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: 800-222-8222
Date of fiscal year end: Registrant is making a filing for 10 of its series.
Wells Fargo Advantage 100% Treasury Money Market Fund, Wells Fargo Advantage California Municipal Money Market Fund, Wells Fargo Advantage Cash Investment Money Market Fund, Wells Fargo Advantage Government Money Market Fund, Wells Fargo Advantage Heritage Money Market Fund, Wells Fargo Advantage Money Market Fund, Wells Fargo Advantage Municipal Cash Management Money Market Fund, Wells Fargo Advantage Municipal Money Market Fund, Wells Fargo Advantage National Tax-Free Money Market Fund, and Wells Fargo Advantage Treasury Plus Money Market Fund each series has a January 31 fiscal year end.
Date of reporting period: July 31, 2014
| ITEM 1. | REPORT TO STOCKHOLDERS |
Wells Fargo Advantage
100% Treasury Money Market Fund
Semi-Annual Report
July 31, 2014
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Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
| | | | | | |
| Letter to shareholders (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 3 | |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
| | | | |
| 4 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Performance highlights (unaudited) |
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
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
Laurie White
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (WFTXX) | | 11-8-1999 | | | 0.00 | | | | 0.01 | | | | 1.21 | | | | 0.77 | | | | 0.65 | |
| Administrator Class (WTRXX) | | 6-30-2010 | | | 0.00 | | | | 0.01 | | | | 1.28 | | | | 0.50 | | | | 0.30 | |
| Service Class (NWTXX) | | 12-3-1990 | | | 0.00 | | | | 0.01 | | | | 1.28 | | | | 0.67 | | | | 0.50 | |
| Sweep Class | | 6-30-2010 | | | 0.00 | | | | 0.01 | | | | 1.28 | | | | 1.12 | | | | 1.00 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | |
| | | Class A | | Administrator
Class | | | Service
Class | | | Sweep
Class | |
| 7-day current yield | | 0.00 | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| 7-day compound yield | | 0.00 | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| 30-day simple yield | | 0.00 | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| 30-day compound yield | | 0.00 | | | 0.00 | | | | 0.00 | | | | 0.00 | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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 underlying securities and not to shares of the Fund.
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 5 | |
| | | | |
| Portfolio composition as of July 31, 20144 |
|
 |
| | | | |
| Effective maturity distribution as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
55 days | | |
| | |
| Weighted average life6 as of July 31, 2014 |
71 days | | |
| 1. | Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Service Class shares, and includes the higher expenses applicable to Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns would be lower. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.74)%, (0.47)%, (0.64)%, and (1.09)% for Class A, Administrator Class, Service Class, and Sweep Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period¹ | | | Net annualized
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.25 | | | | 0.05 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.55 | | | $ | 0.25 | | | | 0.05 | % |
Administrator Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.25 | | | | 0.05 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.55 | | | $ | 0.25 | | | | 0.05 | % |
Service Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.25 | | | | 0.05 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.55 | | | $ | 0.25 | | | | 0.05 | % |
Sweep Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.25 | | | | 0.05 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.55 | | | $ | 0.25 | | | | 0.05 | % |
| 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). |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Treasury Debt: 94.90% | | | | | | | | | | | | | | | | |
U.S. Treasury Bill (z) | | | 0.02 | % | | | 9-25-2014 | | | $ | 338,310,000 | | | $ | 338,298,371 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 8-7-2014 | | | | 282,495,000 | | | | 282,493,705 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 8-14-2014 | | | | 500,000,000 | | | | 499,994,944 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 10-23-2014 | | | | 600,000,000 | | | | 599,961,267 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 8-21-2014 | | | | 546,490,000 | | | | 546,481,008 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 10-9-2014 | | | | 559,670,000 | | | | 559,637,819 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 10-16-2014 | | | | 557,840,000 | | | | 557,804,670 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 8-28-2014 | | | | 900,000,000 | | | | 899,977,407 | |
U.S. Treasury Bill (z) | | | 0.03 | | | | 10-30-2014 | | | | 750,000,000 | | | | 749,936,250 | |
U.S. Treasury Bill (z) | | | 0.04 | | | | 9-4-2014 | | | | 700,000,000 | | | | 699,976,200 | |
U.S. Treasury Bill (z) | | | 0.04 | | | | 10-2-2014 | | | | 750,000,000 | | | | 749,953,500 | |
U.S. Treasury Bill (z) | | | 0.04 | | | | 9-18-2014 | | | | 800,000,000 | | | | 799,961,333 | |
U.S. Treasury Bill (z) | | | 0.04 | | | | 9-11-2014 | | | | 650,000,000 | | | | 649,972,239 | |
U.S. Treasury Note ± | | | 0.07 | | | | 1-31-2016 | | | | 130,000,000 | | | | 129,955,847 | |
U.S. Treasury Note ± | | | 0.09 | | | | 4-30-2016 | | | | 130,000,000 | | | | 130,000,798 | |
U.S. Treasury Note | | | 0.25 | | | | 9-15-2014 | | | | 58,000,000 | | | | 58,010,684 | |
U.S. Treasury Note | | | 0.25 | | | | 11-30-2014 | | | | 60,000,000 | | | | 60,037,389 | |
U.S. Treasury Note | | | 0.38 | | | | 11-15-2014 | | | | 120,000,000 | | | | 120,104,661 | |
U.S. Treasury Note | | | 0.50 | | | | 8-15-2014 | | | | 10,900,000 | | | | 10,901,844 | |
U.S. Treasury Note | | | 0.50 | | | | 10-15-2014 | | | | 200,000,000 | | | | 200,179,549 | |
U.S. Treasury Note | | | 2.25 | | | | 1-31-2015 | | | | 10,000,000 | | | | 10,104,992 | |
U.S. Treasury Note | | | 2.38 | | | | 8-31-2014 | | | | 290,000,000 | | | | 290,548,620 | |
U.S. Treasury Note | | | 2.38 | | | | 10-31-2014 | | | | 200,000,000 | | | | 201,143,905 | |
U.S. Treasury Note | | | 2.63 | | | | 12-31-2014 | | | | 10,000,000 | | | | 10,103,570 | |
U.S. Treasury Note | | | 4.00 | | | | 2-15-2015 | | | | 51,000,000 | | | | 52,070,587 | |
U.S. Treasury Note | | | 4.25 | | | | 8-15-2014 | | | | 220,000,000 | | | | 220,357,076 | |
U.S. Treasury Note | | | 4.25 | | | | 11-15-2014 | | | | 70,000,000 | | | | 70,840,164 | |
U.S. Treasury Note | | | 11.25 | | | | 2-15-2015 | | | | 187,000,000 | | | | 198,263,174 | |
| | | | |
Total Treasury Debt (Cost $9,697,071,573) | | | | | | | | | | | | | | | 9,697,071,573 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $9,697,071,573) * | | | 94.90 | % | | | 9,697,071,573 | |
Other assets and liabilities, net | | | 5.10 | | | | 520,803,338 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 10,217,874,911 | |
| | | | | | | | |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| * | 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.
| | | | |
| 8 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Statement of assets and liabilities—July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 9,697,071,573 | |
Cash | | | 7,844 | |
Receivable for investments sold | | | 499,990,903 | |
Receivable for Fund shares sold | | | 1,010,289 | |
Receivable for interest | | | 20,192,708 | |
Receivable from adviser | | | 3,208,437 | |
Prepaid expenses and other assets | | | 27,449 | |
| | | | |
Total assets | | | 10,221,509,203 | |
| | | | |
| |
Liabilities | | | | |
Payable for Fund shares redeemed | | | 31,701 | |
Distribution fees payable | | | 118,817 | |
Administration fees payable | | | 1,518,366 | |
Shareholder servicing fees payable | | | 1,867,013 | |
Accrued expenses and other liabilities | | | 98,395 | |
| | | | |
Total liabilities | | | 3,634,292 | |
| | | | |
Total net assets | | $ | 10,217,874,911 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 10,217,763,673 | |
Undistributed net investment income | | | 10,393 | |
Accumulated net realized gains on investments | | | 100,845 | |
| | | | |
Total net assets | | $ | 10,217,874,911 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 886,932,505 | |
Shares outstanding – Class A1 | | | 886,914,043 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Administrator Class | | $ | 2,114,572,565 | |
Shares outstanding – Administrator Class1 | | | 2,114,435,777 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Service Class | | $ | 6,788,402,611 | |
Shares outstanding – Service Class1 | | | 6,787,960,621 | |
Net asset value per share – Service Class | | | $1.00 | |
Net assets – Sweep Class | | $ | 427,967,230 | |
Shares outstanding – Sweep Class1 | | | 427,941,937 | |
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, 2014 (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 9 | |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 2,947,111 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 14,214,592 | |
Administration fees | | | | |
Fund level | | | 2,353,069 | |
Class A | | | 982,225 | |
Administrator Class | | | 1,068,020 | |
Service Class | | | 4,408,848 | |
Sweep Class | | | 446,741 | |
Shareholder servicing fees | | | | |
Class A | | | 1,114,377 | |
Administrator Class | | | 993,736 | |
Service Class | | | 9,029,443 | |
Sweep Class | | | 507,660 | |
Distribution fees | | | | |
Sweep Class | | | 710,724 | |
Custody and accounting fees | | | 261,394 | |
Professional fees | | | 22,355 | |
Registration fees | | | 40,436 | |
Shareholder report expenses | | | 32,381 | |
Trustees’ fees and expenses | | | 3,392 | |
Other fees and expenses | | | 120,197 | |
| | | | |
Total expenses | | | 36,309,590 | |
Less: Fee waivers and/or expense reimbursements | | | (33,378,780 | ) |
| | | | |
Net expenses | | | 2,930,810 | |
| | | | |
Net investment income | | | 16,301 | |
| | | | |
Net realized gains on investments | | | 59,708 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 76,009 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Statement of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended
January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 16,301 | | | | | | | $ | 32,517 | |
Net realized gains on investments | | | | | | | 59,708 | | | | | | | | 94,213 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 76,009 | | | | | | | | 126,730 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (81 | ) | | | | | | | (203 | ) |
Administrator Class | | | | | | | (178 | ) | | | | | | | (695 | ) |
Service Class | | | | | | | (687 | ) | | | | | | | (2,298 | ) |
Sweep Class | | | | | | | (39 | ) | | | | | | | (127 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | 0 | | | | | | | | (9,753 | ) |
Administrator Class | | | | | | | 0 | | | | | | | | (32,213 | ) |
Service Class | | | | | | | 0 | | | | | | | | (76,659 | ) |
Sweep Class | | | | | | | 0 | | | | | | | | (4,351 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (985 | ) | | | | | | | (126,299 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 1,287,055,888 | | | | 1,287,055,888 | | | | 2,658,281,217 | | | | 2,658,281,217 | |
Administrator Class | | | 3,958,880,214 | | | | 3,958,880,214 | | | | 9,437,306,081 | | | | 9,437,306,081 | |
Service Class | | | 14,135,075,846 | | | | 14,135,075,846 | | | | 30,117,783,990 | | | | 30,117,783,990 | |
Sweep Class | | | 1,837,915,668 | | | | 1,837,915,668 | | | | 3,652,815,921 | | | | 3,652,815,921 | |
| | | | |
| | | | | | | 21,218,927,616 | | | | | | | | 45,866,187,209 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 81 | | | | 81 | | | | 9,956 | | | | 9,956 | |
Administrator Class | | | 178 | | | | 178 | | | | 11,856 | | | | 11,856 | |
Service Class | | | 687 | | | | 687 | | | | 33,231 | | | | 33,231 | |
Sweep Class | | | 39 | | | | 39 | | | | 4,478 | | | | 4,478 | |
| | | | |
| | | | | | | 985 | | | | | | | | 59,521 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (1,333,085,919 | ) | | | (1,333,085,919 | ) | | | (2,016,076,170 | ) | | | (2,016,076,170 | ) |
Administrator Class | | | (4,598,461,217 | ) | | | (4,598,461,217 | ) | | | (9,315,247,924 | ) | | | (9,315,247,924 | ) |
Service Class | | | (14,838,377,522 | ) | | | (14,838,377,522 | ) | | | (30,428,639,509 | ) | | | (30,428,639,509 | ) |
Sweep Class | | | (1,800,511,746 | ) | | | (1,800,511,746 | ) | | | (3,709,494,193 | ) | | | (3,709,494,193 | ) |
| | | | |
| | | | | | | (22,570,436,404 | ) | | | | | | | (45,469,457,796 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | (1,351,507,803 | ) | | | | | | | 396,788,934 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (1,351,432,779 | ) | | | | | | | 396,789,365 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 11,569,307,690 | | | | | | | | 11,172,518,325 | |
| | | | |
End of period | | | | | | $ | 10,217,874,911 | | | | | | | $ | 11,569,307,690 | |
| | | | |
Undistributed (overdistributed) net investment income | | | | | | $ | 10,393 | | | | | | | $ | (4,923 | ) |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 11 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.02 | % | | | 0.01 | % | | | 0.03 | % | | | 0.74 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.79 | % | | | 0.79 | % | | | 0.77 | % | | | 0.69 | % | | | 0.75 | % | | | 0.80 | % | | | 0.83 | % |
Net expenses | | | 0.05 | % | | | 0.06 | % | | | 0.09 | % | | | 0.05 | % | | | 0.14 | % | | | 0.18 | % | | | 0.58 | % |
Net investment income | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.68 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $886,933 | | | | $932,956 | | | | $290,743 | | | | $230,582 | | | | $225,499 | | | | $272,399 | | | | $306,451 | |
| 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 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.
