (1.19)% for Class A, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	1.14		0.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.65	$	1.15		0.23	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.14		0.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.65	$	1.15		0.23	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Municipal Bonds and Notes: 94.54%
Delaware: 1.18%
Variable Rate Demand Note§: 1.18%
Delaware State Economic Development Authority (Energy Revenue)		0.21	%		08/01/2029	$	1,350,000	$	1,350,000
Maryland: 0.87%
Variable Rate Demand Note§: 0.87%
Montgomery County MD Series 10-B (GO-Local)		0.09			08/09/2011		1,000,000		1,000,000
Nevada: 1.26%
Variable Rate Demand Note§: 1.26%
Reno NV Sales Tax Revenue Various Refunding Senior Lien-Reno Transportation Rail Access Corridor Project (Tax Revenue, Bank of New York LOC)		0.20			06/01/2042		1,440,000		1,440,000
New Jersey: 4.23%
Variable Rate Demand Note§: 4.23%
Clipper Tax Exempt Series 2009-32 (Airport Revenue, State Street Bank & Trust Insured)		0.13			01/01/2018		4,850,000		4,850,000
Pennsylvania: 82.23%
Variable Rate Demand Notes§: 82.23%
Allegheny County PA Hospital Development Authority UPMC Senior Living Corporation (Health Revenue, FNMA Insured)		0.09			07/15/2028		5,105,000		5,105,000
Allegheny County PA Residential Finance Authority Mortgage SFHR Series 2005-SS (Housing Revenue)		0.13			05/01/2036		2,640,000		2,640,000
Beaver County IDA Environmental Improvement Project (Utilities Revenue)		0.24			09/01/2032		2,000,000		2,000,000
Beaver County IDA Pollution Control First Energy Generation (Utilities Revenue, Bank of Nova Scotia LOC)		0.04			04/01/2035		1,400,000		1,400,000
Berks County PA IDA Fleetwood Business Trust (IDR, U.S. Bank NA LOC)		0.12			05/15/2025		3,815,000		3,815,000
Butler County PA IDA Mine Safety Appliances (GO-Local, Societe Generale LOC)		0.11			10/01/2034		5,080,000		5,080,000
Butler County PA IDA Mine Safety Appliances Series A (IDR, JPMorgan Chase Bank LOC)		0.19			05/01/2022		3,000,000		3,000,000
Butler County PA IDA Mine Safety Appliances Series B (IDR)		0.19			05/01/2022		1,000,000		1,000,000
Delaware County PA College Authority Eastern College Series A (Education Revenue, TD Bank NA LOC)		0.08			10/01/2025		3,600,000		3,600,000
Delaware County PA IDA Airport Facilities Parcel Service Project (Airport Revenue)		0.22			12/01/2015		3,000,000		3,000,000
Deutsche Bank Spears Lifers Trust Series DB-340 (Utilities Revenue, AMBAC Insured)		0.08			10/01/2022		4,500,000		4,500,000
Emmaus PA General Authority Series D27 (GO-Local, U.S. Bank NA LOC, State Aid Withholding Insured)		0.08			03/01/2024		2,300,000		2,300,000
Emmaus PA General Authority Series F24 (GO-Local, U.S. Bank NA LOC, State Aid Withholding Insured)		0.08			03/01/2024		2,000,000		2,000,000
Fayette County PA IDA Coastal Lumber Company Project (IDR, Branch Banking & Trust LOC)		0.25			09/01/2018		1,700,000		1,700,000
Franconia Township PA IDA Ashers Chocolate Project Series A (IDR, Commerce Bank NA LOC)		0.31			05/01/2017		985,000		985,000
Geisinger PA Health System Series C (Hospital Revenue, TD Bank NA LOC)		0.21			08/01/2028		3,000,000		3,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
JPMorgan Chase PUTTER DRIVER Trust Series 3498Z (Lease Revenue, FSA State Aid Withholding Insured)††		0.22	%		06/01/2015	$	1,475,000	$	1,475,000
Lancaster PA IDA Purple Crow Partners LLC Project (IDR, U.S. Bank NA LOC)		0.12			09/01/2026		855,000		855,000
Merrill Lynch PFOTER Series 385 (Hospital Revenue)		0.18			08/15/2042		2,500,000		2,500,000
Merrill Lynch PFOTER Series 566 (Hospital Revenue)		0.31			08/15/2042		4,600,000		4,600,000
Montgomery County PA IDA Girl Scouts Southeastern PA (Miscellaneous Revenue, TD Bank NA LOC)		0.10			02/01/2025		1,420,000		1,420,000
Montgomery County PA IDA Series 3238 (Hospital Revenue, FHA Insured)††		0.11			08/01/2030		1,300,000		1,300,000
Pennsylvania EDFA Fitzpatrick Container Company Project (IDR, PNC Bank NA LOC)		0.12			12/01/2023		1,600,000		1,600,000
Pennsylvania EDFA Ganflec Corporation Project Series E (IDR, PNC Bank NA LOC)		0.13			11/01/2019		1,100,000		1,100,000
Pennsylvania EDFA Series B1 (IDR, PNC Bank NA LOC)		0.21			05/01/2015		200,000		200,000
Pennsylvania EDFA Series B2 (IDR, PNC Bank NA LOC)		0.21			08/01/2014		300,000		300,000
Pennsylvania EDFA Series G10 (Port, Airport, & Marina Authority Revenue, PNC Bank NA LOC)		0.12			12/01/2025		2,000,000		2,000,000
Pennsylvania EDFA Series G12 (IDR, PNC Bank NA LOC)		0.21			12/01/2013		100,000		100,000
Pennsylvania EDFA Series G6 (IDR, PNC Bank NA LOC)		0.21			12/01/2013		350,000		350,000
Pennsylvania EDFA Series H4 (IDR, PNC Bank NA LOC)		0.21			12/01/2012		400,000		400,000
Pennsylvania EDFA Series J1 (Education Revenue, PNC Bank NA LOC)		0.08			11/01/2030		1,325,000		1,325,000
Pennsylvania EDFA Series J1 (IDR, PNC Bank NA LOC)		0.21			05/01/2015		400,000		400,000
Pennsylvania HFA SFMR Series 74A (Housing Revenue, GO of Agency Insured)		0.05			10/01/2032		2,300,000		2,300,000
Pennsylvania State HEFAR of Independent Colleges Series K (Education Revenue, PNC Bank NA LOC)		0.08			11/01/2014		1,900,000		1,900,000
Pennsylvania State Public School Building Authority ROC-RR-II-R-11396 (Lease Revenue, FSA State Aid Withholding Insured)		0.19			12/01/2023		4,700,000		4,700,000
Philadelphia PA Hospital & Higher Education Facilities Authority Childrens Hospital Series A (Hospital Revenue)		0.18			02/15/2014		1,400,000		1,400,000
Philadelphia PA Hospital & Higher Education Facilities Authority Childrens Hospital Series A (Hospital Revenue)		0.18			07/01/2022		1,405,000		1,405,000
Philadelphia PA IDA 1100 Walnut St Project (IDR, PNC Bank NA LOC)		0.27			12/01/2014		800,000		800,000
Philadelphia PA IDA Series B (IDR, JPMorgan Chase Bank LOC)		0.09			10/01/2030		500,000		500,000
Philadelphia PA School District Series F (GO-Local, Barclays Bank plc LOC, State Aid Withholding Insured)		0.04			09/01/2030		4,500,000		4,500,000
RBC Municipal Products Incorporated Trust Series C13 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			11/01/2011		2,000,000		2,000,000
RBC Municipal Products Incorporated Trust Series E-11 (Hospital Revenue, Royal Bank of Canada LOC)††		0.09			02/01/2012		2,000,000		2,000,000
RBC Municipal Products Incorporated Trust Series E-16 (Hospital Revenue, Royal Bank of Canada LOC)††		0.08			04/15/2039		4,000,000		4,000,000
Southeastern PA Transportation Authority (Tax Revenue, PNC Bank NA LOC)		0.17			03/01/2022		2,000,000		2,000,000
Westmoreland County PA Industrial Development Project (IDR, PNC Bank NA LOC)		0.15			04/01/2017		1,740,000		1,740,000
									94,295,000

10 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Puerto Rico: 2.09%
Variable Rate Demand Note§: 2.09%
Puerto Rico Sales Tax Finance Corporation ROC-RR-II-R-11761 (Tax Revenue)††		0.11	%		12/01/2047	$	2,400,000	$	2,400,000
Texas: 2.68%
Variable Rate Demand Notes§: 2.68%
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series D (Energy Revenue)		0.19			11/01/2040		675,000		675,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project (Resource Recovery Revenue)		0.13			01/01/2032		2,400,000		2,400,000
									3,075,000

Total Investments in Securities
(Cost $108,410,000)*	94.54	%		108,410,000
Other Assets and Liabilities, Net	5.46			6,265,495
Total Net Assets	100.00	%	$	114,675,495

†† Security 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 are subject to a demand feature which reduces the effective maturity.

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

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

Statement of Assets and Liabilities—July 31, 2011 (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 11

Assets
Investments in unaffiliated securities, at amortized cost	$	108,410,000
Cash		6,144,543
Receivable for investments sold		145,000
Receivable for interest		24,980
Receivable from adviser		82,561
Prepaid expenses and other assets		29,792
Total assets		114,836,876
Liabilities
Payable for Fund shares redeemed		20,000
Distribution fees payable		30,047
Due to other related parties		27,437
Shareholder report expenses payable		11,168
Shareholder servicing fees payable		28,957
Professional fees payable		21,298
Accrued expenses and other liabilities		22,474
Total liabilities		161,381
Total net assets	$	114,675,495
NET ASSETS CONSIST OF
Paid-in capital	$	114,673,863
Undistributed net investment income		1,839
Accumulated net realized losses on investments		(207	)
Total net assets	$	114,675,495
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	4,302,103
Shares outstanding – Class A		4,302,092
Net asset value per share – Class A		$1.00
Net assets – Service Class	$	27,902,768
Shares outstanding – Service Class		27,902,970
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	82,470,624
Shares outstanding – Sweep Class		82,470,536
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares

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

12 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Statement of Operations—Six Months Ended July 31, 2011 (Unaudited)

Investment income
Interest	$	192,942
Expenses
Advisory fee		237,334
Administration fees
Fund level		39,556
Class A		5,171
Service Class		15,690
Sweep Class		140,108
Shareholder servicing fees
Class A		5,622
Service Class		32,688
Sweep Class		159,214
Distribution fees
Sweep Class		222,899
Custody and accounting fees		4,448
Professional fees		12,628
Registration fees		28,223
Shareholder report expenses		16,957
Trustees’ fees and expenses		7,421
Other fees and expenses		2,820
Total expenses		930,779
Less: Fee waivers and/or expense reimbursements		(745,749	)
Net expenses		185,030
Net investment income	$	7,912

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

Statements of Changes in Net Assets Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 13

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 2011¹
Operations
Net investment income				$	7,912					$	3,644
Net realized gains (losses) on investments					0						(13	)
Net increase in net assets resulting from operations					7,912						3,631
Distributions to shareholders from
Net investment income
Class A					(235	)					(840	)
Service Class					(1,308	)					(5,893	)²
Sweep Class					(6,369	)					(22,237	)³
Total distributions to shareholders					(7,912	)					(28,970	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		4,846,460			4,846,460			13,465,509			13,465,509
Service Class		40,794,194			40,794,194			153,136,397	²		153,136,397	²
Sweep Class		237,254,140			237,254,140			770,557,711	³		770,557,711	³
					282,894,794						937,159,617
Reinvestment of distributions
Class A		233			233			720			720
Service Class		56			56			722	²		722	²
Sweep Class		6,369			6,369			21,004	³		21,004	³
					6,658						22,446
Payment for shares redeemed
Class A		(6,209,559	)		(6,209,559	)		(12,326,698	)		(12,326,698	)
Service Class		(39,577,766	)		(39,577,766	)		(156,542,664	)²		(156,542,664	)²
Sweep Class		(290,299,972	)		(290,299,972	)		(792,319,259	)³		(792,319,259	)³
					(336,087,297	)					(961,188,621	)
Net decrease in net assets resulting from capital share transactions					(53,185,845	)					(24,006,558	)
Total decrease in net assets					(53,185,845	)					(24,031,897	)
Net assets
Beginning of period					167,861,340						191,893,237
End of period				$	114,675,495					$	167,861,340
Undistributed net investment income				$	1,839					$	1,839

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Pennsylvania Municipal Money Market Fund which became the accounting and performance survivor in this transaction. The information for the period prior to July 12, 2010 is that of Evergreen Pennsylvania Municipal Money Market Fund.