| | | | |
| 12 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.02 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.51 | % | | | 0.51 | % | | | 0.52 | % | | | 0.51 | % | | | 0.52 | % |
Net expenses | | | 0.05 | % | | | 0.06 | % | | | 0.09 | % | | | 0.04 | % | | | 0.14 | % |
Net investment income | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $2,114,573 | | | | $2,754,138 | | | | $2,632,074 | | | | $1,636,769 | | | | $662,873 | |
| 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.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 13 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.02 | % | | | 0.01 | % | | | 0.03 | % | | | 0.86 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.68 | % | | | 0.68 | % | | | 0.69 | % | | | 0.68 | % | | | 0.70 | % | | | 0.73 | % | | | 0.73 | % |
Net expenses | | | 0.05 | % | | | 0.07 | % | | | 0.09 | % | | | 0.05 | % | | | 0.14 | % | | | 0.17 | % | | | 0.46 | % |
Net investment income | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.74 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $6,788,403 | | | | $7,491,653 | | | | $7,802,468 | | | | $8,502,741 | | | | $8,435,170 | | | | $8,161,612 | | | | $7,641,351 | |
| 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 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.
| | | | |
| 14 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SWEEP CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.02 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 1.14 | % | | | 1.14 | % | | | 1.14 | % | | | 1.14 | % | | | 1.14 | % |
Net expenses | | | 0.05 | % | | | 0.06 | % | | | 0.09 | % | | | 0.04 | % | | | 0.14 | % |
Net investment income | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $427,967 | | | | $390,560 | | | | $447,234 | | | | $309,270 | | | | $112,648 | |
| 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 100% Treasury 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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.
| | | | |
| 16 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Notes to financial statements (unaudited) |
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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Class allocations
The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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, 2014, the advisory fee was equivalent to an annual rate of 0.26% of the Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management 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 100% Treasury Money Market Fund | | | 17 | |
Administration 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 | |
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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.50% for Service Class shares, and 1.00% for Sweep Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | |
| 18 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Other information (unaudited) |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 19 | |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during past five years |
Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
Judith M. Johnson (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
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 |
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| 20 | | 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 or longer | | Other directorships during past five years |
Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and length of service | | Principal occupations during past five years or longer | | |
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. | | |
Nancy Wiser1 (Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
C. David Messman (Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. | | |
Debra Ann Early (Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1 (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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 21 | |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage 100% Treasury Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper
| | | | |
| 22 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | Other information (unaudited) |
to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Service Class) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the average rate for the Fund’s expense Group for all share classes except for the Service Class. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage 100% Treasury Money Market Fund | | | 23 | |
factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
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| 24 | | Wells Fargo Advantage 100% Treasury Money Market Fund | | List of abbreviations |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 227172 09-14 SA300/SAR300 07-14 |
Wells Fargo Advantage
California Municipal Money Market Fund
Semi-Annual Report
July 31, 2014
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Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage California Municipal Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two- year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
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| Letter to shareholders (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 3 | |
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
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| 4 | | Wells Fargo Advantage California Municipal Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income exempt from regular federal income tax and California individual income tax, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
James Randazzo
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (SGCXX) | | 1-1-1992 | | | 0.01 | | | | 0.01 | | | | 0.94 | | | | 0.63 | | | | 0.63 | |
| Administrator Class (WCMXX) | | 6-30-2010 | | | 0.01 | | | | 0.03 | | | | 1.08 | | | | 0.36 | | | | 0.30 | |
| Institutional Class (WCTXX) | | 3-31-2008 | | | 0.01 | | | | 0.05 | | | | 1.09 | | | | 0.24 | | | | 0.20 | |
| Service Class (WFCXX) | | 11-8-1999 | | | 0.01 | | | | 0.01 | | | | 1.04 | | | | 0.53 | | | | 0.45 | |
| Sweep Class | | 6-30-2010 | | | 0.01 | | | | 0.01 | | | | 1.04 | | | | 0.98 | | | | 0.98 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | |
| | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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).
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 5 | |
|
| Revenue source distribution as of July 31, 20144 |
|
 |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
|
| Weighted average maturity5 as of July 31, 2014 |
23 days |
|
| Weighted average life6 as of July 31, 2014 |
23 days |
| 1. | Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, and has not been adjusted to reflect higher expenses applicable to Administrator Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Service Class shares, and includes the higher expenses applicable to Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns would be lower. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 1.00% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.55)%, (0.27)%, (0.16)%, (0.45)%, and (0.90)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage California Municipal Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period¹ | | | Net annualized
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 | | | $ | 0.40 | | | | 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 | | | $ | 0.40 | | | | 0.08 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.40 | | | $ | 0.40 | | | | 0.08 | % |
| 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). |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 97.80% | | | | | | | | | | | | | | | | |
| | | | |
California: 96.94% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 16.12% | | | | | | | | | | | | | | | | |
California Community College Financing Authority Series C (Education Revenue) | | | 0.15 | % | | | 12-31-2014 | | | $ | 5,400,000 | | | $ | 5,441,403 | |
California School Cash Reserve Program Authority Series J (Miscellaneous Revenue) | | | 0.10 | | | | 10-1-2014 | | | | 10,200,000 | | | | 10,232,162 | |
California School Cash Reserve Program Authority Series K (Miscellaneous Revenue) | | | 0.10 | | | | 10-1-2014 | | | | 15,800,000 | | | | 15,849,820 | |
California School Cash Reserve Program Authority Series L (Miscellaneous Revenue) | | | 0.13 | | | | 10-1-2014 | | | | 5,775,000 | | | | 5,792,875 | |
California School Cash Reserve Program Authority Series M (Miscellaneous Revenue) | | | 0.15 | | | | 12-31-2014 | | | | 6,085,000 | | | | 6,131,554 | |
California School Cash Reserve Program Authority Series N (Miscellaneous Revenue) | | | 0.15 | | | | 12-31-2014 | | | | 2,795,000 | | | | 2,816,431 | |
City of Los Angeles CA Series B (GO) | | | 0.11 | | | | 9-1-2014 | | | | 5,000,000 | | | | 5,016,369 | |
Los Angeles County CA School Pooled Financing Program Series 2013-14 (Miscellaneous Revenue) | | | 0.14 | | | | 12-31-2014 | | | | 2,700,000 | | | | 2,720,799 | |
Los Angeles County CA TRAN Series 2014 (GO) | | | 0.11 | | | | 6-25-2015 | | | | 5,000,000 | | | | 5,062,320 | |
Los Angeles County CA TRAN Series 2014-15 (Miscellaneous Revenue) | | | 0.12 | | | | 6-30-2015 | | | | 15,000,000 | | | | 15,188,548 | |
Los Angeles County CA Capital Asset Leasing Corporation Series B (Housing Revenue) | | | 0.07 | | | | 9-3-2014 | | | | 18,000,000 | | | | 18,000,000 | |
Los Angeles County CA Capital Asset Leasing Corporation Series B (Housing Revenue) | | | 0.07 | | | | 9-9-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Los Angeles County CA Schools Series B2 (Miscellaneous Revenue) | | | 0.19 | | | | 1-30-2015 | | | | 5,000,000 | | | | 5,044,764 | |
Los Angeles County CA Schools Series B3 (Miscellaneous Revenue) | | | 0.13 | | | | 12-31-2014 | | | | 8,400,000 | | | | 8,465,030 | |
Los Angeles CA Municipal Improvement Corporation Series A4 (Housing Revenue) | | | 0.07 | | | | 8-27-2014 | | | | 22,978,000 | | | | 22,978,000 | |
Panama-Buena Vista CA Union School District (Tax Revenue) | | | 0.14 | | | | 9-1-2014 | | | | 5,000,000 | | | | 5,005,700 | |
Riverside County CA TRAN Series 2014 (Tax Revenue) | | | 0.11 | | | | 6-30-2015 | | | | 15,000,000 | | | | 15,189,234 | |
San Diego County CA Water Authority Series 7 (Water & Sewer Revenue) | | | 0.09 | | | | 8-7-2014 | | | | 10,000,000 | | | | 10,000,000 | |
San Diego County CA Water Authority Series 7 (Water & Sewer Revenue) | | | 0.10 | | | | 11-13-2014 | | | | 6,250,000 | | | | 6,250,000 | |
San Francisco CA Airport Commission Series A1 (Transportation Revenue) | | | 0.08 | | | | 8-4-2014 | | | | 13,000,000 | | | | 13,000,000 | |
San Francisco CA Airport Commission Series A3 (Transportation Revenue) | | | 0.08 | | | | 10-1-2014 | | | | 5,400,000 | | | | 5,400,000 | |
San Francisco CA Airport Commission Series A3 (Transportation Revenue) | | | 0.09 | | | | 10-2-2014 | | | | 9,400,000 | | | | 9,400,000 | |
Val Verde CA Unified School District Series A (Miscellaneous Revenue) | | | 0.13 | | | | 9-1-2014 | | | | 3,140,000 | | | | 3,143,602 | |
| | | | |
| | | | | | | | | | | | | | | 211,128,611 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 80.82% | | | | | | | | | | | | | | | | |
ABAG Finance Authority for Nonprofit Corporation California Charleston Project (Housing Revenue, Bank of America NA LOC) | | | 0.06 | | | | 6-1-2037 | | | | 27,375,000 | | | | 27,375,000 | |
ABAG Finance Authority for Nonprofit Corporation California Menlo School (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 9-1-2033 | | | | 1,300,000 | | | | 1,300,000 | |
ABAG Finance Authority for Nonprofit Corporation California MFHR Fine Arts Building Projects Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 7-15-2035 | | | | 8,100,000 | | | | 8,100,000 | |
ABAG Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 4-1-2035 | | | | 2,185,000 | | | | 2,185,000 | |
Alameda CA PFA MFHR Eagle Parrot Project Series A (Housing Revenue, FNMA LOC, FNMA Insured) | | | 0.06 | | | | 5-15-2035 | | | | 1,535,000 | | | | 1,535,000 | |
Bakersfield CA PFOTER PT-4669 Series A (Water & Sewer Revenue, AGM Insured, Bank of America NA LIQ) 144A | | | 0.17 | | | | 9-15-2032 | | | | 7,975,000 | | | | 7,975,000 | |
Bay Area Toll Authority California Toll Bridge Series C2 (Transportation Revenue, Union Bank NA LOC) | | | 0.05 | | | | 4-1-2047 | | | | 17,910,000 | | | | 17,910,000 | |
California Alternative Energy Source Financing Authority GE Capital Corporation Series A (Utilities Revenue) | | | 0.09 | | | | 10-1-2020 | | | | 25,330,000 | | | | 25,330,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage California Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
California CDA Aegis Pleasant Hill Series H (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | % | | | 7-1-2027 | | | $ | 6,270,000 | | | $ | 6,270,000 | |
California CDA Arbor Ridge Apartments Series B (Tobacco Revenue, FHLMC LIQ) | | | 0.07 | | | | 11-1-2036 | | | | 9,500,000 | | | | 9,500,000 | |
California CDA Charter Court Apartments Series L (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 9-1-2040 | | | | 3,555,000 | | | | 3,555,000 | |
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.06 | | | | 11-1-2040 | | | | 1,500,000 | | | | 1,500,000 | |
California CDA La Puente Apartments Series JJ (Housing Revenue, U.S. Bank NA LOC) | | | 0.12 | | | | 11-1-2031 | | | | 6,775,000 | | | | 6,775,000 | |
California CDA MFHR Desert Palms Series A (Housing Revenue, FHLMC LOC) | | | 0.06 | | | | 8-1-2045 | | | | 7,000,000 | | | | 7,000,000 | |
California CDA MFHR Glen Haven Apartments Series AA (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 4-15-2035 | | | | 4,000,000 | | | | 4,000,000 | |
California CDA MFHR Granite Oaks Apartments Series R (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 10-15-2030 | | | | 3,985,000 | | | | 3,985,000 | |
California CDA MFHR Imperial Park Apartments Series OO (Housing Revenue, FHLMC LOC) | | | 0.06 | | | | 11-1-2040 | | | | 6,620,000 | | | | 6,620,000 | |
California CDA MFHR Seasons at Lakewood Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 5-15-2037 | | | | 3,200,000 | | | | 3,200,000 | |
California CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 8-1-2031 | | | | 14,340,000 | | | | 14,340,000 | |
California CDA Seasons Senior Apartments Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 5-15-2037 | | | | 5,265,000 | | | | 5,265,000 | |
California CDA Sunrise of Danville Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 5-1-2027 | | | | 6,165,000 | | | | 6,165,000 | |
California CDA Sutter Health Series A (Health Revenue, Ambac Insured, Credit Suisse LIQ) 144A | | | 0.06 | | | | 8-15-2038 | | | | 6,000,000 | | | | 6,000,000 | |
California CDA Sutter Health Series B (Health Revenue, Credit Suisse LIQ) 144A | | | 0.06 | | | | 11-15-2048 | | | | 24,446,525 | | | | 24,446,525 | |
California CDA Sutter Health Series C (Health Revenue, AGM Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 8-15-2032 | | | | 2,625,000 | | | | 2,625,000 | |
California CDA Tyrella Gardens Apartments Series B (Housing Revenue, Citibank NA LOC) | | | 0.08 | | | | 6-1-2036 | | | | 1,040,000 | | | | 1,040,000 | |
California CDA Village at Hesperia Series CCC (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 11-15-2039 | | | | 2,300,000 | | | | 2,300,000 | |
California CDA Village at Ninth Apartments Series D (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 11-15-2035 | | | | 4,375,000 | | | | 4,375,000 | |
California CDA Village at Shaw Apartments Series E (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 11-15-2035 | | | | 3,605,000 | | | | 3,605,000 | |
California Educational Facilities Authority Stanford University Series L (Education Revenue) | | | 0.04 | | | | 10-1-2022 | | | | 2,000,000 | | | | 2,000,000 | |
California Enterprise Development Authority Pocino Foods Company Project Series A (Industrial Development Revenue, City National Bank LOC) | | | 0.06 | | | | 11-1-2033 | | | | 7,665,000 | | | | 7,665,000 | |
California Finance Authority Kehillah Jewish High School (Education Revenue, California Bank & Trust LOC) | | | 0.06 | | | | 8-1-2039 | | | | 13,120,000 | | | | 13,120,000 | |
California HFFA Scripps Health Series C (Health Revenue) | | | 0.04 | | | | 10-1-2042 | | | | 6,000,000 | | | | 6,000,000 | |
California HFFA St. Joseph’s Health System Series A (Health Revenue, Union Bank NA LOC) | | | 0.06 | | | | 7-1-2041 | | | | 9,800,000 | | | | 9,800,000 | |
California Infrastructure & Economic Development Bank Le Lycee Francais de Los Angeles Project Series 2006 (Education Revenue, U.S. Bank NA LOC) | | | 0.07 | | | | 9-1-2036 | | | | 6,300,000 | | | | 6,300,000 | |
California Infrastructure & Economic Development Bank Loyola High School Project (Miscellaneous Revenue) | | | 0.06 | | | | 12-1-2035 | | | | 1,310,000 | | | | 1,310,000 | |
California Infrastructure & Economic Development Bank ROC RR-II-R-11527 (Transportation Revenue, Ambac Insured, Citibank NA LIQ) 144A | | | 0.08 | | | | 7-1-2030 | | | | 9,900,000 | | | | 9,900,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC) 144A | | | 0.05 | % | | | 12-1-2040 | | | $ | 14,940,000 | | | $ | 14,940,000 | |
California Infrastructure & Economic Development Bank Society For The Blind Project (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.07 | | | | 1-1-2037 | | | | 2,075,000 | | | | 2,075,000 | |
California Infrastructure & Economic Development Bank The Bay Institute Aquarium Foundation (Miscellaneous Revenue, Union Bank NA LOC) | | | 0.04 | | | | 6-1-2025 | | | | 6,090,000 | | | | 6,090,000 | |
California Municipal Finance Authority High Desert Partnership (Education Revenue, Union Bank NA LOC) | | | 0.09 | | | | 4-1-2042 | | | | 1,240,000 | | | | 1,240,000 | |
California Municipal Finance Authority Pacific Institute Series A (Housing Revenue, California Bank & Trust LOC) | | | 0.06 | | | | 8-1-2037 | | | | 15,305,000 | | | | 15,305,000 | |
California Municipal Finance Authority San Francisco Planning Project Series A (Industrial Development Revenue, Pacific Capital Bank NA LOC) | | | 0.04 | | | | 12-1-2042 | | | | 4,500,000 | | | | 4,500,000 | |
California PCFA Solid Waste John B. & Ann M. Verwey Project (Resource Recovery Revenue, CoBank LOC) | | | 0.10 | | | | 5-1-2028 | | | | 3,400,000 | | | | 3,400,000 | |
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, CoBank LOC) | | | 0.10 | | | | 11-1-2027 | | | | 6,000,000 | | | | 6,000,000 | |
California PCFA Wadham Energy Series C (Resource Recovery Revenue, BNP Paribas LOC) | | | 0.17 | | | | 11-1-2017 | | | | 7,300,000 | | | | 7,300,000 | |
California PCFA Waste Connection Incorporated Project (Resource Recovery Revenue, Bank of America NA LOC) | | | 0.13 | | | | 8-1-2018 | | | | 10,100,000 | | | | 10,100,000 | |
California PFOTER PT-4672 (Education Revenue, AGM Insured, Bank of America NA LIQ) 144A | | | 0.13 | | | | 11-1-2032 | | | | 8,000,000 | | | | 8,000,000 | |
California Public Improvements Series A Sub Series A-1-2 Refunding Notes (Miscellaneous Revenue, Royal Bank of Canada LOC) | | | 0.05 | | | | 5-1-2040 | | | | 12,750,000 | | | | 12,750,000 | |
California Statewide CDA Crossings UHC Madera (Housing Revenue, Citibank NA LOC) | | | 0.14 | | | | 1-1-2038 | | | | 2,870,000 | | | | 2,870,000 | |
California Statewide Communities Concord Green Apartments Project (Housing Revenue, East West Bank LOC) | | | 0.06 | | | | 6-1-2028 | | | | 8,700,000 | | | | 8,700,000 | |
California University Revenue Systemwide PUTTER Series 2646Z (Education Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.14 | | | | 5-1-2015 | | | | 6,210,000 | | | | 6,210,000 | |
California University Revenue Systemwide Series A (Education Revenue, AGM Insured, Credit Suisse LIQ) 144A | | | 0.18 | | | | 11-1-2033 | | | | 3,000,000 | | | | 3,000,000 | |
California University Revenue Systemwide Series C (Education Revenue, National Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.14 | | | | 11-1-2014 | | | | 10,000,000 | | | | 10,000,000 | |
California University System Series 2005A Citigroup Eagle Trust Series 2014-0001A (Education Revenue, AGM/Ambac Insured, Citibank NA SPA) 144A | | | 0.07 | | | | 11-1-2035 | | | | 8,225,000 | | | | 8,225,000 | |
Clipper Tax Exempt Certificate Trust Series 4A (Water & Sewer Revenue, State Street Bank & Trust Company LIQ) 144A | | | 0.07 | | | | 11-1-2043 | | | | 4,130,000 | | | | 4,130,000 | |
Corona CA Household Bank Project B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-1-2023 | | | | 11,000,000 | | | | 11,000,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1188 (GO, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-1-2047 | | | | 10,230,000 | | | | 10,230,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1273 (Water & Sewer Revenue, Syncora Guarantee Incorporated Insured, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 4-1-2038 | | | | 15,590,000 | | | | 15,590,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1286 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-1-2036 | | | | 17,375,000 | | | | 17,375,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1288 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.10 | | | | 8-1-2042 | | | | 6,875,000 | | | | 6,875,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1299 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-1-2049 | | | | 4,720,000 | | | | 4,720,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1301 (GO, Build America Mutual Assurance Company Insured, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-1-2048 | | | | 4,825,000 | | | | 4,825,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-1330 (GO, Deutsche Bank LIQ) 144A | | | 0.16 | | | | 8-1-2050 | | | | 3,430,000 | | | | 3,430,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage California Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Deutsche Bank Spears/Lifers Trust Series DBE-247 (Tax Revenue, FGIC Insured, Deutsche Bank LIQ) 144A | | | 0.15 | % | | | 12-1-2030 | | | $ | 2,265,000 | | | $ | 2,265,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-296 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.14 | | | | 8-1-2031 | | | | 4,330,000 | | | | 4,330,000 | |
Deutsche Bank Spears/Lifers Trust Series DBE-362 (GO, Ambac Insured, Deutsche Bank LIQ) 144A | | | 0.15 | | | | 6-1-2022 | | | | 4,030,000 | | | | 4,030,000 | |
Eastern Municipal Water District of Southern California Water & Sewer Certificate of Participation Series D (Water & Sewer Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 7-1-2023 | | | | 1,375,000 | | | | 1,375,000 | |
Eclipse Funding Trust Series 2006-0065 Solar Eclipse Pepperdine University (Education Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A | | | 0.06 | | | | 6-1-2015 | | | | 2,160,000 | | | | 2,160,000 | |
Eclipse Funding Trust Series 2007-0079 Solar Eclipse Vacaville United School District (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A | | | 0.06 | | | | 8-1-2032 | | | | 10,105,000 | | | | 10,105,000 | |
Golden State Tobacco Securitization Corporation California Class A (Tobacco Revenue, BHAC/FGIC Insured, Citibank NA LIQ) 144A | | | 0.11 | | | | 6-1-2038 | | | | 9,900,000 | | | | 9,900,000 | |
Golden State Tobacco Securitization Corporation California Series 2040 (Tobacco Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.18 | | | | 6-1-2045 | | | | 12,900,000 | | | | 12,900,000 | |
Golden State Tobacco Securitization Corporation California Series 2215 (Tobacco Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.26 | | | | 6-1-2045 | | | | 25,500,000 | | | | 25,500,000 | |
Golden State Tobacco Securitization Corporation California Series 3107 (Tobacco Revenue, BHAC/Ambac Insured, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 12-1-2045 | | | | 10,610,000 | | | | 10,610,000 | |
Golden State Tobacco Securitization Corporation California Series 3123 (Tobacco Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.18 | | | | 6-1-2045 | | | | 21,290,000 | | | | 21,290,000 | |