2. Class I shares of Evergreen Pennsylvania Municipal Money Market became Service Class shares on July 12, 2010.

3. Class S shares of Evergreen Pennsylvania Municipal Money Market became Sweep Class shares on July 12, 2010.

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

14 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Class A				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Net realized gains (losses) on investments		0.00	2		(0.00	)2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.00	%		0.01	%		0.12	%		1.56	%		2.97	%		2.83	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.86	%		0.87	%		0.82	%		0.82	%		0.82	%
Net expenses		0.23	%		0.37	%		0.62	%		0.82	%		0.82	%		0.82	%
Net investment income		0.01	%		0.01	%		0.12	%		1.45	%		2.91	%		2.79	%
Supplemental data
Net assets, end of period (000’s omitted)		$4,302			$5,665			$4,525			$36,362			$20,293			$18,178

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Pennsylvania Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class A of Evergreen Pennsylvania Municipal Money Market Fund.

2. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 15

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Service Class				20111			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Net realized gains (losses) on investments		0.00	2		(0.00	)2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.02			0.03			0.03
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)		(0.03	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.00	%		0.01	%		0.23	%		1.87	%		3.28	%		3.14	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.70	%		0.56	%		0.51	%		0.52	%		0.52	%
Net expenses		0.23	%		0.36	%		0.49	%		0.51	%		0.52	%		0.52	%
Net investment income		0.01	%		0.01	%		0.31	%		1.87	%		3.21	%		3.10	%
Supplemental data
Net assets, end of period (000’s omitted)		$27,903			$26,686			$30,092			$92,005			$98,539			$62,522

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Pennsylvania Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen Pennsylvania Municipal Money Market Fund.

2. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31,
Sweep Class				2011¹			20101			20091			20081			20071
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	²		0.00	²		0.00	²		0.01			0.03			0.02
Net realized gains (losses) on investments		0.00	2		(0.00	)2		0.00			0.00			0.00			0.00
Total from investment operations		0.00	2		0.00	2		0.00	2		0.01			0.03			0.02
Distributions to shareholders from
Net investment income		(0.00	)²		(0.00	)²		(0.00	)²		(0.01	)		(0.03	)		(0.02	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return³		0.00	%		0.01	%		0.04	%		1.26	%		2.66	%		2.53	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.19	%		1.15	%		1.11	%		1.12	%		1.12	%
Net expenses		0.24	%		0.37	%		0.67	%		1.10	%		1.12	%		1.12	%
Net investment income		0.01	%		0.00	%		0.04	%		1.23	%		2.60	%		2.50	%
Supplemental data
Net assets, end of period (000’s omitted)		$82,471			$135,510			$157,251			$176,221			$157,771			$113,516

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Pennsylvania Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class S of Evergreen Pennsylvania Municipal Money Market Fund.

2. Amount is less than $0.005.

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 17

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Pennsylvania Municipal Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $207 expiring in 2018.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are

18 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Notes to Financial Statements (Unaudited)

determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2011, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Service Class		0.12

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of the Fund, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

20 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 21

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

22 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 23

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Pennsylvania Municipal Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the California Municipal Money Market Fund, Municipal Cash Management Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

24 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was generally higher than or in range of the median performance of the Universe for the periods under review.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class and Institutional Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio. The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds were higher than each Fund’s respective Expense Group’s median net operating expense ratio and that the net operating expense ratio of the Municipal Money Market Fund (Investor Class) was not appreciably higher than the Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for each of the Funds were in range of the median rate of each Fund’s Expense Group, except for the Municipal Money Market Fund and the New York Municipal Money Market Fund (Sweep Class). The Board noted that the Net Advisory Rates for the Service Class, Administrator Class and the Institutional Class of each of the Funds were lower than or in range of the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rate for the Investor Class, Class A and Sweep Class of each of the Funds was not appreciably higher than the median rate for the Fund’s Expense, except for the Sweep Class of the Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the New York Municipal Money Market Fund. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens

Other Information (Unaudited) Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 25

and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that

26 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund Other Information (Unaudited)

have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Pennsylvania Municipal Money Market Fund 27

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204808 09-11 SA312/SAR312 7-11

Wells Fargo Advantage

Prime Investment Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	20
Statement of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	25
Other Information	28
List of Abbreviations	35

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Prime Investment Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Prime Investment Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Prime Investment Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Prime Investment Money Market Fund Letter to Shareholders

not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income, while preserving capital and liquidity.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

September 2, 1998

PORTFOLIO COMPOSITION¹
(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹
(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²
(AS OF JULY 31, 2011)

19 Days

WEIGHTED AVERAGE FINAL MATURITY³
(AS OF JULY 31, 2011)

28 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Prime Investment Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Institutional Class (PIIXX)		07/28/2003		0.04		0.11		2.13		2.09		0.24%		0.20%
Service Class (NWRXX)		09/02/1998		0.00		0.01		1.87		1.85		0.53%		0.53%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Institutional Class		Service Class
7-Day Current Yield		0.02%		0.01%
7-Day Compound Yield		0.02%		0.01%
30-Day Simple Yield		0.02%		0.01%
30-Day Compound Yield		0.02%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

4. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Service Class shares. If these expenses had not been included, returns would be higher.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through May 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.20% for Institutional Class and 0.55% for Service Class. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.02)%, and (0.31)% for Institutional Class and Service Class, respectively.

Fund Expenses Wells Fargo Advantage Prime Investment Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period1		Net Annual Expense Ratio
Institutional Class
Actual	$	1,000.00	$	1,000.37	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.29		0.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.30		0.26	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Prime Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Certificates of Deposit: 23.45%
Banco Del Estado De Chile		0.21	%		08/04/2011	$	20,000,000	$	20,000,000
Bank of Montreal		0.11			08/23/2011		10,000,000		10,000,000
Bank of Montreal		0.12			08/24/2011		5,000,000		5,000,000
Bank of Montreal		0.12			08/26/2011		15,000,000		15,000,000
Barclays Bank plc (New York)±		0.74			08/12/2011		40,000,000		40,000,000
Barclays Bank plc (New York)±		0.59			04/16/2012		6,000,000		6,000,000
Barclays Bank plc (New York)±		0.65			01/17/2012		10,000,000		10,000,000
Barclays Bank plc (New York)±		0.69			10/24/2011		21,500,000		21,500,000
BNP Paribas		0.13			08/01/2011		80,000,000		80,000,000
Commerzbank (London)		0.15			08/01/2011		55,000,000		55,000,000
Credit Agricole		0.16			08/01/2011		60,000,000		60,000,000
Credit Agricole		0.23			08/12/2011		6,000,000		6,000,000
Credit Agricole		0.23			08/15/2011		10,000,000		10,000,000
Credit Industriel et Commercial		0.11			08/01/2011		23,000,000		23,000,000
Credit Suisse NY±		0.25			09/02/2011		16,000,000		16,000,123
DG Bank NY Branch		0.23			08/15/2011		10,000,000		10,000,000
Groupe BPCE		0.13			08/01/2011		55,000,000		55,000,000
KBC Bank NV Brussels		0.15			08/01/2011		46,000,000		46,000,000
National Bank of Canada±		0.35			09/21/2011		10,000,000		10,000,000
National Bank of Canada±		0.36			10/07/2011		55,000,000		55,000,000
Natixis NY Branch±		0.50			08/08/2011		56,000,000		56,000,000
Nordea Bank Funding plc		0.15			09/14/2011		10,000,000		10,000,000
Nordea Bank Funding plc		0.15			09/19/2011		9,000,000		9,000,000
Norinchukin Bank		0.15			08/01/2011		12,000,000		12,000,000
Norinchukin Bank		0.15			08/02/2011		21,000,000		21,000,000
Rabobank Nederland NV±		0.27			12/06/2011		34,000,000		34,000,000
Rabobank Nederland NV±		0.27			10/21/2011		28,000,000		28,000,000
Rabobank Nederland NV±		0.28			04/24/2012		20,000,000		19,999,257
Royal Bank of Scotland plc±		0.44			10/31/2011		26,000,000		26,000,000
Royal Bank of Scotland plc±		0.47			09/13/2011		29,000,000		29,000,000
Skandinaviska Enskilda Banken AB		0.20			09/15/2011		20,000,000		20,000,000
Skandinaviska Enskilda Banken AB		0.20			09/19/2011		5,000,000		5,000,000
Skandinaviska Enskilda Banken AB		0.24			09/01/2011		8,000,000		8,000,000
Societe Generale (New York)		0.51			08/12/2011		50,000,000		50,000,000
Sumitomo Trust & Banking Corporation		0.14			08/03/2011		45,000,000		45,000,000
Sumitomo Trust & Banking Corporation		0.15			08/02/2011		24,000,000		24,000,000
Sumitomo Trust & Banking Corporation		0.15			08/04/2011		20,000,000		20,000,000
Svenska Handsbanken AB		0.17			08/04/2011		20,000,000		20,000,008
Toronto-Dominion Bank		0.12			08/19/2011		10,000,000		10,000,000
Toronto-Dominion Bank		0.12			08/22/2011		9,000,000		9,000,000
Toronto-Dominion Bank		0.17			08/02/2011		10,000,000		10,000,017
Total Certificates of Deposit (Cost $1,019,499,405)									1,019,499,405
Commercial Paper: 46.41%
Asset-Backed Commercial Paper: 31.72%
Alpine Securitzation Corporation††^		0.13			08/19/2011		13,000,000		12,999,090
Alpine Securitzation Corporation††^		0.13			08/23/2011		7,000,000		6,999,401
Alpine Securitzation Corporation††^		0.13			08/26/2011		11,000,000		10,998,931
Amsterdam Funding Corporation††^		0.15			08/25/2011		3,000,000		2,999,680
Amsterdam Funding Corporation††^		0.15			08/30/2011		12,000,000		11,998,453
Amsterdam Funding Corporation††^		0.22			08/22/2011		3,000,000		2,999,598