Hartnell CA Community College District PUTTER Series 2966 (GO, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.12 | | | | 12-1-2015 | | | | 4,800,000 | | | | 4,800,000 | |
Highland CA RDA Jeffrey Court Senior Apartments (Housing Revenue, East West Bank LOC) | | | 0.06 | | | | 3-1-2028 | | | | 6,620,000 | | | | 6,620,000 | |
Irvine CA Improvement Bond Act of 1915 Reassessment District #97-17 (Miscellaneous Revenue, State Street Bank & Trust Company LOC) | | | 0.04 | | | | 9-2-2023 | | | | 10,000,000 | | | | 10,000,000 | |
Irvine CA Improvement Bond Act of 1915 Reassessment District #03-19 Series B (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.04 | | | | 9-2-2029 | | | | 23,357,000 | | | | 23,357,000 | |
Irvine CA Improvement Bond Act of 1915 Reassessment District #04-20 Series A (Miscellaneous Revenue, Sumitomo Mitsui Banking LOC) | | | 0.05 | | | | 9-2-2050 | | | | 10,500,000 | | | | 10,500,000 | |
Irvine CA Improvement Bond Act of 1915 Reassessment District #05-21 Series A (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.04 | | | | 9-2-2050 | | | | 300,000 | | | | 300,000 | |
Irvine CA Improvement Bond Act of 1915 Reassessment District #85-7 Series A (Miscellaneous Revenue, Bank of Tokyo-Mitsubishi LOC) | | | 0.04 | | | | 9-2-2032 | | | | 30,000 | | | | 30,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Semitropic Improvement Series 3584 (Water & Sewer Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.14 | | | | 6-1-2017 | | | | 9,590,000 | | | | 9,590,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Series 3459 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.11 | | | | 11-15-2025 | | | | 8,000,000 | | | | 8,000,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Series 3927Z (GO, JPMorgan Chase & Company LIQ) 144A | | | 0.09 | | | | 2-1-2019 | | | | 5,340,000 | | | | 5,340,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Series 3974Z (GO, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.09 | | | | 8-1-2015 | | | | 3,960,000 | | | | 3,960,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Series 4414 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.07 | | | | 5-15-2021 | | | | 5,000,000 | | | | 5,000,000 | |
Kings County CA Housing Authority Edgewater Isle Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 2-15-2031 | | | | 5,720,000 | | | | 5,720,000 | |
Los Angeles CA Certificate of Participation Samuel A. Fryer Yavney Series A (Education Revenue, California Bank & Trust LOC) | | | 0.06 | | | | 8-1-2038 | | | | 7,150,000 | | | | 7,150,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Los Angeles CA Community College District Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-4 (GO, Royal Bank of Canada LIQ) 144A | | | 0.06 | % | | | 8-1-2033 | | | $ | 4,100,000 | | | $ | 4,100,000 | |
Los Angeles CA Community RDA Security Building Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 12-15-2034 | | | | 6,290,000 | | | | 6,290,000 | |
Los Angeles CA DW&P Sub Series A-3 (Utilities Revenue, Citibank NA SPA) | | | 0.05 | | | | 7-1-2035 | | | | 6,775,000 | | | | 6,775,000 | |
Los Angeles CA IDA Megatoys Project (Industrial Development Revenue, East West Bank LOC) | | | 0.08 | | | | 7-1-2031 | | | | 3,000,000 | | | | 3,000,000 | |
Los Angeles CA Mission Village Terrace Apartments (Housing Revenue, East West Bank LOC) | | | 0.08 | | | | 7-1-2027 | | | | 3,540,000 | | | | 3,540,000 | |
Los Angeles CA Watts Athens Apartments Series A (Housing Revenue, Citibank NA LOC) | | | 0.07 | | | | 8-15-2030 | | | | 4,300,000 | | | | 4,300,000 | |
Manteca CA RDA Amended Merger Project (Tax Revenue, State Street Bank & Trust Company LOC) | | | 0.06 | | | | 10-1-2042 | | | | 10,235,000 | | | | 10,235,000 | |
Menlo Park CA CDA Las Pulgas Community Development (Tax Revenue, State Street Bank & Trust Company LOC, Ambac Insured) | | | 0.06 | | | | 1-1-2031 | | | | 27,305,000 | | | | 27,305,000 | |
Metropolitan Water District of Southern California (Water & Sewer Revenue) | | | 0.08 | | | | 7-1-2030 | | | | 10,000,000 | | | | 10,000,000 | |
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 9-15-2024 | | | | 1,300,000 | | | | 1,300,000 | |
Oakland CA Joint Powers Financing Authority Series A (Housing Revenue, Citibank NA LOC) | | | 0.07 | | | | 7-1-2033 | | | | 14,570,000 | | | | 14,570,000 | |
Oceanside CA MFHR Ace-Shadow Way Apartments Project (Housing Revenue, FHLMC LOC) | | | 0.05 | | | | 3-1-2049 | | | | 2,350,000 | | | | 2,350,000 | |
Pasadena CA Certificate of Participation Series 2008A (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.07 | | | | 2-1-2035 | | | | 8,250,000 | | | | 8,250,000 | |
Petaluma CA Community Development Commission MFHR Oakmont at Petaluma Series A (Health Revenue, U.S. Bank NA LOC) | | | 0.09 | | | | 4-1-2026 | | | | 500,000 | | | | 500,000 | |
Sacramento CA Municipal Utility District Series J (Utilities Revenue, Bank of America NA LOC) | | | 0.06 | | | | 8-15-2028 | | | | 17,300,000 | | | | 17,300,000 | |
Sacramento County CA Housing Authority Arlington Creek Apartment Series I (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 5-15-2034 | | | | 5,000,000 | | | | 5,000,000 | |
Sacramento County CA Housing Authority Logan Park Apartments Series E (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 5-1-2042 | | | | 10,000,000 | | | | 10,000,000 | |
Sacramento County CA Housing Authority MFHR Cascades Series D (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 9-15-2035 | | | | 6,535,000 | | | | 6,535,000 | |
Sacramento County CA Housing Authority MFHR Normandy Park Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-15-2033 | | | | 4,000,000 | | | | 4,000,000 | |
Sacramento County CA Housing Authority Seasons at Winter Series C2 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 8-1-2034 | | | | 2,900,000 | | | | 2,900,000 | |
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC LIQ) | | | 0.08 | | | | 12-1-2022 | | | | 18,400,000 | | | | 18,400,000 | |
Sacramento County CA Housing Authority Shenandoah Apartments Series F (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 9-15-2036 | | | | 5,205,000 | | | | 5,205,000 | |
Sacramento County CA Sanitation District Royal Bank of Canada Municipal Products Incorporated Series E-44 (Water & Sewer Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 10-1-2015 | | | | 12,500,000 | | | | 12,500,000 | |
Sacramento County CA Sanitation Districts Financing Authority PUTTER Series 2821 (Water & Sewer Revenue, AGM/FGIC Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 5-16-2015 | | | | 6,620,000 | | | | 6,620,000 | |
San Bernardino County CA MFHR Green Valley Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 5-15-2029 | | | | 6,115,000 | | | | 6,115,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage California Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
San Bernardino County CA Parkview Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.11 | % | | | 2-15-2027 | | | $ | 1,500,000 | | | $ | 1,500,000 | |
San Bernardino County CA RDA Silver Woods Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 5-1-2026 | | | | 7,000,000 | | | | 7,000,000 | |
San Diego County CA Community College District Royal Bank of Canada Municipal Products Incorporated Series O-8 (GO, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 8-1-2019 | | | | 11,000,000 | | | | 11,000,000 | |
San Diego County CA Regional Transportation Community Limited Tax Series 2008-A (Tax Revenue, JPMorgan Chase & Company SPA) | | | 0.05 | | | | 4-1-2038 | | | | 17,400,000 | | | | 17,400,000 | |
San Francisco CA City & County Public Utilities Commission PFOTER PT-4723 (Water & Sewer Revenue, Bank of America NA LIQ) 144A | | | 0.07 | | | | 11-1-2036 | | | | 18,660,000 | | | | 18,660,000 | |
San Francisco CA City & County Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 11-1-2039 | | | | 8,690,000 | | | | 8,690,000 | |
San Francisco CA City & County RDA Community Facilities District Hunters Point Series A (Tax Revenue, JPMorgan Chase & Company LOC) | | | 0.07 | | | | 8-1-2036 | | | | 9,450,000 | | | | 9,450,000 | |
San Francisco CA City & County RDA Fillmore Center 1999 Issue B1 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 12-1-2017 | | | | 32,500,000 | | | | 32,500,000 | |
San Francisco CA City & County RDA Maria Manor Apartments Series F (Housing Revenue, Citibank NA LOC) | | | 0.09 | | | | 12-1-2033 | | | | 1,325,000 | | | | 1,325,000 | |
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC) | | | 0.09 | | | | 12-1-2033 | | | | 11,240,000 | | | | 11,240,000 | |
San Francisco CA City & County RDA Orlando Cepeda Place Series D (Housing Revenue, Citibank NA LOC) | | | 0.08 | | | | 11-1-2033 | | | | 7,025,000 | | | | 7,025,000 | |
San Jose CA MFHR Raintree Apartments Series A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 2-1-2038 | | | | 10,600,000 | | | | 10,600,000 | |
San Jose CA Turnleaf Apartments Series A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 6-1-2036 | | | | 4,230,000 | | | | 4,230,000 | |
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 9-15-2032 | | | | 1,120,000 | | | | 1,120,000 | |
San Luis Obispo County CA Financing Authority Series 3030 Nacimiento Water Project Series A (Water & Sewer Revenue, BHAC/MBIA Insured, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 9-1-2038 | | | | 11,500,000 | | | | 11,500,000 | |
San Marcos CA Unified School District Series 3269 (GO, Morgan Stanley Bank LIQ) 144A | | | 0.11 | | | | 8-1-2031 | | | | 5,000,000 | | | | 5,000,000 | |
San Mateo County CA Community College CAB Series B (Tax Revenue, National Insured, Deutsche Bank LIQ) 144A¤ | | | 0.00 | | | | 9-1-2036 | | | | 2,110,000 | | | | 2,110,000 | |
Santa Clara County CA Valley Transportation Authority Series C (Tax Revenue, State Street Bank & Trust Company SPA) | | | 0.06 | | | | 6-1-2026 | | | | 5,140,000 | | | | 5,140,000 | |
Santa Clara County CA Valley Transportation Authority Series D (Tax Revenue, Sumitomo Mitsui Banking SPA) | | | 0.07 | | | | 4-1-2036 | | | | 4,000,000 | | | | 4,000,000 | |
State of California Series A4 (GO, Citibank NA LOC) | | | 0.03 | | | | 5-1-2034 | | | | 5,700,000 | | | | 5,700,000 | |
Tahoe Forest California Hospital District (Health Revenue, U.S. Bank NA LOC) | | | 0.06 | | | | 7-1-2033 | | | | 2,245,000 | | | | 2,245,000 | |
| | | | |
| | | | | | | | | | | | | | | 1,058,608,525 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 0.86% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.86% | | | | | | | | | | | | | | | | |
FHLMC Multi-Family Certificates (Housing Revenue) | | | 0.12 | | | | 11-15-2034 | | | | 9,763,715 | | | | 9,763,715 | |
FHLMC Multi-Family Certificates (Housing Revenue) | | | 0.12 | | | | 8-15-2045 | | | | 1,535,824 | | | | 1,535,824 | |
| | | | |
| | | | | | | | | | | | | | | 11,299,539 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $1,281,036,675) | | | | | | | | | | | | | | | 1,281,036,675 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 1.51% | | | | | | | | | | | | | | | | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) ±§144A | | | 0.15 | | | | 3-1-2040 | | | | 3,000,000 | | | | 3,000,000 | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ ) ±§144A | | | 0.13 | | | | 8-1-2040 | | | | 9,000,000 | | | | 9,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Other (continued) | | | | | | | | | | | | | | | | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ) ±§144A | | | 0.13 | % | | | 8-1-2040 | | | $ | 7,800,000 | | | $ | 7,800,000 | |
| | | | |
Total Other (Cost $19,800,000) | | | | | | | | | | | | | | | 19,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $1,300,836,675) * | | | 99.31 | % | | | 1,300,836,675 | |
Other assets and liabilities, net | | | 0.69 | | | | 9,057,981 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,309,894,656 | |
| | | | | | | | |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| ¤ | Security issued in zero coupon form with no periodic interest payments. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| § | The security is 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.