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 9

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Antalis US Funding Corporation††^		0.00	%		08/01/2011	$	31,000,000	$	31,000,000
Arabella Finance LLC††^		0.38			08/08/2011		6,000,000		5,999,498
Argento Funding Companies Limited††^		0.17			08/24/2011		35,000,000		34,995,783
Argento Funding Companies Limited††^		0.19			08/04/2011		4,000,000		3,999,917
Argento Funding Companies Limited††^		0.21			09/07/2011		4,000,000		3,999,096
Argento Funding Companies Limited††^		0.21			09/09/2011		7,000,000		6,998,332
Argento Funding Companies Limited††^		0.23			08/09/2011		9,000,000		8,999,480
Argento Funding Companies Limited††^		0.23			08/17/2011		8,000,000		7,999,147
Aspen Funding Corporation††^		0.16			08/11/2011		5,000,000		4,999,750
Atlantic Asset Securitization Corporation††^		0.11			08/02/2011		8,000,000		7,999,951
Autobahn Funding Company††^		0.00			08/01/2011		12,000,000		12,000,000
Barton Capital Corporation††^		0.00			08/01/2011		76,000,000		76,000,000
Bryant Park Funding LLC††^		0.14			08/22/2011		16,000,000		15,998,600
Bryant Park Funding LLC††^		0.14			08/24/2011		3,000,000		2,999,713
CAFCO LLC††^		0.17			09/20/2011		11,000,000		10,997,403
Cancara Asset Securitization LLC††^		0.15			08/10/2011		4,000,000		3,999,830
Cancara Asset Securitization LLC††^		0.18			08/30/2011		19,000,000		18,997,092
Cancara Asset Securitization LLC††^		0.20			09/07/2011		8,000,000		7,998,273
Cancara Asset Securitization LLC††^		0.20			09/08/2011		16,000,000		15,996,453
Cancara Asset Securitization LLC††^		0.21			08/08/2011		2,000,000		1,999,907
Cancara Asset Securitization LLC††^		0.21			09/20/2011		6,000,000		5,998,250
Cancara Asset Securitization LLC††^		0.25			09/19/2011		25,000,000		24,991,493
Chariot Funding LLC††^		0.12			08/15/2011		35,000,000		34,998,153
Charta LLC††^		0.19			09/09/2011		9,000,000		8,998,148
Charta LLC††^		0.24			08/26/2011		7,380,000		7,378,719
Charta LLC††^		0.24			08/30/2011		9,000,000		8,998,188
Concord Minuteman Capital Company††^		0.36			08/09/2011		8,000,000		7,999,289
Concord Minuteman Capital Company††^		0.38			08/16/2011		5,000,000		4,999,167
Concord Minuteman Capital Company††^		0.38			08/17/2011		15,000,000		14,997,333
Concord Minuteman Capital Company††^		0.39			08/26/2011		5,000,000		4,998,611
Concord Minuteman Capital Company††^		0.39			08/29/2011		18,000,000		17,994,400
CRC Funding LLC††^		0.17			09/19/2011		7,000,000		6,998,380
CRC Funding LLC††^		0.24			08/26/2011		9,000,000		8,998,438
Crown Point Capital Company††^		0.27			08/03/2011		2,000,000		1,999,956
Crown Point Capital Company††^		0.36			08/10/2011		6,000,000		5,999,400
Crown Point Capital Company††^		0.36			08/11/2011		5,000,000		4,999,444
Crown Point Capital Company††^		0.38			08/17/2011		10,000,000		9,998,222
Crown Point Capital Company††^		0.38			08/18/2011		8,000,000		7,998,489
Crown Point Capital Company††^		0.39			08/26/2011		6,000,000		5,998,333
Fairway Finance Corporation††^		0.21			09/06/2011		14,000,000		13,996,920
Falcon Asset Securitization Corporation LLC††^		0.10			08/05/2011		6,000,000		5,999,913
Falcon Asset Securitization Corporation LLC††^		0.13			08/18/2011		6,000,000		5,999,603
Gemini Securitization Corporation LLC††^		0.15			08/03/2011		7,000,000		6,999,912
Gemini Securitization Corporation LLC††^		0.16			08/09/2011		8,000,000		7,999,680
Gemini Securitization Corporation LLC††^		0.17			08/04/2011		1,000,000		999,981
Gemini Securitization Corporation LLC††^		0.20			09/14/2011		11,000,000		10,997,311
Govco LLC††^		0.21			08/22/2011		20,000,000		19,997,433
Grampian Funding LLC††^		0.17			08/16/2011		10,000,000		9,999,250
Grampian Funding LLC††^		0.21			09/08/2011		11,000,000		10,997,446
Grampian Funding LLC††^		0.23			08/15/2011		13,000,000		12,998,716
Grampian Funding LLC††^		0.24			08/10/2011		17,000,000		16,998,848

10 Wells Fargo Advantage Prime Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date			Principal		Value
Asset-Backed Commercial Paper (continued)
Grampian Funding LLC††^		0.34	%		09/02/2011		$	14,000,000	$	14,001,412
Grampian Funding LLCl††^		0.23			08/11/2011			5,000,000		4,999,653
Jupiter Securitization Company LLC††^		0.12			08/15/2011			15,000,000		14,999,242
Jupiter Securitization Company LLC††^		0.13			08/12/2011			5,000,000		4,999,786
Kells Funding LLC††±		0.33			11/29/2011			40,000,000		40,000,000
Legacy Capital Company††^		0.37			08/12/2011			7,000,000		6,999,144
Legacy Capital Company††^		0.39			08/26/2011			10,000,000		9,997,222
Lexington Parker Capital Company LLC††^		0.30			08/04/2011			18,000,000		17,999,400
Lexington Parker Capital Company LLC††^		0.35			08/08/2011			5,000,000		4,999,611
Lexington Parker Capital Company LLC††^		0.36			08/11/2011			5,000,000		4,999,444
Lexington Parker Capital Company LLC††^		0.38			08/16/2011			7,000,000		6,998,833
Lexington Parker Capital Company LLC††^		0.38			08/23/2011			8,000,000		7,998,044
Liberty Funding LLC††^		0.14			08/25/2011			10,000,000		9,999,000
LMA Americas LLC††^		0.00			08/01/2011			64,000,000		64,000,000
LMA Americas LLC††^		0.22			08/24/2011			1,200,000		1,199,824
Matchpoint Master Trust††		0.00			08/01/2011			40,000,000		40,000,000
Metlife Short Term Funding LLC††^		0.14			08/17/2011			6,000,000		5,999,600
Metlife Short Term Funding LLC††^		0.14			08/18/2011			13,000,000		12,999,079
Metlife Short Term Funding LLC††^		0.21			08/11/2011			3,000,000		2,999,808
Mont Blanc Capital Corporation††^		0.19			08/08/2011			4,000,000		3,999,829
Mont Blanc Capital Corporation††^		0.20			09/06/2011			5,000,000		4,998,950
Mont Blanc Capital Corporation††^		0.20			09/07/2011			2,000,000		1,999,568
Mont Blanc Capital Corporation††^		0.20			09/09/2011			3,000,000		2,999,318
Mont Blanc Capital Corporation††^		0.20			09/14/2011			13,000,000		12,996,822
Newport Funding Corporation††^		0.16			08/10/2011			4,000,000		3,999,820
Newport Funding Corporation††^		0.24			09/23/2011			4,000,000		3,998,587
Nieuw Amsterdam Receivables Corporation††^		0.00			08/01/2011			4,000,000		4,000,000
Nieuw Amsterdam Receivables Corporation††^		0.15			08/03/2011			3,000,000		2,999,962
Nieuw Amsterdam Receivables Corporation††^		0.17			08/04/2011			5,000,000		4,999,904
Nieuw Amsterdam Receivables Corporation††^		0.18			08/05/2011			1,000,000		999,976
Nieuw Amsterdam Receivables Corporation††^		0.18			08/16/2011			1,000,000		999,921
Nieuw Amsterdam Receivables Corporation††^		0.18			09/08/2011			3,000,000		2,999,430
Nieuw Amsterdam Receivables Corporation††^		0.20			08/09/2011			1,000,000		999,951
Northern Pines Funding LLC††^		0.15			08/11/2011			3,000,000		2,999,867
Northern Pines Funding LLC††^		0.24			09/06/2011			9,000,000		8,997,750
Northern Pines Funding LLC††^		0.30			08/23/2011			8,000,000		7,998,484
Old Line Funding LLC††^		0.14			08/29/2011			14,000,000		13,998,476
Regency Markets #1 LLC††^		0.14			08/11/2011			6,000,000		5,999,750
Regency Markets #1 LLC††^		0.14			08/17/2011			15,000,000		14,999,000
Rhein-Main Security Limited††^		0.41			09/13/2011			12,000,000		11,993,980
Rhein-Main Security Limited††^		0.42			09/06/2011			7,000,000		6,996,990
Rhein-Main Security Limited††^		0.42			09/23/2011			5,000,000		4,996,835
Rheingold Securitization Limited††^		0.41			09/06/2011			11,000,000		10,995,310
Rheingold Securitization Limited††^		0.41			09/16/2011			7,000,000		6,996,243
Salisbury Receivables Company LLC††^		0.14			08/22/2011			4,000,000		3,999,650
Salisbury Receivables Company LLC††^		0.15			08/12/2011			1,000,000		999,951
Salisbury Receivables Company LLC††^		0.15			08/18/2011			3,000,000		2,999,773
Salisbury Receivables Company LLC††^		0.15			08/29/2011	��		2,000,000		1,999,751
Scaldis Capital LLC††^		0.00			08/01/2011			2,000,000		2,000,000
Scaldis Capital LLC††^		0.20			08/09/2011			3,000,000		2,999,853
Sheffield Receivables Corporation††^		0.14			08/25/2011			13,000,000		12,998,700

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 11

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Commercial Paper (continued)
Sheffield Receivables Corporation††^		0.15	%		08/15/2011	$	1,000,000	$	999,938
Sheffield Receivables Corporation††^		0.17			09/26/2011		3,000,000		2,999,207
Sheffield Receivables Corporation††^		0.17			09/27/2011		20,000,000		19,994,617
Sheffield Receivables Corporation††^		0.18			10/03/2011		20,000,000		19,993,700
Solitaire Funding LLC††^		0.15			08/16/2011		2,000,000		1,999,867
Solitaire Funding LLC††^		0.15			08/25/2011		4,000,000		3,999,573
Solitaire Funding LLC††^		0.16			08/30/2011		15,000,000		14,997,946
Solitaire Funding LLC††^		0.20			09/09/2011		15,000,000		14,996,588
Solitaire Funding LLC††^		0.21			08/09/2011		5,000,000		4,999,733
Solitaire Funding LLC††^		0.21			09/02/2011		10,000,000		9,998,044
Surrey Funding Corporation††^		0.14			08/09/2011		3,000,000		2,999,893
Surrey Funding Corporation††^		0.15			08/30/2011		11,000,000		10,998,582
Surrey Funding Corporation††^		0.19			09/07/2011		7,000,000		6,998,561
Sydney Capital Corporation††^		0.30			08/10/2011		1,000,000		999,918
Sydney Capital Corporation††^		0.34			09/12/2011		6,000,000		5,997,550
Sydney Capital Corporation††^		0.34			09/14/2011		6,000,000		5,997,433
Sydney Capital Corporation††^		0.34			09/16/2011		7,000,000		6,996,869
Tasman Funding Incorporated††^		0.16			08/11/2011		5,000,000		4,999,750
Tasman Funding Incorporated††^		0.18			08/16/2011		6,000,000		5,999,525
Tasman Funding Incorporated††^		0.18			08/18/2011		7,000,000		6,999,372
Tasman Funding Incorporated††^		0.18			08/24/2011		6,000,000		5,999,272
Tasman Funding Incorporated††^		0.23			08/17/2011		3,000,000		2,999,680
Thames Asset Global Securitization #1 Incorporated††^		0.14			08/10/2011		30,000,000		29,998,650
Thames Asset Global Securitization #1 Incorporated††^		0.15			08/12/2011		2,000,000		1,999,902
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/18/2011		16,947,000		16,945,639
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/23/2011		3,000,000		2,999,688
Thames Asset Global Securitization #1 Incorporated††^		0.16			08/25/2011		16,000,000		15,998,187
Versailles CDS LLC††^		0.20			08/05/2011		19,000,000		18,999,472
Windmill Funding Corporation††^		0.12			08/03/2011		1,000,000		999,990
Windmill Funding Corporation††^		0.15			08/23/2011		7,000,000		6,999,316
Windmill Funding Corporation††^		0.22			08/22/2011		5,000,000		4,999,329
Working Capital Management Company††^		0.15			08/03/2011		10,000,000		9,999,872
									1,379,357,970
Financial Company Commerical Paper: 11.40%
ABN AMRO Funding USA LLC††^		0.18			08/15/2011		6,000,000		5,999,557
ABN AMRO Funding USA LLC††^		0.18			08/17/2011		10,000,000		9,999,155
ABN AMRO Funding USA LLC††^		0.18			08/19/2011		3,000,000		2,999,715
ABN AMRO Funding USA LLC††^		0.20			08/05/2011		6,000,000		5,999,833
ANZ National Limited††±		0.34			09/13/2011		27,000,000		27,000,000
ASB Finance Limited††±		0.35			12/02/2011		18,000,000		18,000,000
ASB Finance Limited††±		0.35			12/05/2011		18,000,000		18,000,000
ASB Finance Limited††±		0.35			09/02/2011		20,000,000		20,000,000
BNZ International Funding Limited††^		0.15			08/10/2011		5,000,000		4,999,788
BNZ International Funding Limited††^		0.24			09/20/2011		4,000,000		3,998,667
BNZ International Funding Limited††^		0.34			10/07/2011		3,000,000		2,999,998
BNZ International Funding Limited††±		0.34			10/12/2011		11,000,000		11,000,109
BNZ International Funding Limited††±		0.35			09/01/2011		21,000,000		21,000,074
Credit Suisse NY^		0.00			08/01/2011		15,000,000		15,000,000
Credit Suisse NY^		0.15			09/07/2011		25,000,000		24,996,146
ICICI Bank Limited^		0.64			09/16/2011		14,000,000		13,988,372