| | | | |
| 14 | | Wells Fargo Advantage California Municipal Money Market Fund | | Statement of assets and liabilities—July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 1,300,836,675 | |
Cash | | | 4,086,979 | |
Receivable for investments sold | | | 8,443,011 | |
Receivable for Fund shares sold | | | 114 | |
Receivable for interest | | | 775,880 | |
Receivable from adviser | | | 325,100 | |
Prepaid expenses and other assets | | | 4,515 | |
| | | | |
Total assets | | | 1,314,472,274 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 7,004 | |
Payable for investments purchased | | | 4,101,180 | |
Payable for Fund shares redeemed | | | 8 | |
Distribution fees payable | | | 16,107 | |
Administration fees payable | | | 225,719 | |
Accrued expenses and other liabilities | | | 227,600 | |
| | | | |
Total liabilities | | | 4,577,618 | |
| | | | |
Total net assets | | $ | 1,309,894,656 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 1,309,804,022 | |
Overdistributed net investment income | | | (152 | ) |
Accumulated net realized gains on investments | | | 90,786 | |
| | | | |
Total net assets | | $ | 1,309,894,656 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 556,289,856 | |
Shares outstanding – Class A1 | | | 556,247,313 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Administrator Class | | $ | 100,075 | |
Shares outstanding – Administrator Class1 | | | 100,067 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 635,399,951 | |
Shares outstanding – Institutional Class1 | | | 635,349,959 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Service Class | | $ | 64,150,043 | |
Shares outstanding – Service Class1 | | | 64,145,052 | |
Net asset value per share – Service Class | | | $1.00 | |
Net assets – Sweep Class | | $ | 53,954,731 | |
Shares outstanding – Sweep Class1 | | | 53,950,162 | |
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, 2014 (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 15 | |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 597,887 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 662,457 | |
Administration fees | | | | |
Fund level | | | 331,228 | |
Class A | | | 647,466 | |
Administrator Class | | | 48 | |
Institutional Class | | | 245,647 | |
Service Class | | | 39,612 | |
Sweep Class | | | 61,680 | |
Shareholder servicing fees | | | | |
Class A | | | 734,997 | |
Administrator Class | | | 48 | |
Service Class | | | 80,858 | |
Sweep Class | | | 70,091 | |
Distribution fees | | | | |
Sweep Class | | | 98,128 | |
Custody and accounting fees | | | 33,339 | |
Professional fees | | | 17,907 | |
Registration fees | | | 12,362 | |
Shareholder report expenses | | | 7,160 | |
Trustees’ fees and expenses | | | 5,162 | |
Other fees and expenses | | | 11,318 | |
| | | | |
Total expenses | | | 3,059,508 | |
Less: Fee waivers and/or expense reimbursements | | | (2,527,865 | ) |
| | | | |
Net expenses | | | 531,643 | |
| | | | |
Net investment income | | | 66,244 | |
| | | | |
Net realized gains on investments | | | 84,617 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 150,861 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 16 | | Wells Fargo Advantage California Municipal Money Market Fund | | Statement of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014 (unaudited) | | | Year ended January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 66,244 | | | | | | | $ | 155,832 | |
Net realized gains on investments | | | | | | | 84,617 | | | | | | | | 51,191 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 150,861 | | | | | | | | 207,023 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (29,429 | ) | | | | | | | (64,214 | ) |
Administrator Class | | | | | | | (5 | ) | | | | | | | (11 | ) |
Institutional Class | | | | | | | (30,705 | ) | | | | | | | (78,175 | ) |
Service Class | | | | | | | (3,301 | ) | | | | | | | (6,736 | ) |
Sweep Class | | | | | | | (2,804 | ) | | | | | | | (6,696 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | 0 | | | | | | | | (20,469 | ) |
Administrator Class | | | | | | | 0 | | | | | | | | (3 | ) |
Institutional Class | | | | | | | 0 | | | | | | | | (22,377 | ) |
Service Class | | | | | | | 0 | | | | | | | | (2,035 | ) |
Sweep Class | | | | | | | 0 | | | | | | | | (1,908 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (66,244 | ) | | | | | | | (202,624 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 579,101,228 | | | | 579,101,228 | | | | 1,509,755,813 | | | | 1,509,755,813 | |
Institutional Class | | | 855,385,423 | | | | 855,385,423 | | | | 1,889,091,688 | | | | 1,889,091,688 | |
Service Class | | | 39,673,738 | | | | 39,673,738 | | | | 78,815,661 | | | | 78,815,661 | |
Sweep Class | | | 2,845,217 | | | | 2,845,217 | | | | 1,047,205 | | | | 1,047,205 | |
| | | | |
| | | | | | | 1,477,005,606 | | | | | | | | 3,478,710,367 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 27,793 | | | | 27,793 | | | | 79,009 | | | | 79,009 | |
Administrator Class | | | 5 | | | | 5 | | | | 14 | | | | 14 | |
Institutional Class | | | 3,801 | | | | 3,801 | | | | 11,189 | | | | 11,189 | |
Service Class | | | 2,000 | | | | 2,000 | | | | 5,379 | | | | 5,379 | |
Sweep Class | | | 2,804 | | | | 2,804 | | | | 8,571 | | | | 8,571 | |
| | | | |
| | | | | | | 36,403 | | | | | | | | 104,162 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (672,019,817 | ) | | | (672,019,817 | ) | | | (1,484,589,690 | ) | | | (1,484,589,690 | ) |
Institutional Class | | | (833,130,552 | ) | | | (833,130,552 | ) | | | (2,056,073,623 | ) | | | (2,056,073,623 | ) |
Service Class | | | (45,464,760 | ) | | | (45,464,760 | ) | | | (76,610,383 | ) | | | (76,610,383 | ) |
Sweep Class | | | (8,470,739 | ) | | | (8,470,739 | ) | | | (17,509,909 | ) | | | (17,509,909 | ) |
| | | | |
| | | | | | | (1,559,085,868 | ) | | | | | | | (3,634,783,605 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (82,043,859 | ) | | | | | | | (155,969,076 | ) |
| | | | |
Total decrease in net assets | | | | | | | (81,959,242 | ) | | | | | | | (155,964,677 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 1,391,853,898 | | | | | | | | 1,547,818,575 | |
| | | | |
End of period | | | | | | $ | 1,309,894,656 | | | | | | | $ | 1,391,853,898 | |
| | | | |
Overdistributed net investment income | | | | | | $ | (152 | ) | | | | | | $ | (152 | ) |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage California Municipal Money Market Fund | | | 17 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | (0.00 | )2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.02 | % | | | 0.01 | % | | | 0.02 | % | | | 1.22 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.63 | % | | | 0.63 | % | | | 0.64 | % | | | 0.63 | % | | | 0.69 | % | | | 0.87 | % | | | 0.85 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.16 | % | | | 0.32 | % | | | 0.44 | % | | | 0.66 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.19 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $556,290 | | | | $649,144 | | | | $623,898 | | | | $1,128,321 | | | | $1,486,876 | | | | $1,948,313 | | | | $3,291,922 | |
| 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 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.
| | | | |
| 18 | | Wells Fargo Advantage California Municipal Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.01 | % | | | 0.01 | % | | | 0.02 | % | | | 0.02 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.36 | % | | | 0.36 | % | | | 0.36 | % | | | 0.36 | % | | | 0.37 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.15 | % | | | 0.30 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $100 | | | | $100 | | | | $100 | | | | $100 | | | | $100 | |
| 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.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage California Municipal Money Market Fund | | | 19 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 20092 | |
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 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | (0.00 | )3 | | | 0.00 | 3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 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 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | 0.00 | | | | (0.00 | )3 | | | (0.00 | )3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (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 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return4 | | | 0.00 | % | | | 0.01 | % | | | 0.02 | % | | | 0.03 | % | | | 0.12 | % | | | 0.20 | % | | | 1.47 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.24 | % | | | 0.24 | % | | | 0.25 | % | | | 0.24 | % | | | 0.28 | % | | | 0.48 | % | | | 0.46 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.16 | % | | | 0.14 | % | | | 0.20 | % | | | 0.24 | % | | | 0.22 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.02 | % | | | 0.12 | % | | | 0.23 | % | | | 1.59 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $635,400 | | | | $613,101 | | | | $780,069 | | | | $884,793 | | | | $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. | 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.
| | | | |
| 20 | | Wells Fargo Advantage California Municipal Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.02 | % | | | 0.01 | % | | | 0.06 | % | | | 1.42 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.62 | % | | | 0.77 | % | | | 0.75 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.15 | % | | | 0.32 | % | | | 0.38 | % | | | 0.47 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.07 | % | | | 1.43 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $64,150 | | | | $69,935 | | | | $67,724 | | | | $106,229 | | | | $101,301 | | | | $397,508 | | | | $709,029 | |
| 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 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 California Municipal Money Market Fund | | | 21 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SWEEP CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.02 | % | | | 0.02 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.98 | % | | | 0.98 | % | | | 0.99 | % | | | 0.98 | % | | | 0.98 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.17 | % | | | 0.29 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $53,955 | | | | $59,574 | | | | $76,028 | | | | $120,909 | | | | $402,840 | |
| 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.
| | | | |
| 22 | | 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 23 | |
Class allocations
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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 has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
Administration 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 | |
| | | | |
| 24 | | Wells Fargo Advantage California 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 1.00% for Sweep Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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.
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. CONCENTRATION RISK
The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S., therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund.
6. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 25 | |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | |
| 26 | | Wells Fargo Advantage California Municipal Money Market Fund | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during
past five years |
Peter G. Gordon
(Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
Judith M. Johnson
(Born 1949) | | Trustee, since 2008;
Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
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 |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 27 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Other directorships during
past five years |
Michael S. Scofield
(Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
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. | | |
Nancy Wiser1
(Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
C. David Messman
(Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001. | | |
Debra Ann Early
(Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1
(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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | |
| 28 | | Wells Fargo Advantage California Municipal Money Market Fund | | Other information (unaudited) |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage California Municipal Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage California Municipal Money Market Fund | | | 29 | |
independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for the Administrator and Institutional Classes, and higher than the median net operating expense ratios of the expense Groups for Class A, Service Class, and Sweep Class. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were lower than or in range of the average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on
| | | | |
| 30 | | Wells Fargo Advantage California Municipal Money Market Fund | | Other information (unaudited) |
factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
| | | | | | |
| List of abbreviations | | Wells Fargo Advantage California Municipal Money Market Fund | | | 31 | |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 225173 09-14 SA301/SAR301 07-14 |
Wells Fargo Advantage
Cash Investment Money Market Fund
Semi-Annual Report
July 31, 2014
Reduce clutter. Save trees.
Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
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| Letter to shareholders (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 3 | |
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
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| 4 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
Laurie White
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Administrator Class (WFAXX) | | 7-31-2003 | | | 0.01 | | | | 0.02 | | | | 1.64 | | | | 0.35 | | | | 0.35 | |
| Institutional Class (WFIXX) | | 10-14-1987 | | | 0.01 | | | | 0.08 | | | | 1.75 | | | | 0.23 | | | | 0.20 | |
| Select Class (WFQXX) | | 6-29-2007 | | | 0.07 | | | | 0.15 | | | | 1.80 | | | | 0.19 | | | | 0.13 | |
| Service Class (NWIXX) | | 10-14-1987 | | | 0.01 | | | | 0.01 | | | | 1.56 | | | | 0.52 | | | | 0.50 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | |
| | | Administrator
Class | | Institutional
Class | | | Select
Class | | | Service
Class | |
| 7-day current yield | | 0.01 | | | 0.01 | | | | 0.07 | | | | 0.01 | |
| 7-day compound yield | | 0.01 | | | 0.01 | | | | 0.07 | | | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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.
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 5 | |
|
| Portfolio composition as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
29 days | | |
| | |
| Weighted average life6 as of July 31, 2014 | | |
50 days | | |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
| 1. | Historical performance shown for Select Class shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.15)%, (0.03)%, 0.01%, and (0.32)% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period¹ | | | Net annualized
expense ratio | |
Administrator 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 | % |
Institutional 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 | % |
Select Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.35 | | | $ | 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 | | | $ | 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). |
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Certificates of Deposit: 37.79% | | | | | | | | | | | | | | | | |
Abbey National Treasury Services plc | | | 0.08 | % | | | 8-1-2014 | | | $ | 164,000,000 | | | $ | 164,000,000 | |
Abbey National Treasury Services plc ±§ | | | 0.31 | | | | 3-4-2015 | | | | 90,000,000 | | | | 90,000,000 | |
ABN AMRO Funding LLC | | | 0.10 | | | | 8-1-2014 | | | | 29,000,000 | | | | 29,000,000 | |
Agricultural Bank China | | | 0.26 | | | | 8-1-2014 | | | | 40,000,000 | | | | 40,000,000 | |
Agricultural Bank China | | | 0.26 | | | | 8-4-2014 | | | | 114,000,000 | | | | 113,999,810 | |
Banco del Estado de Chile | | | 0.23 | | | | 9-5-2014 | | | | 38,000,000 | | | | 38,000,000 | |
Banco del Estado de Chile ± | | | 0.29 | | | | 12-10-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Bank of Montreal | | | 0.17 | | | | 9-5-2014 | | | | 35,000,000 | | | | 35,000,000 | |
Bank of Montreal | | | 0.17 | | | | 10-2-2014 | | | | 30,000,000 | | | | 30,000,000 | |
Bank of Montreal | | | 0.18 | | | | 8-26-2014 | | | | 60,000,000 | | | | 60,000,000 | |
Bank of Montreal | | | 0.18 | | | | 9-17-2014 | | | | 75,000,000 | | | | 75,000,000 | |
Bank of Montreal | | | 0.18 | | | | 10-14-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Bank of Montreal | | | 0.18 | | | | 10-15-2014 | | | | 23,000,000 | | | | 23,000,000 | |
Bank of Montreal ± | | | 0.95 | | | | 12-22-2014 | | | | 20,000,000 | | | | 20,059,800 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 3-4-2015 | | | | 55,000,000 | | | | 55,000,000 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 6-29-2015 | | | | 60,000,000 | | | | 60,000,000 | |
Bank of Nova Scotia | | | 0.42 | | | | 2-19-2015 | | | | 13,000,000 | | | | 13,012,912 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.11 | | | | 8-6-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.20 | | | | 8-6-2014 | | | | 30,000,000 | | | | 30,000,083 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.25 | | | | 8-19-2014 | | | | 20,000,000 | | | | 20,000,798 | |
BNP Paribas SA | | | 0.07 | | | | 8-1-2014 | | | | 168,000,000 | | | | 168,000,000 | |
China Construction Bank Corporation ±§ | | | 0.41 | | | | 3-25-2015 | | | | 91,000,000 | | | | 91,000,000 | |
Cooperatieve Centrale ± | | | 0.26 | | | | 8-26-2014 | | | | 10,000,000 | | | | 10,000,236 | |
Cooperatieve Centrale ± | | | 0.26 | | | | 2-3-2015 | | | | 36,000,000 | | | | 36,009,119 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 2-27-2015 | | | | 50,000,000 | | | | 50,000,000 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 4-13-2015 | | | | 50,000,000 | | | | 50,000,000 | |
Credit Agricole Corporate and Investment Banking | | | 0.08 | | | | 8-1-2014 | | | | 164,000,000 | | | | 164,000,000 | |
Credit Industriel et Commercial (New York) | | | 0.10 | | | | 8-1-2014 | | | | 160,000,000 | | | | 160,000,000 | |
Credit Industriel et Commercial (New York) | | | 0.12 | | | | 8-7-2014 | | | | 80,000,000 | | | | 80,000,000 | |
DG Bank (New York) | | | 0.20 | | | | 8-8-2014 | | | | 60,000,000 | | | | 60,000,000 | |
Fortis Funding LLC | | | 0.07 | | | | 8-1-2014 | | | | 211,000,000 | | | | 211,000,000 | |
ING (U.S.) Funding LLC | | | 0.10 | | | | 8-1-2014 | | | | 21,000,000 | | | | 21,000,000 | |
KBC Bank | | | 0.11 | | | | 8-1-2014 | | | | 171,000,000 | | | | 171,000,000 | |
KBC Bank | | | 0.13 | | | | 8-5-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 9-5-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 10-1-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 10-2-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.21 | | | | 8-15-2014 | | | | 60,000,000 | | | | 60,000,000 | |
Mizuho Bank Limited | | | 0.15 | | | | 8-25-2014 | | | | 35,000,000 | | | | 35,000,000 | |
Mizuho Bank Limited | | | 0.15 | | | | 8-26-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Mizuho Bank Limited | | | 0.20 | | | | 9-5-2014 | | | | 43,000,000 | | | | 43,000,000 | |
Mizuho Bank Limited | | | 0.20 | | | | 10-28-2014 | | | | 55,000,000 | | | | 55,000,000 | |
National Bank of Kuwait | | | 0.10 | | | | 8-1-2014 | | | | 74,000,000 | | | | 74,000,000 | |
Natixis Corporation | | | 0.08 | | | | 8-1-2014 | | | | 360,000,000 | | | | 360,000,000 | |
Nordea Bank plc | | | 0.20 | | | | 9-29-2014 | | | | 115,000,000 | | | | 115,007,526 | |
Norinchukin Bank | | | 0.19 | | | | 8-29-2014 | | | | 45,000,000 | | | | 45,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 8-19-2014 | | | | 28,000,000 | | | | 28,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 9-5-2014 | | | | 28,000,000 | | | | 28,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 9-29-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 10-3-2014 | | | | 56,000,000 | | | | 56,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Certificates of Deposit (continued) | | | | | | | | | | | | | | | | |
Norinchukin Bank | | | 0.20 | % | | | 10-31-2014 | | | $ | 60,000,000 | | | $ | 60,000,000 | |
Norinchukin Bank | | | 0.21 | | | | 8-18-2014 | | | | 30,000,000 | | | | 30,000,141 | |
Norinchukin Bank | | | 0.21 | | | | 8-26-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Royal Bank of Canada ± | | | 0.25 | | | | 10-17-2014 | | | | 55,000,000 | | | | 55,000,000 | |
Skandinaviska Enskilda Banken AG | | | 0.05 | | | | 8-1-2014 | | | | 41,000,000 | | | | 41,000,000 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-26-2014 | | | | 18,000,000 | | | | 18,000,873 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-27-2014 | | | | 55,000,000 | | | | 55,000,000 | |
Societe Generale | | | 0.10 | | | | 8-1-2014 | | | | 178,000,000 | | | | 178,000,000 | |
Societe Generale ± | | | 0.28 | | | | 10-31-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Societe Generale ± | | | 0.36 | | | | 9-12-2014 | | | | 49,000,000 | | | | 49,000,000 | |
Standard Chartered Bank | | | 0.17 | | | | 8-4-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Standard Chartered Bank | | | 0.18 | | | | 10-28-2014 | | | | 40,000,000 | | | | 40,000,000 | |
Standard Chartered Bank | | | 0.22 | | | | 10-16-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Standard Chartered Bank | | | 0.24 | | | | 11-3-2014 | | | | 35,000,000 | | | | 35,000,000 | |
Standard Chartered Bank | | | 0.28 | | | | 12-29-2014 | | | | 45,000,000 | | | | 45,000,000 | |
Sumitomo Mitsui Banking Corporation | | | 0.21 | | | | 8-19-2014 | | | | 40,000,000 | | | | 40,000,599 | |
Sumitomo Mitsui Banking Corporation | | | 0.21 | | | | 9-2-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Sumitomo Mitsui Banking Corporation ± | | | 0.22 | | | | 9-19-2014 | | | | 48,000,000 | | | | 48,000,000 | |
Sumitomo Mitsui Banking Corporation | | | 0.22 | | | | 8-4-2014 | | | | 6,000,000 | | | | 6,000,015 | |
Sumitomo Trust & Banking Corporation | | | 0.22 | | | | 8-4-2014 | | | | 11,000,000 | | | | 11,000,082 | |
Swedbank | | | 0.18 | | | | 10-9-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Swedbank | | | 0.20 | | | | 11-10-2014 | | | | 30,000,000 | | | | 30,000,000 | |
Swedbank ± | | | 0.24 | | | | 8-15-2014 | | | | 90,000,000 | | | | 90,000,000 | |
Toronto-Dominion Bank | | | 0.16 | | | | 8-13-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Toronto-Dominion Bank | | | 0.16 | | | | 9-8-2014 | | | | 30,000,000 | | | | 30,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 11-18-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 12-19-2014 | | | | 30,000,000 | | | | 30,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 6-16-2015 | | | | 53,000,000 | | | | 53,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 2-6-2015 | | | | 80,000,000 | | | | 80,000,000 | |
Toronto-Dominion Bank ± | | | 0.23 | | | | 4-15-2015 | | | | 55,000,000 | | | | 55,000,000 | |
Westpac Banking Corporation ± | | | 0.23 | | | | 2-18-2015 | | | | 45,000,000 | | | | 45,000,000 | |
| | | | |
Total Certificates of Deposit (Cost $4,891,091,994) | | | | | | | | | | | | | | | 4,891,091,994 | |
| | | | | | | | | | | | | | | | |
| | | | |
Commercial Paper: 46.19% | | | | | | | | | | | | | | | | |
| | | | |
| Asset-Backed Commercial Paper: 21.05% | | | | | | | | | | | | | | | | |
Anglesea Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 16,000,000 | | | | 16,000,000 | |
Anglesea Funding LLC ±144A | | | 0.28 | | | | 11-13-2014 | | | | 40,000,000 | | | | 40,000,000 | |
Anglesea Funding LLC ±144A | | | 0.30 | | | | 9-17-2014 | | | | 25,000,000 | | | | 25,000,000 | |
Antalis US Funding Corporation 144A(z) | | | 0.25 | | | | 9-30-2014 | | | | 73,000,000 | | | | 72,969,584 | |
Aspen Funding Corporation 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 18,000,000 | | | | 18,000,000 | |
Atlantic Asset Securitization LLC 144A(z) | | | 0.20 | | | | 9-10-2014 | | | | 15,000,000 | | | | 14,996,667 | |
Bedford Row Funding Corporation ±144A | | | 0.25 | | | | 4-24-2015 | | | | 31,000,000 | | | | 30,998,103 | |
Bedford Row Funding Corporation ±144A | | | 0.25 | | | | 1-9-2015 | | | | 17,000,000 | | | | 17,000,000 | |
Bennington Stark Capital Company LLC ±144A | | | 0.35 | | | | 11-3-2014 | | | | 30,000,000 | | | | 29,998,847 | |
Ciesco LLC 144A(z) | | | 0.14 | | | | 8-5-2014 | | | | 12,000,000 | | | | 11,999,813 | |
Collateralized Commercial Paper Company LLC 144A(z) | | | 0.41 | | | | 2-27-2015 | | | | 39,000,000 | | | | 38,906,725 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-4-2014 | | | | 5,000,000 | | | | 4,999,913 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-11-2014 | | | | 45,000,000 | | | | 44,997,375 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 28,000,000 | | | | 27,998,203 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | % | | | 9-3-2014 | | | $ | 32,000,000 | | | $ | 31,993,840 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-5-2014 | | | | 65,000,000 | | | | 64,986,729 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 20,000,000 | | | | 19,995,333 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-4-2014 | | | | 26,600,000 | | | | 26,599,535 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-11-2014 | | | | 30,000,000 | | | | 29,998,250 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 25,000,000 | | | | 24,998,396 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 32,000,000 | | | | 31,993,840 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-4-2014 | | | | 20,000,000 | | | | 19,996,033 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-8-2014 | | | | 40,000,000 | | | | 39,991,133 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 20,000,000 | | | | 19,995,333 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-11-2014 | | | | 35,000,000 | | | | 34,991,629 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 41,000,000 | | | | 40,989,238 | |
Gotham Funding Corporation 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 9,000,000 | | | | 9,000,000 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-6-2014 | | | | 8,000,000 | | | | 7,999,822 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-7-2014 | | | | 16,000,000 | | | | 15,999,573 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-11-2014 | | | | 20,000,000 | | | | 19,999,112 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-19-2014 | | | | 50,000,000 | | | | 49,996,000 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-12-2014 | | | | 5,000,000 | | | | 4,999,740 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-27-2014 | | | | 28,000,000 | | | | 27,996,562 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-11-2014 | | | | 11,000,000 | | | | 10,999,450 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-12-2014 | | | | 11,000,000 | | | | 10,999,395 | |