12 Wells Fargo Advantage Prime Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Financial Company Commerical Paper (continued)
Nordea North America Incorporated^		0.15	%		09/15/2011	$	26,000,000	$	25,995,125
Nordea North America Incorporated^		0.15			09/22/2011		15,000,000		14,996,750
PB Financing Incorporated††^		0.33			08/03/2011		5,000,000		4,999,861
PB Financing Incorporated††^		0.45			08/10/2011		2,000,000		1,999,750
PB Financing Incorporated††^		0.47			08/22/2011		6,000,000		5,998,285
PB Financing Incorporated††^		0.49			09/08/2011		5,000,000		4,997,361
PB Financing Incorporated††^		0.49			09/09/2011		5,000,000		4,997,292
PB Financing Incorporated††^		0.50			09/16/2011		1,000,000		999,348
PB Financing Incorporated††^		0.50			09/19/2011		1,000,000		999,306
PB Financing Incorporated††^		0.51			09/23/2011		5,000,000		4,996,172
Prudential plc††^		0.20			08/18/2011		12,000,000		11,998,810
Prudential plc††^		0.21			09/08/2011		3,000,000		2,999,303
Prudential plc††^		0.22			09/13/2011		6,000,000		5,998,423
Prudential plc††^		0.23			09/06/2011		3,000,000		2,999,280
Prudential plc††^		0.23			09/12/2011		4,000,000		3,998,880
RBS Holdings USA Incorporated^		0.22			08/11/2011		3,000,000		2,999,800
Skandinaviska Enskilda Banken AB††^		0.23			08/29/2011		20,000,000		19,996,267
Skandinaviska Enskilda Banken AB††^		0.23			09/08/2011		10,000,000		9,997,467
Sumitomo Trust & Banking Corporation††^		0.00			08/01/2011		22,000,000		22,000,000
Suncorp-Metway Limited††^		0.26			08/03/2011		13,000,000		12,999,722
Suncorp-Metway Limited††^		0.36			08/09/2011		10,000,000		9,999,111
Suncorp-Metway Limited††^		0.39			09/08/2011		15,000,000		14,993,667
Suncorp-Metway Limited††^		0.39			09/12/2011		4,000,000		3,998,133
Swedbank AB^		0.11			08/02/2011		7,000,000		6,999,957
Swedbank AB^		0.18			08/03/2011		14,000,000		13,999,790
Swedbank AB^		0.20			08/04/2011		14,000,000		13,999,685
Westpac Securities NZ Limited††±		0.33			08/19/2011		31,000,000		31,000,000
Westpac Securities NZ Limited††±		0.37			10/13/2011		28,000,000		28,000,000
									495,938,959
Other Commercial Paper: 3.29%
ACTS Retirement Life Communities Incorporated^		0.22			09/15/2011		1,000,000		999,725
Alaska Housing Finance Corporation^		0.21			08/15/2011		2,000,000		1,999,821
Caisse D’amortissement de la Dette Sociale††^		0.22			09/28/2011		4,000,000		3,998,582
Caisse D’amortissement de la Dette Sociale††^		0.22			10/03/2011		8,000,000		7,996,920
Caisse D’amortissement de la Dette Sociale††^		0.22			10/24/2011		23,000,000		22,988,193
Caisse D’amortissement de la Dette Sociale††^		0.23			10/11/2011		35,000,000		34,983,778
EDF SA††^		0.12			08/05/2011		4,000,000		3,999,933
EDF SA††^		0.19			09/06/2011		3,000,000		2,999,430
EDF SA††^		0.19			09/07/2011		2,000,000		1,999,609
Erste Abwicklungsanstalt††^		0.19			08/08/2011		10,000,000		9,999,572
Erste Abwicklungsanstalt††^		0.25			09/07/2011		10,000,000		9,997,328
Erste Abwicklungsanstalt††^		0.25			09/14/2011		10,000,000		9,996,822
Louis Dreyfus Corporation^		0.00			08/01/2011		4,000,000		4,000,000
SBAB Bank AB††^		0.16			08/02/2011		2,000,000		1,999,982
SBAB Bank AB††^		0.20			08/03/2011		2,000,000		1,999,967
SBAB Bank AB††^		0.24			08/04/2011		2,000,000		1,999,947
SBAB Bank AB††^		0.27			09/01/2011		5,000,000		4,998,794
SBAB Bank AB††^		0.27			09/09/2011		9,000,000		8,997,205
SBAB Bank AB††^		0.29			09/13/2011		4,000,000		3,998,567
Trinity Health Corporation^		0.00			08/01/2011		2,000,000		2,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 13

Security Name	Interest Rate			Maturity Date		Principal		Value
Other Commercial Paper (continued)
Trinity Health Corporation^		0.15	%		08/16/2011	$	1,000,000	$	999,933
									142,954,108
Total Commercial Paper (Cost $2,018,251,037)									2,018,251,037
Government Agency Debt: 0.69%
FHLMC±		0.11			02/02/2012		30,000,000		29,987,761
Total Government Agency Debt (Cost $29,987,761)									29,987,761
Municipal Bonds and Notes: 13.17%
Alabama: 0.90%
Variable Rate Demand Notes§: 0.90%
Lower Alabama Gas District Supply Revenue Series A (Utilities Revenue, Societe Generale LOC)		0.13			11/01/2027		5,000,000		5,000,000
Mobile AL Infirmary Health System Special Care Facilities Series A (Hospital Revenue, Bank of Nova Scotia LOC)		0.07			02/01/2040		10,000,000		10,000,000
Southeast Alabama Gas District Alabama Supply Project Series 2007-A (Utilities Revenue)		0.24			08/01/2027		24,063,000		24,063,000
									39,063,000
California: 2.87%
Other Municipal Debt: 0.84%
City of San Francisco CA (Miscellaneous Revenue)		0.17			09/12/2011		3,000,000		3,000,000
City of San Francisco CA (Miscellaneous Revenue)		0.18			09/12/2011		6,000,000		6,000,000
City of San Francisco CA (Miscellaneous Revenue)		0.18			09/12/2011		8,000,000		8,000,000
City of San Francisco CA (Miscellaneous Revenue)		0.19			08/03/2011		1,000,000		1,000,000
San Jose CA International Airport (Airport Revenue)		0.22			08/02/2011		8,000,000		8,000,000
San Jose CA International Airport Series F (Airport Revenue)		0.20			08/02/2011		4,000,000		4,000,000
Turlock Irrigation District CA (Miscellaneous Revenue)		0.24			10/03/2011		6,405,000		6,405,000
									36,405,000
Variable Rate Demand Notes§: 2.03%
ABAG Finance Authority for Nonprofit Corporation CA Marin Country Day School (Education Revenue, U.S. Bank NA LOC)		0.06			07/01/2037		1,000,000		1,000,000
Big Bear Lake CA Southwest Gas Corporation Project Series A (Utilities Revenue, KBC Bank NV LOC)		0.09			12/01/2028		2,000,000		2,000,000
California HFA Program Series A (Housing Revenue, FNMA LOC)		0.05			08/01/2036		3,000,000		3,000,000
California HFFA Catholic Healthcare Series L (Health Revenue, CitiBank NA LOC)		0.06			07/01/2033		3,000,000		3,000,000
California State Series A Subseries C-2 (GO-State, Bank of Nova Scotia LOC)		0.04			05/01/2033		1,000,000		1,000,000
Loma Linda CA Loma Linda University Series B (Education Revenue, Bank of America NA LOC)		0.06			12/01/2037		5,000,000		5,000,000
Los Angeles CA Wastewater Systems Sub-Series F-1 (Water & Sewer Revenue, Bank of America NA LOC)		0.09			06/01/2028		6,975,000		6,975,000
Los Angeles CA Wastewater Systems Sub-Series F-2 (Water & Sewer Revenue, Bank of America NA LOC)		0.09			06/01/2032		4,515,000		4,515,000
Newport Beach CA Hoag Memorial Hospital Series F (Health Revenue, Bank of America NA LOC)		0.06			12/01/2040		11,000,000		11,000,000
Riverside CA COP Riverside Renaissance Project Series 2008 (Lease Revenue, Bank of America NA LOC)		0.09			03/01/2037		17,690,000		17,690,000

14 Wells Fargo Advantage Prime Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
Sacramento County CA Sanitation District Financing Authority Subordinate Lien Sacramento Regulation Series C (Water & Sewer Revenue, Bank of America NA LOC)		0.06	%		12/01/2030	$	21,140,000	$	21,140,000
San Francisco CA City & County Redevelopment Agency (Lease Revenue)††		0.23			11/01/2041		1,000,000		1,000,000
San Jose CA Financing Authority Taxable Land Series F (Lease Revenue, Bank of America NA LOC)		0.14			06/01/2034		11,000,000		11,000,000
									88,320,000
Colorado: 0.67%
Variable Rate Demand Notes§: 0.67%
Colorado HFA Class I-B1 (Housing Revenue, GO of Authority Insured)		0.17			10/01/2038		14,485,000		14,485,000
Colorado HFA Taxable Multiple Family Project B 2 (Housing Revenue, FNMA Insured)		0.16			05/01/2050		9,830,000		9,830,000
Colorado Springs CO Utility Improvement Bond Series A (Utilities Revenue)		0.10			11/01/2038		1,000,000		1,000,000
Denver CO Public Schools Series A-4 (Education Revenue, Royal Bank of Canada LOC, AGM Insured)		0.11			12/15/2037		4,000,000		4,000,000
									29,315,000
Delaware: 0.21%
Variable Rate Demand Notes§: 0.21%
Delaware State EDA Clean Power Project Series 1997-D (Resource Recovery Revenue)		0.21			08/01/2029		3,000,000		3,000,000
Delaware State EDA Series B (Resource Recovery Revenue)		0.28			08/01/2029		6,000,000		6,000,000
									9,000,000
District of Columbia: 0.39%
Other Municipal Debt: 0.07%
District of Columbia (GO-State)		0.26			08/01/2011		3,000,000		3,000,000
Variable Rate Demand Notes§: 0.32%
District of Columbia The American University Series A (Education Revenue, PNC Bank NA LOC)		0.06			04/01/2038		1,000,000		1,000,000
Metropolitan Washington DC Airports Authority Subseries D-1 (Airport Revenue, Bank of America NA LOC)		0.10			10/01/2039		12,785,000		12,785,000
									13,785,000
Florida: 0.14%
Other Municipal Debt: 0.14%
Hillsborough County FL (Miscellaneous Revenue)		0.17			09/01/2011		5,885,000		5,885,000
Illinois: 0.49%
Variable Rate Demand Notes§: 0.49%
Cook County IL GO Series D-1 (GO-Local)		0.19			11/01/2030		6,400,000		6,400,000
Cook County IL GO Series D-2 (GO-Local)		0.19			11/01/2030		3,600,000		3,600,000
Illinois Finance Authority (Education Revenue)		0.05			07/01/2038		11,490,000		11,490,000
									21,490,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 15

Security Name	Interest Rate			Maturity Date		Principal		Value
Indiana: 0.07%
Variable Rate Demand Note§: 0.07%
Richmond IN Reid Hospital & Health Care Services Incorporated (Hospital Revenue, AGM Insured)		0.20	%		01/01/2040	$	2,935,000	$	2,935,000
Iowa: 0.31%
Variable Rate Demand Note§: 0.31%
Iowa Financial Authority SFMR Series C (Housing Revenue, GNMA/FHLMC/FNMA Insured)		0.15			01/01/2039		13,700,000		13,700,000
Louisiana: 0.67%
Other Municipal Debt: 0.02%
Louisiana Department of Airport (Airport Revenue)		0.25			08/05/2011		1,000,000		1,000,000
Variable Rate Demand Notes§: 0.65%
East Baton Rouge Parish LA Road & Street Improvement Project Series A (Transportation Revenue, JPMorgan Chase Bank LOC)		0.07			08/01/2030		15,000,000		15,000,000
Louisiana Stadium & Exposition PFOTER (Miscellaneous Revenue)††		0.34			07/01/2036		9,000,000		9,000,000
Parish of St. James LA Series A-1 (Energy Revenue)		0.08			11/01/2040		2,000,000		2,000,000
Parish of St. James LA Series B-1 (Energy Revenue)		0.10			11/01/2040		2,000,000		2,000,000
									28,000,000
Maryland: 0.22%
Other Municipal Debt: 0.02%
Montgomery County MD (GO-Local)		0.24			08/01/2011		1,000,000		1,000,000
Variable Rate Demand Notes§: 0.20%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC)		0.13			07/01/2032		4,775,000		4,775,000
Maryland CDA Department of Housing & Community Development Series 2007-J (Housing Revenue)		0.11			09/01/2031		3,945,000		3,945,000
									8,720,000
Massachusetts: 0.68%
Variable Rate Demand Notes§: 0.68%
Massachusetts State Department of Transportation Series A6 (Transportation Revenue, GO of Commonwealth Insured)		0.07			01/01/2029		10,000,000		10,000,000
Massachusetts State HEFA (Education Revenue, Bank of America NA LOC)		0.11			10/01/2034		10,930,000		10,930,000
Massachusetts Water Resources Authority Series E (Water & Sewer Revenue, GO of Authority Insured)		0.08			08/01/2037		8,435,000		8,435,000
									29,365,000
Michigan: 0.05%
Variable Rate Demand Note§: 0.05%
Wayne County MI IDA (IDR, Bank of America NA LOC)		0.14			05/01/2020		2,000,000		2,000,000
Minnesota: 0.40%
Variable Rate Demand Notes§: 0.40%
Minnesota State HFA Residential Housing Series E (Housing Revenue, GO of Agency Insured)		0.18			07/01/2038		8,045,000		8,045,000
Minnesota State HFA Residential Housing Series T (Housing Revenue, GO of Agency Insured)		0.21			07/01/2048		9,420,000		9,420,000
									17,465,000

16 Wells Fargo Advantage Prime Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Mississippi: 0.42%
Variable Rate Demand Note§: 0.42%
Mississippi State GO Bonds Nissan North America Incorporated Project Series 2003A (Tax Revenue, GO of Commonwealth Insured)		0.13	%		11/01/2028	$	18,295,000	$	18,294,274
Nevada: 0.18%
Variable Rate Demand Note§: 0.18%
Las Vegas NV EDFA Andre Agassi Foundation Project (Education Revenue, Bank of America NA LOC)		0.09			10/01/2035		8,000,000		8,000,000
New Jersey: 0.84%
Variable Rate Demand Notes§: 0.84%
New Jersey EDA NUI Corporation Project Series A (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2026		3,000,000		3,000,000
New Jersey EDAPivotal Utility Holdings Incorporated Project Series 2007 (Energy Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2032		10,600,000		10,600,000
New Jersey HFFA Princeton Healthcare Series A (Hospital Revenue, Bank of America NA LOC)		0.10			07/01/2041		17,000,000		17,000,000
New Jersey State Turnpike Authority Series D (Miscellaneous Revenue, Societe Generale LOC, NATL-RE FGIC Insured)		0.19			01/01/2018		6,000,000		6,000,000
									36,600,000
New York: 0.41%
Other Municipal Debt: 0.16%
New York Metropolitan Transportation Authority (Transportation Revenue)		0.19			08/03/2011		1,000,000		1,000,000
New York Metropolitan Transportation Authority (Transportation Revenue)		0.19			08/15/2011		4,000,000		4,000,000
New York Metropolitan Transportation Authority (Transportation Revenue)		0.27			08/02/2011		2,000,000		2,000,000
									7,000,000
Variable Rate Demand Notes§: 0.25%
New York City NY Housing Development Corporation Mortgage Thessalonica Courst A (Housing Revenue, CitiBank NA LOC)		0.10			01/01/2036		3,940,000		3,940,000
New York City NY Subseries B (GO-Local, TD Bank NA LOC)		0.05			09/01/2027		1,000,000		1,000,000
New York Metropolitan Transportation Authority ROC RR 11 R-11645 (Transportation Revenue, FSA Insured)††		0.23			11/15/2025		4,025,000		4,025,000
New York State Housing Finance Agency Victory Housing Series 2004-A (Housing Revenue, FHLMC Insured)		0.05			11/01/2033		2,000,000		2,000,000
									10,965,000
Oregon: 0.25%
Variable Rate Demand Notes§: 0.25%
Forest City OR Residential Management Incorporated PFOTER (Miscellaneous Revenue)††		0.34			07/26/2012		7,000,000		7,000,000
Oregon Housing & Community Services Department Series E (Housing Revenue)		0.19			07/01/2038		4,000,000		4,000,000
									11,000,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 17

Security Name	Interest Rate			Maturity Date		Principal		Value
Pennsylvania: 0.32%
Variable Rate Demand Notes§: 0.32%
Lancaster County PA Hospital Authority Health System Lancaster General Hospital (Hospital Revenue, Bank of America NA LOC)		0.25	%		07/01/2041	$	8,840,000	$	8,840,000
Pennsylvania Housing Finance Agency Series 85C (Housing Revenue, FNMA LOC)		0.07			10/01/2035		5,000,000		5,000,000
									13,840,000
South Carolina: 0.25%
Other Municipal Debt: 0.25%
South Carolina Public Service Authority (Miscellaneous Revenue)		0.18			08/16/2011		4,000,000		4,000,000
South Carolina Public Service Authority (Miscellaneous Revenue)		0.23			10/03/2011		7,000,000		7,000,000
									11,000,000
South Dakota: 0.31%
Variable Rate Demand Notes§: 0.31%
South Dakota Housing Development Authority Series C (Housing Revenue, FNMA Insured)		0.17			05/01/2037		3,000,000		3,000,000
South Dakota State HEFA Avera Health Subseries A1 (Health Revenue, U.S. Bank NA LOC)		0.08			07/01/2038		10,470,000		10,470,000
									13,470,000
Tennessee: 0.44%
Variable Rate Demand Notes§: 0.44%
Johnson City TN Health & Educational Facilities Board (Health Revenue, U.S. Bank NA LOC)		0.11			07/01/2033		3,915,000		3,915,000
Johnson City TN Health & Educational Facilities Board (Health Revenue, PNC Bank NA LOC)		0.12			07/01/2033		7,830,000		7,830,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			07/01/2034		4,600,000		4,600,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC)		0.24			02/01/2036		2,570,000		2,570,000
									18,915,000
Texas: 1.24%
Other Municipal Debt: 0.05%
Texas Municipal Power Agency (Utilities Revenue)		0.30			08/09/2011		2,000,000		2,000,000
Variable Rate Demand Notes§: 1.19%
Austin TX Airport System Series A (Airport Revenue, State Street Bank & Trust Company LOC)		0.08			11/15/2017		1,000,000		1,000,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series A (Miscellaneous Revenue, JPMorgan Chase Bank LOC)		0.20			06/01/2038		5,000,000		5,000,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3812 (Miscellaneous Revenue)††		0.21			08/31/2011		27,000,000		27,000,000
Mission TX Economic Development Corporation (Miscellaneous Revenue, Bank of America NA LOC)		0.13			04/01/2022		3,000,000		3,000,000
North Texas Higher Education Authority Incorporated (Education Revenue, Lloyds TSB Bank LOC, Guaranteed Student Loans Insured) ±		0.07			12/01/2032		5,000,000		5,000,000

18 Wells Fargo Advantage Prime Investment Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Interest Rate			Maturity Date		Principal		Value
Variable Rate Demand Notes§ (continued)
North Texas Tollway Authority (Transportation Revenue, JPMorgan Chase Bank LOC)		0.05	%		01/01/2049	$	7,000,000	$	7,000,000
Pasadena TX Independent School District Series B (Education Revenue, AGM Insured)		0.16			02/01/2035		1,000,000		1,000,000
Texas State Taxable Product Development Program Series A (Miscellaneous Revenue)		0.15			06/01/2045		3,000,000		3,000,000
									52,000,000
Wisconsin: 0.42%
Variable Rate Demand Notes§: 0.42%
Wisconsin Housing & EDA (Housing Revenue, FNMA LOC, GO of Authority Insured)		0.08			09/01/2035		2,600,000		2,600,000
Wisconsin Housing & EDA (Housing Revenue, GO of Authority Insured)		0.15			05/01/2030		6,940,000		6,940,000
Wisconsin Housing & EDA (Housing Revenue, GO of Authority Insured)		0.15			11/01/2030		8,865,000		8,865,000
									18,405,000
Wyoming: 0.02%
Variable Rate Demand Note§: 0.02%
Wyoming Student Loan Corporation Series A-1 (Education Revenue, Royal Bank of Canada LOC)		0.08			06/01/2035		825,000		825,000
Total Municipal Bonds and Notes (Cost $572,762,274)									572,762,274
Other Instruments: 0.70%
Alaska Housing Finance Corporation Municipal Commercial Paper^		0.20			08/16/2011		1,000,000		999,913
Bank of America Bankers Acceptance Note^		0.20			08/31/2011		7,000,000		6,998,775
ING Bank NV Floating Rate Note††±		0.78			02/10/2012		5,000,000		5,000,000
ING Bank NV Floating Rate Note††±		0.78			02/02/2012		5,000,000		5,000,000
Merrill Lynch Series TNP-003 Special Purpose Entity††±		0.39			04/01/2026		3,710,000		3,710,000
Port of Oakland CA Municipal Commercial Paper^		0.22			09/20/2011		2,870,000		2,869,125
St. Joseph County IN Municipal Commercial Paper^		0.16			09/01/2011		4,003,000		4,002,414
Trinity Health Corporation Municipal Commercial Paper^		0.21			09/16/2011		2,000,000		1,999,463
Total Other Instruments (Cost $30,579,690)									30,579,690
Other Notes: 0.30%
Corporate Bonds and Notes: 0.18%
Bear Stearns & Companies Incorporated±		0.47			08/15/2011		6,000,000		6,000,405
Seariver Maritime Incorporated(i)±		0.35			10/01/2011		2,000,000		2,000,000
									8,000,405
Yankee Corporate Bonds and Notes: 0.12%
Eksportfinans ASA±		0.26			09/22/2011		5,000,000		5,000,000
Total Other Notes (Cost $13,000,405)									13,000,405
Repurchase Agreements(z): 4.84%
Barclays Capital Incorporated, dated 07/29/2011, maturity value $32,000,453(1)		0.17			08/01/2011		32,000,000		32,000,000
Citigroup Global Markets, dated 07/29/2011, maturity value $32,000,587(2)		0.22			08/01/2011		32,000,000		32,000,000
Deutsche Bank Securities, dated 07/29/2011, maturity value 146,502,442(3)		0.20			08/01/2011		146,500,000		146,500,000
Total Repurchase Agreements (Cost $210,500,000)									210,500,000

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 19

	Yield			Maturity Date		Principal		Value
Treasury Debt: 4.08%
US Treasury Bill		0.12	%		10/06/2011	$	57,000,000	$	56,987,460
US Treasury Bill		0.15			08/25/2011		40,000,000		39,995,867
US Treasury Bill		0.16			08/11/2011		21,000,000		20,998,950
US Treasury Bill		0.16			08/18/2011		59,500,000		59,495,364
Total Treasury Debt (Cost $177,477,641)									177,477,641

Total Investments in Securities
(Cost $4,072,058,213)*	93.64	%		4,072,058,213
Other Assets and Liabilities, Net	6.36			276,461,808
Total Net Assets	100.00	%	$	4,348,520,021

(z) Collateralized by:

(1) U.S. government securities, 3.50% to 5.00%, 11/1/2025 to 7/1/2041, market value including accrued interest is $32,960,000.