Hannover Funding Company LLC 144A(z) | | | 0.19 | | | | 8-18-2014 | | | | 33,000,000 | | | | 32,997,053 | |
Hannover Funding Company LLC 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 20,000,000 | | | | 19,998,000 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-1-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-29-2014 | | | | 57,000,000 | | | | 56,983,153 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-12-2014 | | | | 20,000,000 | | | | 19,997,678 | |
Kells Funding LLC ±144A | | | 0.22 | | | | 10-28-2014 | | | | 51,000,000 | | | | 50,998,571 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 12-11-2014 | | | | 25,000,000 | | | | 25,000,000 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 12-12-2014 | | | | 46,000,000 | | | | 46,000,000 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 2-5-2015 | | | | 20,000,000 | | | | 19,999,072 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 2-13-2015 | | | | 14,000,000 | | | | 14,000,442 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 10-8-2014 | | | | 45,000,000 | | | | 44,999,147 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 10-20-2014 | | | | 42,000,000 | | | | 42,000,000 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 10-10-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 5-15-2015 | | | | 30,000,000 | | | | 30,000,000 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 2-5-2015 | | | | 5,000,000 | | | | 5,000,548 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 52,000,000 | | | | 51,989,990 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-9-2014 | | | | 20,000,000 | | | | 19,995,450 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 70,000,000 | | | | 69,983,667 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-11-2014 | | | | 20,000,000 | | | | 19,995,217 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 19,000,000 | | | | 18,995,013 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.23 | | | | 8-1-2014 | | | | 36,000,000 | | | | 36,000,000 | |
Liberty Street Funding LLC 144A(z) | | | 0.15 | | | | 8-19-2014 | | | | 30,000,000 | | | | 29,997,750 | |
Liberty Street Funding LLC 144A(z) | | | 0.17 | | | | 8-5-2014 | | | | 25,000,000 | | | | 24,999,528 | |
Liberty Street Funding LLC 144A(z) | | | 0.17 | | | | 8-12-2014 | | | | 20,000,000 | | | | 19,998,961 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-14-2014 | | | | 22,000,000 | | | | 21,998,570 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-25-2014 | | | | 17,000,000 | | | | 16,997,960 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-28-2014 | | | | 35,000,000 | | | | 34,995,275 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 9-12-2014 | | | | 5,000,000 | | | | 4,998,892 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 9-24-2014 | | | | 15,000,000 | | | | 14,995,725 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | % | | | 9-26-2014 | | | $ | 25,000,000 | | | $ | 24,992,611 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 10-1-2014 | | | | 15,000,000 | | | | 14,995,171 | |
LMA Americas LLC 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 6,000,000 | | | | 6,000,000 | |
LMA Americas LLC 144A(z) | | | 0.18 | | | | 8-18-2014 | | | | 10,000,000 | | | | 9,999,150 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-7-2014 | | | | 70,000,000 | | | | 69,966,128 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-8-2014 | | | | 20,000,000 | | | | 19,990,178 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.18 | | | | 8-18-2014 | | | | 50,000,000 | | | | 49,995,750 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.18 | | | | 8-22-2014 | | | | 6,000,000 | | | | 5,999,370 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.19 | | | | 8-6-2014 | | | | 57,000,000 | | | | 56,998,474 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-4-2014 | | | | 4,000,000 | | | | 3,999,933 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-5-2014 | | | | 29,000,000 | | | | 28,999,356 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-7-2014 | | | | 7,000,000 | | | | 6,999,767 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-8-2014 | | | | 12,000,000 | | | | 11,999,533 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-11-2014 | | | | 23,000,000 | | | | 22,998,723 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 5,000,000 | | | | 4,999,500 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 9-17-2014 | | | | 20,000,000 | | | | 19,994,778 | |
Matchpoint Master Trust 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 14,000,000 | | | | 14,000,000 | |
Matchpoint Master Trust 144A(z) | | | 0.25 | | | | 8-27-2014 | | | | 9,000,000 | | | | 8,998,375 | |
Mountcliff Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 75,000,000 | | | | 75,000,000 | |
Newport Funding Corporation 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 17,000,000 | | | | 17,000,000 | |
Old Line Funding LLC 144A(z) | | | 0.22 | | | | 12-16-2014 | | | | 10,000,000 | | | | 9,991,628 | |
Old Line Funding LLC 144A(z) | | | 0.23 | | | | 9-9-2014 | | | | 10,000,000 | | | | 9,997,508 | |
Regency Markets No.1 LLC 144A(z) | | | 0.14 | | | | 8-20-2014 | | | | 50,000,000 | | | | 49,996,306 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.22 | | | | 8-6-2014 | | | | 29,978,000 | | | | 29,977,084 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.28 | | | | 8-15-2014 | | | | 6,800,000 | | | | 6,799,260 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.32 | | | | 8-18-2014 | | | | 14,000,000 | | | | 13,997,884 | |
Ridgefield Funding Company LLC 144A(z) | | | 0.12 | | | | 8-1-2014 | | | | 19,000,000 | | | | 19,000,000 | |
Ridgefield Funding Company LLC ±144A | | | 0.20 | | | | 2-17-2015 | | | | 30,000,000 | | | | 29,994,237 | |
Ridgefield Funding Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 20,000,000 | | | | 19,994,750 | |
Scaldis Capital LLC 144A(z) | | | 0.25 | | | | 9-24-2014 | | | | 20,000,000 | | | | 19,992,500 | |
Starbird Funding Corporation 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Sydney Capital Corporation 144A(z) | | | 0.20 | | | | 9-24-2014 | | | | 35,000,000 | | | | 34,989,763 | |
Thunder Bay Funding LLC 144A(z) | | | 0.23 | | | | 9-3-2014 | | | | 20,000,000 | | | | 19,995,783 | |
Victory Receivables 144A(z) | | | 0.12 | | | | 8-1-2014 | | | | 17,000,000 | | | | 17,000,000 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-4-2014 | | | | 10,000,000 | | | | 9,999,867 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-6-2014 | | | | 14,000,000 | | | | 13,999,689 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-7-2014 | | | | 10,000,000 | | | | 9,999,733 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-13-2014 | | | | 20,000,000 | | | | 19,998,933 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-19-2014 | | | | 35,000,000 | | | | 34,997,200 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-25-2014 | | | | 20,000,000 | | | | 19,997,867 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-28-2014 | | | | 25,000,000 | | | | 24,997,000 | |
White Plains Capital Company LLC 144A(z) | | | 0.25 | | | | 8-4-2014 | | | | 17,000,000 | | | | 16,999,646 | |
White Point Funding Incorporated 144A(z) | | | 0.28 | | | | 8-8-2014 | | | | 10,000,000 | | | | 9,999,456 | |
Working Capital Management Company 144A(z) | | | 0.15 | | | | 8-5-2014 | | | | 7,000,000 | | | | 6,999,883 | |
Working Capital Management Company 144A(z) | | | 0.15 | | | | 8-7-2014 | | | | 5,000,000 | | | | 4,999,872 | |
| | | | |
| | | | | | | | | | | | | | | 2,724,942,481 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Financial Company Commercial Paper: 17.53% | | | | | | | | | | | | | | | | |
ANZ New Zealand International Limited ±144A | | | 0.23 | | | | 9-16-2014 | | | | 42,000,000 | | | | 42,000,360 | |
Australia & New Zealand Banking Group ±144A | | | 0.23 | | | | 11-18-2014 | | | | 28,000,000 | | | | 28,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Financial Company Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Banco de Credito e Inversiones 144A(z) | | | 0.42 | % | | | 10-27-2014 | | | $ | 40,000,000 | | | $ | 39,959,400 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-3-2014 | | | | 25,000,000 | | | | 24,993,813 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-10-2014 | | | | 5,000,000 | | | | 4,998,500 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-15-2014 | | | | 11,000,000 | | | | 10,996,288 | |
Banco del Estado de Chile 144A(z) | | | 0.28 | | | | 9-26-2014 | | | | 10,000,000 | | | | 9,995,644 | |
Banco del Estado de Chile 144A(z) | | | 0.30 | | | | 10-8-2014 | | | | 8,000,000 | | | | 7,995,467 | |
Banco Santander Chile 144A(z) | | | 0.32 | | | | 9-12-2014 | | | | 18,000,000 | | | | 17,993,280 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-13-2014 | | | | 6,000,000 | | | | 5,999,320 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-19-2014 | | | | 10,000,000 | | | | 9,998,300 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-27-2014 | | | | 10,000,000 | | | | 9,997,544 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.16 | | | | 8-11-2014 | | | | 27,000,000 | | | | 26,998,838 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-26-2014 | | | | 65,000,000 | | | | 64,981,800 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-29-2014 | | | | 40,000,000 | | | | 39,988,200 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-30-2014 | | | | 20,000,000 | | | | 19,994,000 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 10-6-2014 | | | | 30,000,000 | | | | 29,990,100 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 10-9-2014 | | | | 20,000,000 | | | | 19,993,100 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.20 | | | | 10-30-2014 | | | | 20,000,000 | | | | 19,990,000 | |
Caisse Centrale Desjardins du Quebec ±144A | | | 0.25 | | | | 10-23-2014 | | | | 61,000,000 | | | | 61,000,164 | |
CDP Financial Incorporated 144A(z) | | | 0.15 | | | | 9-8-2014 | | | | 10,000,000 | | | | 9,998,417 | |
CDP Financial Incorporated 144A(z) | | | 0.15 | | | | 9-16-2014 | | | | 24,000,000 | | | | 23,995,400 | |
Commonwealth Bank of Australia ±144A | | | 0.23 | | | | 7-2-2015 | | | | 19,000,000 | | | | 19,000,000 | |
Commonwealth Bank of Australia ±144A | | | 0.23 | | | | 5-22-2015 | | | | 25,000,000 | | | | 25,000,000 | |
Commonwealth Bank of Australia ±144A | | | 0.24 | | | | 5-20-2015 | | | | 40,000,000 | | | | 40,000,000 | |
Commonwealth Bank of Australia ±144A | | | 0.24 | | | | 6-18-2015 | | | | 55,000,000 | | | | 54,997,548 | |
CPPIB Capital Incorporated 144A(z) | | | 0.14 | | | | 8-21-2014 | | | | 20,000,000 | | | | 19,998,444 | |
CPPIB Capital Incorporated 144A(z) | | | 0.14 | | | | 8-29-2014 | | | | 50,000,000 | | | | 49,994,556 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-9-2014 | | | | 47,000,000 | | | | 46,962,661 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-10-2014 | | | | 25,000,000 | | | | 24,979,986 | |
DNB Nor Bank ASA 144A(z) | | | 0.12 | | | | 8-18-2014 | | | | 45,000,000 | | | | 44,997,450 | |
HSBC Bank plc ±144A | | | 0.25 | | | | 10-2-2014 | | | | 50,000,000 | | | | 50,000,000 | |
JPMorgan Securities Incorporated ±144A | | | 0.33 | | | | 9-10-2014 | | | | 49,000,000 | | | | 49,000,000 | |
Lloyds Bank plc (z) | | | 0.06 | | | | 8-1-2014 | | | | 57,000,000 | | | | 57,000,000 | |
Macquarie Bank Limited 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 10,000,000 | | | | 9,999,000 | |
Macquarie Bank Limited 144A(z) | | | 0.20 | | | | 9-15-2014 | | | | 6,000,000 | | | | 5,998,500 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.17 | | | | 8-4-2014 | | | | 35,000,000 | | | | 34,999,504 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 40,000,000 | | | | 39,997,494 | |
National Australia Funding Incorporated ±144A | | | 0.22 | | | | 3-10-2015 | | | | 50,000,000 | | | | 50,000,000 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.24 | | | | 10-29-2014 | | | | 47,000,000 | | | | 47,000,000 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.24 | | | | 12-23-2014 | | | | 11,000,000 | | | | 11,001,358 | |