(2) U.S. government securities, 2.375% to 6.50%, 12/1/2017 to 7/1/2041, market value including accrued interest is $32,960,000.

(3) U.S. government securities, 1.00% to 5.50%, 4/30/2012 to 8/1/2041, market value including accrued interest is $150,692,941.

†† Security 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.

(i) Illiquid security

§ These securities are subject to a demand feature which reduces the effective maturity.

± Variable rate investments.

^ Zero coupon security. Rate represents yield to maturity.

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

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

20 Wells Fargo Advantage Prime Investment Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	4,072,058,213
Cash		217,946,158
Receivable for investments sold		58,977,000
Receivable for interest		524,021
Receivable from adviser		95,700
Prepaid expenses and other assets		85,105
Total assets		4,349,686,197
Liabilities
Dividends payable		48,512
Due to other related parties		486,284
Shareholder report expenses payable		172,935
Custodian and accounting fees payable		230,360
Shareholder servicing fees payable		179,039
Accrued expenses and other liabilities		49,046
Total liabilities		1,166,176
Total net assets	$	4,348,520,021
NET ASSETS CONSIST OF
Paid-in capital	$	4,348,400,512
Undistributed net investment income		1,278
Accumulated net realized gains on investments		118,231
Total net assets	$	4,348,520,021
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Institutional Class	$	3,285,789,845
Shares outstanding – Institutional Class		3,285,700,381
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	1,062,730,176
Shares outstanding – Service Class		1,062,707,593
Net asset value per share – Service Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 21

Investment income
Interest	$	6,992,652
Expenses
Advisory fee		2,528,443
Administration fees
Fund level		1,248,727
Institutional Class		1,679,814
Service Class		514,411
Shareholder servicing fees
Service Class		1,071,690
Custody and accounting fees		201,646
Professional fees		19,321
Registration fees		7,500
Shareholder report expenses		5,000
Trustees’ fees and expenses		5,245
Other fees and expenses		93,691
Total expenses		7,375,488
Less: Fee waivers and/or expense reimbursements		(2,061,678	)
Net expenses		5,313,810
Net investment income		1,678,842
Net realized gains on investments		69,051
Net increase in net assets resulting from operations	$	1,747,893

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

22 Wells Fargo Advantage Prime Investment Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 20111						Year Ended February 28, 2010
Operations
Net investment income				$	1,678,842					$	11,212,443					$	30,910,277
Net realized gains on investments					69,051						155,696						191,889
Net increase in net assets resulting from operations					1,747,893						11,368,139						31,102,166
Distributions to shareholders from
Net investment income
Institutional Class					(1,635,975	)					(11,104,930	)					(29,986,894	)
Service Class					(42,867	)					(107,513	)					(922,105	)
Net realized gains
Institutional Class					0						(104,612	)					(289,017	)
Service Class					0						(8,815	)					(25,091	)
Total distributions to shareholders					(1,678,842	)					(11,325,870	)					(31,223,107	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Institutional Class		15,477,498,423			15,477,498,423			59,603,512,646			59,603,512,646			88,393,755,276			88,393,755,276
Service Class		25,297,613,045			25,297,613,045			72,055,123,815			72,055,123,815			87,384,178,808			87,384,178,808
					40,775,111,468						131,658,636,461						175,777,934,084
Reinvestment of distributions
Institutional Class		479,552			479,552			3,141,542			3,141,542			10,209,420			10,209,420
Service Class		1,790			1,790			3,332			3,332			51,310			51,310
					481,342						3,144,874						10,260,730
Payment for shares redeemed
Institutional Class		(17,134,575,692	)		(17,134,575,692	)		(64,789,164,200	)		(64,789,164,200	)		(87,701,480,100	)		(87,701,480,100	)
Service Class		(25,090,471,093	)		(25,090,471,093	)		(72,100,051,190	)		(72,100,051,190	)		(87,710,524,485	)		(87,710,524,485	)
					(42,225,046,785	)					(136,889,215,390	)					(175,412,004,585	)
Net increase (decrease) in net assets resulting from capital share transactions					(1,449,453,975	)					(5,227,434,055	)					376,190,229
Total increase (decrease) in net assets					(1,449,384,924	)					(5,227,391,786	)					376,069,288
Net assets
Beginning of period					5,797,904,945						11,025,296,731						10,649,227,443
End of period				$	4,348,520,021					$	5,797,904,945					$	11,025,296,731
Undistributed net investment income				$	1,278					$	1,278					$	1,278

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

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

Financial Highlights Wells Fargo Advantage Prime Investment Money Market Fund 23

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Institutional Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.04	%		0.13	%		0.30	%		2.22	%		4.99	%		5.10	%		3.23	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.24	%		0.27	%		0.28	%		0.25	%		0.26	%		0.26	%
Net expenses		0.20	%		0.20	%		0.22	%		0.23	%		0.20	%		0.20	%		0.20	%
Net investment income		0.08	%		0.13	%		0.29	%		2.13	%		4.87	%		5.06	%		3.46	%
Supplemental data
Net assets, end of period (000’s omitted)		$3,285,790			$4,942,329			$10,124,807			$9,422,441			$7,525,254			$7,088,329			$2,889,532

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28.

3. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Prime Investment Money Market Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Service Class							2010			2009			2008			2007			20062
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.02			0.05			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.00	%		0.01	%		0.07	%		1.87	%		4.63	%		4.74	%		2.90	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.53	%		0.56	%		0.57	%		0.55	%		0.55	%		0.55	%
Net expenses		0.26	%		0.33	%		0.45	%		0.57	%		0.55	%		0.55	%		0.55	%
Net investment income		0.01	%		0.01	%		0.06	%		1.83	%		4.55	%		4.64	%		3.18	%
Supplemental data
Net assets, end of period (000’s omitted)		$1,062,730			$855,576			$900,490			$1,226,787			$1,402,557			$1,190,293			$1,332,129

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28.

3. Amount is less than $0.005.

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 25

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Prime Investment Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The 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 custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the 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 the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any

26 Wells Fargo Advantage Prime Investment Money Market Fund Notes to Financial Statements (Unaudited)

losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual rate of 0.10% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 27

agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Institutional Class		0.08	%
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby the Service Class is charged a fee at an annual rate of 0.25% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

28 Wells Fargo Advantage Prime Investment Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 29

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

30 Wells Fargo Advantage Prime Investment Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 31

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Prime Investment Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

32 Wells Fargo Advantage Prime Investment Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

Other Information (Unaudited) Wells Fargo Advantage Prime Investment Money Market Fund 33

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that

34 Wells Fargo Advantage Prime Investment Money Market Fund Other Information (Unaudited)

have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Prime Investment Money Market Fund 35

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204809 09-11 SA313/SAR313 7-11

Wells Fargo Advantage

Treasury Plus Money Market Fund

Semi-Annual Report

July 31, 2011

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	18
Other Information	22
List of Abbreviations	29

The views expressed and any forward-looking statements are as of July 31, 2011, unless otherwise noted and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus for Wells Fargo Advantage Funds containing this and other information, visit wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of July 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Treasury Plus Money Market Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Treasury Plus Money Market Fund for the six-month period that ended July 31, 2011. Upon reviewing the report, you may notice a few changes from past reports, the most significant of which is the change from a multi-fund report to a single-fund report. We believe this change will give you more convenient access to your fund data.

The period began modestly as improving economic optimism generally shifted investors toward equities and riskier assets and away from U.S. Treasuries and lower-yielding fixed-income securities. Returns from fixed income were modest in the opening months of 2011 but were generally still positive as U.S. Treasury yields incrementally climbed higher. But after the slow start, bond prices once again strongly improved, sparked by a sharp decline in U.S. Treasury prices in April that carried into May. Late in the period, lower-rated bonds declined in price more than the higher credit-quality tiers but not enough to outweigh the stronger performance from lower-rated securities during the period. Lower-quality and longer-maturity fixed-income securities generally outperformed higher-quality and shorter-maturity securities over the full period.

The activity within the broader bond market also resonated with money market participants. As the economic and credit environment reverberated from the ongoing sovereign debt concerns and softening economic data, many participants continued to balance a need for stability and desire for higher yields. The result has been good demand for domestic commercial paper and certificate of deposits. Also, in spite of all the discussion about sovereign debt, many money market participants continue to maintain some exposures to foreign banks based on the quality of their fundamentals. By focusing more on the fundamentals and taking a more selective approach to the short-term security market helped the markets avoid the severe yield volatility or significant flight-to-quality experienced during the spring of 2010, when the Greek sovereign debt crisis first emerged.

The global economic “recovery” hit a snag, but the end of 2011 could regain momentum.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, has failed to maintain that level of growth through the first seven months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011. The latest revision to first-quarter GDP data during the period indicated that the economy grew at an annualized rate of 0.4% during the first quarter of 2011. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010 and notably lower than consensus forecasts. Nevertheless, the advance estimate of second-quarter 2011 GDP, which was released on July 29, 2011, was 1.3%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

The July 2011 unemployment rate in the U.S. was reported at 9.1%, down from 9.5% a year earlier but still notably higher than historical averages. Unfortunately,

Letter to Shareholders Wells Fargo Advantage Treasury Plus Money Market Fund 3

the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. The level of job creation in 2011 has been trending below historical averages, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. has been more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period and industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Federal Reserve believes the economic recovery will accelerate in future quarters.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement of the six-month period, the Fed reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” It described the recent increase in inflation as temporary, suggesting that inflation pressures will ease going forward. While the FOMC explained that it “expects the pace of recovery to pick up over coming quarters,” it indicated that the federal funds rate will remain at an exceptionally low level for as long as necessary to ensure a sustainable recovery and expansion.

As recent headwinds subside, it is reasonable to expect markets to regain focus.

Now that it appears the debt ceiling has been increased and a U.S. default will be averted, money market participants and the broader bond market can get back to more fundamental and lasting concerns-chiefly, the economy. After avoiding short-term Treasuries in late July 2011, ahead of pending U.S. debt ceiling deadline, money market participants have returned to the U.S. short-term markets¹. Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory. Most indicators still point toward real GDP growth in the 2% to 3% range in the second half of 2011. While that is not enough to produce big employment gains, it might be sufficient to cause Treasury yields to retrace some of the late-July declines.

Don’t let short-term uncertainty derail long-term investment goals.

While periods of uncertainty can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 110 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may

1. Comments expressed that do not fall within the reporting period are as of August 2, 2011.

Economic indicators released in the second half of 2011 might not be as soft as those reported during the first half of the year. While that would not mean that the economy is robust, it might remind the markets that the first half of the slowdown was transitory.

4 Wells Fargo Advantage Treasury Plus Money Market Fund Letter to Shareholders

not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk.

In our opinion, diligent and earnest assessment of the fundamental characteristics of money market eligible securities will be a key differentiating factor between which investment strategies meet client expectations and which do not. At Wells Fargo Advantage Funds, we intend to continue the emphasis of principal preservation and high liquidity across our lineup of Wells Fargo Advantage Money Market Funds. In changing markets, we believe it is particularly important to have diligent investment analysts in charge of investor assets.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Performance Highlights (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 5

INVESTMENT OBJECTIVE

The Fund seeks current income, while preserving capital and liquidity

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

David D. Sylvester

Laurie White

FUND INCEPTION

October 1, 1985

PORTFOLIO COMPOSITION¹

(AS OF JULY 31, 2011)

EFFECTIVE MATURITY DISTRIBUTION¹

(AS OF JULY 31, 2011)

WEIGHTED AVERAGE MATURITY²

(AS OF JULY 31, 2011)

20 Days

WEIGHTED AVERAGE FINAL MATURITY³

(AS OF JULY 31, 2011)

20 Days

1. Portfolio composition and effective maturity distribution are subject to change and are calculated based on the total investments of the Fund. Effective maturity distribution is based on the weighted average maturity of each security.

2. Weighted Average Maturity (WAM): WAM calculates an average time to maturity of all of the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity of a fixed-income security and the interest rate reset date for floating-rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes.

3. Weighted Average Final Maturity (WAFM): WAFM calculates a fund’s average time to maturity for all of the securities held in the portfolio, weighted to their percentage of assets in the Fund. In contrast to WAM, the WAFM calculation takes into account the final maturity date for each security held in the portfolio. This is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Treasury Plus Money Market Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JULY 31, 2011)

											Expense Ratios5
	Inception Date		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (PIVXX)		07/28/2003		0.00		0.01		1.49		1.57		0.62%		0.62%
Administrator Class (WTPXX)		03/31/2008		0.00		0.01		1.62		1.78		0.35%		0.35%
Institutional Class (PISXX)		08/11/1995		0.00		0.01		1.70		1.89		0.23%		0.20%
Service Class (PRVXX)		10/01/1985		0.00		0.01		1.56		1.68		0.52%		0.45%
Sweep Class		06/30/2010		0.00		0.01		1.49		1.60		0.97%		0.97%

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

FUND YIELD SUMMARY6 (AS OF JULY 31, 2011)	Class A		Administrator Class		Institutional Class		Service Class		Sweep Class
7-Day Current Yield		0.01%		0.01%		0.01%		0.01%		0.01%
7-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Simple Yield		0.01%		0.01%		0.01%		0.01%		0.01%
30-Day Compound Yield		0.01%		0.01%		0.01%		0.01%		0.01%

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available at the Fund’s Web site – www.wellsfargo.com/advantagefunds.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The U.S. Government guarantee applies to certain of the underlying securities held by the Fund and not to shares of the Fund itself.

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares. Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Class A shares, and has not been adjusted to include the higher expenses applicable to the Sweep Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for Class A shares prior to their inception reflects the performance of the Service Class shares, adjusted to reflect the higher expenses applicable to Class A shares.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.65% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class and 1.05% for Sweep Class. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.56)%, (0.29)%, (0.17)%, (0.46)% and (0.91)% for Class A, Administrator Class, Institutional Class, Service Class and Sweep Class, respectively.

Fund Expenses Wells Fargo Advantage Treasury Plus Money Market Fund 7

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales changes (if any); and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2011 to July 31, 2011.

Actual Expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 02-01-2011		Ending Account Value 07-31-2011		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.45		0.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35	$	0.45		0.09	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Institutional Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.45		0.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35	$	0.45		0.09	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

8 Wells Fargo Advantage Treasury Plus Money Market Fund Portfolio of Investments—July 31, 2011 (Unaudited)

Security Name	Yield			Maturity Date		Principal		Value
Treasury Debt: 39.63%
US Treasury Bill		0.02	%		08/18/2011	$	550,000,000	$	549,985,783
US Treasury Bill		0.02			09/29/2011		650,000,000		649,948,785
US Treasury Bill		0.02			10/20/2011		150,000,000		149,972,222
US Treasury Bill		0.03			10/06/2011		300,000,000		299,966,084
US Treasury Bill		0.03			10/13/2011		400,000,000		399,941,093
US Treasury Bill		0.04			08/11/2011		175,000,000		174,998,056
US Treasury Bill		0.04			08/25/2011		550,000,000		549,974,534
US Treasury Bill		0.04			09/08/2011		500,000,000		499,963,953
US Treasury Bill		0.04			09/22/2011		250,000,000		249,976,781
US Treasury Bill		0.05			09/15/2011		250,000,000		249,978,438
US Treasury Bill		0.06			09/01/2011		500,000,000		499,964,781
US Treasury Bill		0.12			10/27/2011		100,000,000		99,971,000
US Treasury Note		1.00			08/31/2011		75,000,000		75,059,912
Total Treasury Debt (Cost $4,449,701,422)									4,449,701,422
	Interest Rate
Repurchase Agreements(z): 39.96%
Barclays Capital Incorporated, dated 07/29/2011, maturity value $500,005,833(1)		0.14			08/01/2011		500,000,000		500,000,000
BNP Paribas Securities Corporation, dated 07/29/2011, maturity value $250,002,917(2)		0.14			08/01/2011		250,000,000		250,000,000
Credit Suisse Securities USA, dated 07/29/2011, maturity value $500,005,833(3)		0.14			08/01/2011		500,000,000		500,000,000
Deutsche Bank Securities, dated 07/29/2011, maturity value $650,008,667(4)		0.16			08/01/2011		650,000,000		650,000,000
Goldman Sachs & Company, dated 07/29/2011, maturity value $100,000,667(5)		0.08			08/01/2011		100,000,000		100,000,000
HSBC USA Incorporated, dated 07/29/2011, maturity value $461,605,770(6)		0.15			08/01/2011		461,600,000		461,600,000
Merrill Lynch Pierce Fenner & Smith Incorporated, dated 07/29/2011, maturity value $125,001,354(7)		0.13			08/01/2011		125,000,000		125,000,000
Morgan Stanley & Company, dated 07/29/2011, maturity value $150,001,875(8)		0.15			08/01/2011		150,000,000		150,000,000
RBS Securities Incorporated, dated 07/29/2011, maturity value $750,009,375(9)		0.15			08/01/2011		750,000,000		750,000,000
Societe Generale NY, dated 07/29/2011, maturity value $500,005,833(10)		0.14			08/01/2011		500,000,000		500,000,000
UBS Securities LLC, dated 07/29/2011, maturity value $500,005,833(11)		0.14			08/01/2011		500,000,000		500,000,000
Total Repurchase Agreements (Cost $4,486,600,000)									4,486,600,000

Total Investments in Securities
(Cost $8,936,301,422)*	79.59	%			8,936,301,422
Other Assets and Liabilities, Net	20.41				2,292,320,019
Total Net Assets	100.00	%	��	$	11,228,621,441

Portfolio of Investments—July 31, 2011 (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 9

(z) Collateralized by:

(1) U.S. government securities, 0.75% to 4.625%, 6/15/2014 to 2/15/2040, market value including accrued interest is $510,000,052.

(2) U.S. government securities, 5.375% to 6.125%, 8/15/2029 to 2/15/2031, market value including accrued interest is $255,000,052.

(3) U.S. government securities, 0.875% to 5.125%, 1/31/2012 to 5/15/2016, market value including accrued interest is $510,004,117.

(4) U.S. government securities, 0.00% to 4.875%, 8/15/2011 to 2/15/2019, market value including accrued interest is $663,000,165.

(5) U.S. government securities, 3.125% to 7.625%, 5/15/2019 to 11/15/2022, market value including accrued interest is $102,000,045.

(6) U.S. government securities, 0.00% to 7.125%, 8/31/2011 to 2/15/2023, market value including accrued interest is $470,833,704.

(7) U.S. government security, 0.00%, 5/15/2021, market value including accrued interest is $127,500,001.

(8) U.S. government security, 1.75%, 1/15/2028, market value including accrued interest is $153,000,001.

(9) U.S. government securities, 0.00% to 11.25%, 8/15/2011 to 2/15/2041, market value including accrued interest is $765,001,002.

(10) U.S. government securities, 0.00% to 1.25%, 11/17/2011 to 10/31/2015, market value including accrued interest is $510,000,070.

(11) U.S. government securities, 2.125% to 4.25%, 11/30/2014 to 11/15/2040, market value including accrued interest is $510,000,091.

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

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

10 Wells Fargo Advantage Treasury Plus Money Market Fund Statement of Assets and Liabilities—July 31, 2011 (Unaudited)

Assets
Investments
Investments in unaffiliated securities, at amortized cost	$	4,449,701,422
Investments in repurchase agreements, at amortized cost		4,486,600,000
Total investments, at amortized cost		8,936,301,422
Cash		2,292,310,611
Receivable for Fund shares sold		515,067
Receivable for interest		368,483
Receivable from adviser		2,106,682
Prepaid expenses and other assets		167,523
Total assets		11,231,769,788
Liabilities
Dividends payable		64,230
Payable for Fund shares redeemed		89,166
Distribution fees payable		20,480
Due to other related parties		1,479,734
Shareholder servicing fees payable		832,992
Custody and accounting fees payable		191,937
Trustees’ fees and expenses payable		359,828
Accrued expenses and other liabilities		109,980
Total liabilities		3,148,347
Total net assets	$	11,228,621,441
NET ASSETS CONSIST OF
Paid-in capital	$	11,231,214,725
Overdistributed net investment income		(381,312	)
Accumulated net realized losses on investments		(2,211,972	)
Total net assets	$	11,228,621,441
COMPUTATION OF NET ASSET VALUE PER SHARE¹
Net assets – Class A	$	1,541,196,544
Shares outstanding – Class A		1,541,265,558
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	171,009,006
Shares outstanding – Administrator Class		171,015,054
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	7,149,167,394
Shares outstanding – Institutional Class		7,149,417,638
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	2,301,588,535
Shares outstanding – Service Class		2,301,666,888
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	65,659,962
Shares outstanding – Sweep Class		65,663,172
Net asset value per share – Sweep Class		$1.00

1. The Fund has an unlimited number of authorized shares.

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

Statement of Operations—Six Months Ended July 31, 2011 (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 11

Investment income
Interest	$	4,792,437
Expenses
Advisory fee		5,219,192
Administration fees
Fund level		2,307,535
Class A		1,975,392
Administrator Class		68,343
Institutional Class		2,477,460
Service Class		1,342,095
Sweep Class		82,954
Shareholder servicing fees
Class A		2,192,708
Administrator Class		66,920
Service Class		2,769,591
Sweep Class		94,266
Distribution fees
Sweep Class		131,972
Custody and accounting fees		285,140
Professional fees		17,906
Registration fees		78,547
Shareholder report expenses		31,716
Trustees’ fees and expenses		7,032
Other fees and expenses		104,596
Total expenses		19,253,365
Less: Fee waivers and/or expense reimbursements		(14,982,869	)
Net expenses		4,270,496
Net investment income		521,941
Net realized gains on investments		20,222
Net increase in net assets resulting from operations	$	542,163

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

12 Wells Fargo Advantage Treasury Plus Money Market Fund Statements of Changes in Net Assets

	Six Months Ended July 31, 2011 (Unaudited)						Year Ended January 31, 2011¹						Year Ended February 28, 2010
Operations
Net investment income				$	521,941					$	1,083,226					$	1,502,924
Net realized gains on investments					20,222						3,159,002						0
Net increase in net assets resulting from operations					542,163						4,242,228						1,502,924
Distributions to shareholders from
Net investment income
Class A					(89,794	)					(168,872	)					(202,070	)
Administrator Class					(6,835	)					(13,852	)					(12,911	)
Institutional Class					(309,696	)					(749,161	)					(1,209,797	)
Service Class					(111,845	)					(145,636	)					(78,147	)
Sweep Class					(3,771	)					(5,705	)2					NA
Total distributions to shareholders					(521,941	)					(1,083,226	)					(1,502,925	)
	Shares						Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		4,528,142,926			4,528,142,926			9,813,502,631			9,813,502,631			9,129,776,256			9,129,776,256
Administrator Class		255,264,574			255,264,574			452,676,086			452,676,086			580,986,791			580,986,791
Institutional Class		17,526,096,608			17,526,096,608			33,972,670,035			33,972,670,035			35,941,648,948			35,941,648,948
Service Class		5,097,571,445			5,097,571,445			8,319,611,259			8,319,611,259			7,688,485,834			7,688,485,834
Sweep Class		66,563,125			66,563,125			129,816,763	2		129,816,763	2		NA			NA
					27,473,638,678						52,688,276,774						53,340,897,829
Reinvestment of distributions
Class A		32,607			32,607			63,420			63,420			71,085			71,085
Administrator Class		6,688			6,688			13,731			13,731			12,674			12,674
Institutional Class		99,154			99,154			232,649			232,649			530,506			530,506
Service Class		11,507			11,507			14,960			14,960			8,743			8,743
Sweep Class		3,771			3,771			5,705²			5,705²			NA			NA
					153,727						330,465						623,008
Payment for shares redeemed
Class A		(4,893,047,705	)		(4,893,047,705	)		(9,650,275,158	)		(9,650,275,158	)		(10,011,375,553	)		(10,011,375,553	)
Administrator Class		(219,263,479	)		(219,263,479	)		(497,703,527	)		(497,703,527	)		(533,401,775	)		(533,401,775	)
Institutional Class		(15,684,400,140	)		(15,684,400,140	)		(36,042,906,467	)		(36,042,906,467	)		(36,943,126,319	)		(36,943,126,319	)
Service Class		(5,022,262,556	)		(5,022,262,556	)		(8,387,318,907	)		(8,387,318,907	)		(7,848,817,003	)		(7,848,817,003	)
Sweep Class		(92,205,909	)		(92,205,909	)		(181,259,627	)2		(181,259,627	)2		NA			NA
					(25,911,179,789	)					(54,759,463,686	)					(55,336,720,650	)
Net asset value of shares issued in acquisitions
Class A		0			0			142,146,383			141,953,899			0			0
Institutional Class		0			0			3,285,966,433			3,284,567,301			0			0
Service Class		0			0			1,591,650,644			1,590,081,984			0			0
Sweep Class		0			0			142,739,344			142,590,103			NA			NA
					0						5,159,193,287						0
Net increase (decrease) in net assets resulting from capital share transactions					1,562,612,616						3,088,336,840						(1,995,199,813	)
Total increase (decrease) in net assets					1,562,632,838						3,091,495,842						(1,995,199,814	)
Net assets
Beginning of period					9,665,988,603						6,574,492,761						8,569,692,575
End of period				$	11,228,621,441					$	9,665,988,603					$	6,574,492,761
Undistributed (overdistributed) net investment income				$	(381,312	)				$	(381,312	)				$	20,213

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Class commenced operations on June 30, 2010.

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

Financial Highlights Wells Fargo Advantage Treasury Plus Money Market Fund 13

(For a share outstanding throughout each period)
	Six Months Ended July 31, 2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Class A								2010			2009			2008			2007			2006	2
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.04			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.04			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.04	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.79	%		3.99	%		4.54	%		2.64	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.62	%		0.65	%		0.66	%		0.65	%		0.65	%		0.65	%
Net expenses		0.09	%		0.18	%		0.17	%		0.48	%		0.65	%		0.65	%		0.65	%
Net investment income		0.00	%		0.01	%		0.01	%		0.75	%		3.95	%		4.46	%		2.87	%
Supplemental data
Net assets, end of period (000’s omitted)		$1,541,197			$1,906,066			$1,600,619			$2,482,147			$2,636,076			$2,891,708			$2,773,558

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

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

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

14 Wells Fargo Advantage Treasury Plus Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Administrator Class								2010			2009	2
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.84	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.36	%		0.38	%		0.39	%
Net expenses		0.08	%		0.18	%		0.16	%		0.30	%
Net investment income		0.00	%		0.01	%		0.01	%		0.73	%
Supplemental data
Net assets, end of period (000’s omitted)		$171,009			$135,001			$180,021			$132,423

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from March 31, 2008 (commencement of class operations) to February 28, 2009.

3. Amount represents less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Treasury Plus Money Market Fund 15

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Institutional Class								2010			2009			2008			2007			2006	2
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.02	%		1.08	%		4.45	%		5.01	%		3.07	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.24	%		0.26	%		0.28	%		0.26	%		0.26	%		0.26	%
Net expenses		0.08	%		0.18	%		0.15	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.00	%		0.01	%		0.02	%		0.81	%		4.19	%		4.93	%		3.29	%
Supplemental data
Net assets, end of period (000’s omitted)		$7,149,167			$5,307,359			$4,091,490			$5,092,437			$2,951,408			$1,822,046			$1,166,102

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

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

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

16 Wells Fargo Advantage Treasury Plus Money Market Fund Financial Highlights

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111			Year Ended February 28,
Service Class								2010			2009			2008			2007			2006	2
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00			0.00			0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.01			0.04			0.05			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.88	%		4.14	%		4.70	%		2.78	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.52	%		0.55	%		0.56	%		0.55	%		0.55	%		0.55	%
Net expenses		0.08	%		0.19	%		0.17	%		0.41	%		0.50	%		0.50	%		0.50	%
Net investment income		0.00	%		0.01	%		0.01	%		0.93	%		4.11	%		4.61	%		2.99	%
Supplemental data
Net assets, end of period (000’s omitted)		$2,301,589			$2,226,264			$702,363			$862,686			$1,187,468			$1,283,813			$940,104

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the eleven months ended February 28, 2006. The Fund changed its fiscal year end from March 31 to February 28, effective February 28, 2006.

3. Amount represents less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Treasury Plus Money Market Fund 17

(For a share outstanding throughout each period)
	Six Months Ended July 31,  2011 (Unaudited)			Year Ended January 31, 20111
Sweep Class
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00
Total return3		0.00	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.97	%
Net expenses		0.09	%		0.19	%
Net investment income		0.00	%		0.01	%
Supplemental data
Net assets, end of period (000’s omitted)		$65,660			$91,299

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011.

2. Amount represents less than $0.005.

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

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

18 Wells Fargo Advantage Treasury Plus Money Market Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Treasury Plus Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require 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.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The 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 custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the 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 the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.

As of January 31, 2011, the Fund had estimated net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $2,232,195 with $2,212,624 expiring in 2013 and $19,571 expiring in 2017.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 19

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2011, all of the Fund’s investments in securities carried at fair value were designated as Level 2 since the primary inputs include credit quality of the issuer and short-term interest rates which are observable.

Further details on the major security types can be found in the Fund’s Portfolio of Investments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

20 Wells Fargo Advantage Treasury Plus Money Market Fund Notes to Financial Statements (Unaudited)

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class Level Administration Fee
Class A, Sweep Class		0.22	%
Institutional Class		0.08
Administrator Class		0.10
Service Class		0.12

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. ACQUISITIONS

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Treasury Money Market Fund and Evergreen Institutional Treasury Money Market Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen Treasury Money Market Fund and Evergreen Institutional Treasury Money Market Fund at an exchange ratio of 1.00 for each class. Shareholders holding Class A, Class I and Class S shares of Evergreen Treasury Money Market Fund received Class A, Service Class and Sweep Class shares, respectively, of the Fund in the reorganization. Shareholders holding Class AD, Class IS, Class I, Class IN and Class P shares of Evergreen Institutional Treasury Money Market Fund received Institutional Class, Service Class, Institutional Class, Institutional Class and Service Class shares, respectively, of the Fund in the reorganization. The investment portfolio of Evergreen Treasury Money Market Fund and Evergreen Institutional Treasury Money Market Fund with fair values of $912,239,952 and $4,245,469,766, respectively, and amortized costs of $912,239,952 and $4,245,469,766, respectively, at July 9, 2010, were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Treasury Money Market Fund and Evergreen Institutional Treasury Money Market Fund were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired and number of shares issued were as follows:

Acquired Fund	Value of Net Assets Acquired		Number of Shares Issued
Evergreen Treasury Money Market Fund	$	912,250,676		142,146,383	Class A
				628,695,032	Service Class
				142,739,344	Sweep Class

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 21

Acquired Fund	Value of Net Assets Acquired		Number of Shares Issued
Evergreen Institutional Treasury Money Market Fund	$	4,246,942,611		3,285,966,433	Institutional Class
				962, 955,612	Service Class

The aggregate net assets of the Fund immediately before and after the acquisitions were $6,570,292,760 and $11,729,486,047, respectively. Assuming the acquisitions had been completed March 1, 2010, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the period ended January 31, 2011 would have been:

Net investment income	$	1,417,483
Net realized gains on investments	$	3,159,002
Net increase in net assets resulting from operations	$	4,576,485

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of July 31, 2011, management of the Fund is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

22 Wells Fargo Advantage Treasury Plus Money Market Fund Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site

(www.wellsfargo.com/advantagefunds) on a monthly, seven-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

Other Information (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 23

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

24 Wells Fargo Advantage Treasury Plus Money Market Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the In dependent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.

Other Information (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 25

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund

(Not all of the funds described in this Board considerations section are part of this shareholder report. This shareholder report only relates to Treasury Plus Money Market Fund.)

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 100% Treasury Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, Heritage Money Market Fund, Money Market Fund, Prime Investment Money Market Fund and Treasury Plus Money Market Fund (collectively, the “Funds”); and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Funds. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and Wells Capital Management and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and Wells Capital Management under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and Wells Capital Management, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and Wells Capital Management. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and Wells Capital

26 Wells Fargo Advantage Treasury Plus Money Market Fund Other Information (Unaudited)

Management about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and Wells Capital Management.

fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of each of the Funds was higher than or in range of the median performance of the Universe for the periods under review, except for the Money Market Fund (Class B).

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group’s median net operating expense ratio, except for the 100% Treasury Money Market Fund (Service Class). The Board also noted that the net operating expense ratios of the Class A and Sweep Class of each of the Funds, the Money Market Fund (A, B, C, Daily and Investor Classes) were higher than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to Wells Capital Management for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Class A, Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group, except for the 100% Treasury Money Market Fund (Administrator Class). The Board noted that the Advisory Agreement Rates for the Sweep Class of each of the Funds was not appreciably higher than the median rate of each Fund’s Expense Group, except for the 100% Treasury Money Market Fund. The Board also noted that the Advisory Agreement Rates for the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than the median rate of the Expense Group. The Board noted that the Net Advisory Rates for the Service Class, Administrator Class, Institutional Class and Select Class of each of the Funds were in range of each Fund’s respective Expense Group. The Board also noted that the Net Advisory Rates for the Class A and Sweep Class of each of the Funds and the Money Market Fund (Class B, Class C, Daily Class and Investor Class) were higher than each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

Other Information (Unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 27

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and Wells Capital Management to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and Wells Capital Management

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and Wells Capital Management with the Funds and benefits potentially derived from an increase in Funds Management’s and Wells Capital Management’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including Wells Capital Management).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

28 Wells Fargo Advantage Treasury Plus Money Market Fund Other Information (Unaudited)

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and Wells Capital Management annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of Abbreviations Wells Fargo Advantage Treasury Plus Money Market Fund 29

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

ACB —  Agricultural Credit Bank

ADR —  American Depositary Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

ARM —  Adjustable Rate Mortgages

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BART —  Bay Area Rapid Transit

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil Real

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DEM —  Deutsche Mark

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDFA —  Economic Development Finance Authority

ETET —  Eagle Tax-Exempt Trust

ETF —  Exchange-Traded Fund

EUR —  Euro

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHAG —  Federal Housing Agency

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FRF —  French Franc

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depositary Receipt

GNMA —  Government National Mortgage Association

GO —  General Obligation

HCFR —  Healthcare Facilities Revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher Education Facilities Authority Revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong Dollar

HUD —  Housing & Urban Development

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MFMR —  Multi-Family Mortgage Revenue

MMD —  Municipal Market Data

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NLG —  Netherlands Guilder

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

204810 09-11 SA314/SAR314 7-11

ITEM 2. CODE OF ETHICS

Not required in this filing

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing.

ITEM 6. SCHEDULE OF INVESTMENTS

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASES

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.

The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered.

The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder’s name as it appears on the Trust’s books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the

candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not required in this filing.

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

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	September 28, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	September 28, 2011
By:
	/s/ Kasey L. Phillips
	Kasey L. Phillips
	Treasurer
Date:	September 28, 2011