Nordea Bank AB 144A(z) | | | 0.22 | | | | 8-26-2014 | | | | 10,000,000 | | | | 9,998,472 | |
NRW Bank 144A(z) | | | 0.09 | | | | 8-7-2014 | | | | 80,000,000 | | | | 79,998,800 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-14-2014 | | | | 105,000,000 | | | | 104,995,180 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-29-2014 | | | | 50,000,000 | | | | 49,994,944 | |
NV Bank Nederlandse Gemeenten 144A(z) | | | 0.20 | | | | 12-10-2014 | | | | 90,000,000 | | | | 89,934,500 | |
Oversea-Chinese Banking Corporation Limited (z) | | | 0.20 | | | | 9-9-2014 | | | | 20,000,000 | | | | 19,995,667 | |
Shagang South Asia (z) | | | 0.35 | | | | 8-6-2014 | | | | 5,000,000 | | | | 4,999,757 | |
State Street Bank & Trust Company (z) | | | 0.17 | | | | 9-9-2014 | | | | 43,000,000 | | | | 42,992,081 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 8-5-2014 | | | | 25,000,000 | | | | 24,999,417 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 9-2-2014 | | | | 50,000,000 | | | | 49,990,667 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 50,000,000 | | | | 49,990,375 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Financial Company Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | % | | | 10-2-2014 | | | $ | 40,000,000 | | | $ | 39,985,533 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 10-3-2014 | | | | 17,000,000 | | | | 16,993,753 | |
Suncorp Group Limited 144A(z) | | | 0.26 | | | | 9-18-2014 | | | | 50,000,000 | | | | 49,982,667 | |
Suncorp Group Limited 144A(z) | | | 0.27 | | | | 8-20-2014 | | | | 10,000,000 | | | | 9,998,575 | |
Suncorp Group Limited 144A(z) | | | 0.29 | | | | 10-15-2014 | | | | 25,000,000 | | | | 24,984,792 | |
Suncorp Group Limited 144A(z) | | | 0.30 | | | | 11-10-2014 | | | | 11,000,000 | | | | 10,990,742 | |
Swedbank (z) | | | 0.17 | | | | 8-21-2014 | | | | 40,000,000 | | | | 39,996,333 | |
United Overseas Bank Limited 144A(z) | | | 0.21 | | | | 10-10-2014 | | | | 30,000,000 | | | | 29,987,750 | |
United Overseas Bank Limited 144A(z) | | | 0.23 | | | | 11-19-2014 | | | | 25,000,000 | | | | 24,982,431 | |
United Overseas Bank Limited 144A(z) | | | 0.23 | | | | 11-21-2014 | | | | 15,000,000 | | | | 14,989,267 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-9-2015 | | | | 25,000,000 | | | | 24,962,667 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-11-2015 | | | | 43,000,000 | | | | 42,935,118 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-25-2015 | | | | 25,000,000 | | | | 24,959,556 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 3-9-2015 | | | | 10,000,000 | | | | 9,982,885 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 3-16-2015 | | | | 45,000,000 | | | | 44,920,550 | |
Westpac Banking Corporation ±144A | | | 0.23 | | | | 8-1-2014 | | | | 65,000,000 | | | | 65,000,000 | |
Westpac Securities NZ Limited ±144A | | | 0.23 | | | | 9-4-2014 | | | | 32,000,000 | | | | 32,000,000 | |
Westpac Securities NZ Limited ±144A | | | 0.23 | | | | 8-20-2014 | | | | 23,000,000 | | | | 23,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 2,269,326,915 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Other Commercial Paper: 7.61% | | | | | | | | | | | | | | | | |
Caisse Des Depots et Consignations 144A(z) | | | 0.15 | | | | 9-8-2014 | | | | 45,000,000 | | | | 44,992,875 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.16 | | | | 8-18-2014 | | | | 43,000,000 | | | | 42,996,853 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.16 | | | | 9-26-2014 | | | | 60,000,000 | | | | 59,985,067 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.17 | | | | 10-6-2014 | | | | 40,000,000 | | | | 39,987,533 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-17-2014 | | | | 99,500,000 | | | | 99,461,693 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-20-2014 | | | | 32,000,000 | | | | 31,987,200 | |
China International Marine Containers Company Limited (z) | | | 0.35 | | | | 8-6-2014 | | | | 50,000,000 | | | | 49,997,569 | |
China International Marine Containers Company Limited (z) | | | 0.35 | | | | 8-7-2014 | | | | 45,000,000 | | | | 44,997,375 | |
China International Marine Containers Company Limited (z) | | | 0.38 | | | | 8-13-2014 | | | | 25,000,000 | | | | 24,996,833 | |
China Shipping Container Lines Company Limited (z) | | | 0.35 | | | | 8-1-2014 | | | | 61,000,000 | | | | 61,000,000 | |
Chinatex Capital Limited (z) | | | 0.35 | | | | 8-4-2014 | | | | 9,000,000 | | | | 8,999,738 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-4-2014 | | | | 60,000,000 | | | | 59,998,100 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-7-2014 | | | | 32,000,000 | | | | 31,997,973 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-14-2014 | | | | 25,000,000 | | | | 24,996,569 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-15-2014 | | | | 10,000,000 | | | | 9,998,522 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-18-2014 | | | | 25,000,000 | | | | 24,995,514 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-26-2014 | | | | 25,000,000 | | | | 24,993,403 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-28-2014 | | | | 26,000,000 | | | | 25,992,590 | |
COFCO Capital Corporation (z) | | | 0.16 | | | | 8-5-2014 | | | | 10,000,000 | | | | 9,999,822 | |
COFCO Capital Corporation (z) | | | 0.16 | | | | 8-12-2014 | | | | 5,000,000 | | | | 4,999,756 | |
COFCO Capital Corporation (z) | | | 0.45 | | | | 8-1-2014 | | | | 19,200,000 | | | | 19,200,000 | |
Erste Abwicklungsanstalt 144A(z) | | | 0.17 | | | | 10-14-2014 | | | | 35,000,000 | | | | 34,987,769 | |
Sinochem Company Limited (z) | | | 0.15 | | | | 8-4-2014 | | | | 10,000,000 | | | | 9,999,875 | |
Sinochem Company Limited (z) | | | 0.18 | | | | 9-5-2014 | | | | 10,000,000 | | | | 9,998,250 | |
Sinochem Company Limited (z) | | | 0.20 | | | | 10-8-2014 | | | | 10,000,000 | | | | 9,996,222 | |
Sinochem Company Limited (z) | | | 0.40 | | | | 8-14-2014 | | | | 20,000,000 | | | | 19,997,111 | |
Toyota Motor Credit Corporation ± | | | 0.22 | | | | 3-6-2015 | | | | 48,000,000 | | | | 48,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Other Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Toyota Motor Credit Corporation ± | | | 0.20 | % | | | 9-10-2014 | | | $ | 105,000,000 | | | $ | 105,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 984,554,212 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Commercial Paper (Cost $5,978,823,608) | | | | | | | | | | | | | | | 5,978,823,608 | |
| | | | | | | | | | | | | | | | |
| | | | |
Government Agency Debt: 0.27% | | | | | | | | | | | | | | | | |
Overseas Private Investment Corporation ±§(i) | | | 0.11 | | | | 7-9-2026 | | | | 35,000,000 | | | | 35,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Government Agency Debt (Cost $35,000,000) | | | | | | | | | | | | | | | 35,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 4.84% | | | | | | | | | | | | | | | | |
| | | | |
California: 0.64% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.19% | | | | | | | | | | | | | | | | |
Los Angeles County CA Metropolitan Transportation Authority Series ATSM (Transportation Revenue) | | | 0.17 | | | | 8-14-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Los Angeles County CA Metropolitan Transportation Authority Series ATUB (Transportation Revenue) | | | 0.16 | | | | 8-6-2014 | | | | 5,000,000 | | | | 5,000,000 | |
San Francisco CA City & County Public Utilities Commission Series A2 (Water & Sewer Revenue) | | | 0.14 | | | | 8-13-2014 | | | | 9,000,000 | | | | 8,999,910 | |
San Jose CA International Airport Series C-3 (Airport Revenue) | | | 0.24 | | | | 9-8-2014 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 23,999,910 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.45% | | | | | | | | | | | | | | | | |
California Affordable Housing PFOTER Class A Series MT-846 (Housing Revenue, Bank of America NA LIQ) 144A | | | 0.56 | | | | 3-31-2016 | | | | 49,700,000 | | | | 49,700,000 | |
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.20 | | | | 11-1-2041 | | | | 2,000,000 | | | | 2,000,000 | |
San Mateo County CA Community College CAB Series B (Tax Revenue, National Insured, Deutsche Bank LIQ) 144A | | | 0.15 | | | | 9-1-2036 | | | | 7,000,000 | | | | 7,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 58,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado: 0.26% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.26% | | | | | | | | | | | | | | | | |
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) | | | 0.10 | | | | 5-1-2050 | | | | 33,605,000 | | | | 33,605,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Connecticut: 0.17% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.17% | | | | | | | | | | | | | | | | |
New Britain CT Taxable Pension Series C (GO, Bank of America NA LOC) | | | 0.19 | | | | 2-1-2026 | | | | 21,800,000 | | | | 21,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia: 0.12% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.02% | | | | | | | | | | | | | | | | |
Georgia Municipal Electric Authority Series TX-B (Utilities Revenue) | | | 0.15 | | | | 8-4-2014 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.10% | | | | | | | | | | | | | | | | |
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A | | | 0.40 | | | | 10-1-2039 | | | | 12,670,000 | | | | 12,670,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 14 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 0.12% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.12% | | | | | | | | | | | | | | | | |
Illinois Regional Transportation Authority Series A1 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.14 | % | | | 4-1-2016 | | | $ | 15,765,000 | | | $ | 15,765,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maryland: 0.49% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.49% | | | | | | | | | | | | | | | | |
Maryland CDA Housing & Community Residential Series B (Housing Revenue, Bank of New York Mellon SPA) | | | 0.12 | | | | 9-1-2033 | | | | 42,000,000 | | | | 42,000,000 | |
Maryland CDA Series E (Housing Revenue, GNMA/FNMA/FHLMC Insured, Royal Bank of Canada SPA) | | | 0.10 | | | | 7-1-2045 | | | | 21,795,000 | | | | 21,795,000 | |
| | | | |
| | | | | | | | | | | | | | | 63,795,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts: 0.17% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.17% | | | | | | | | | | | | | | | | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-32 (Tax Revenue, Royal Bank of Canada LOC) 144A | | | 0.13 | | | | 8-1-2014 | | | | 22,000,000 | | | | 22,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Michigan: 0.49% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.49% | | | | | | | | | | | | | | | | |
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-28 (Education Revenue, Royal Bank of Canada LOC) 144A | | | 0.10 | | | | 9-1-2033 | | | | 37,000,000 | | | | 37,000,000 | |
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-31 (Education Revenue, Royal Bank of Canada LOC) 144A | | | 0.10 | | | | 9-1-2032 | | | | 27,000,000 | | | | 27,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 64,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Mexico: 0.81% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.81% | | | | | | | | | | | | | | | | |
New Mexico Municipal Energy Acquisition Authority Gas Supply (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.11 | | | | 11-1-2039 | | | | 105,000,000 | | | | 105,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New York: 0.85% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.85% | | | | | | | | | | | | | | | | |
New York HFA Series B (Housing Revenue) | | | 0.45 | | | | 5-1-2048 | | | | 50,000,000 | | | | 50,000,000 | |
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144A | | | 0.12 | | | | 10-1-2031 | | | | 3,045,000 | | | | 3,045,000 | |
New York NY Municipal Water Finance Authority (Water & Sewer Revenue, Citibank NA LIQ) 144A | | | 0.14 | | | | 6-15-2044 | | | | 8,000,000 | | | | 8,000,000 | |
Puttable Floating Option Taxable Notes Series TNP-1006 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.45 | | | | 11-1-2039 | | | | 49,465,000 | | | | 49,465,000 | |
| | | | |
| | | | | | | | | | | | | | | 110,510,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Carolina: 0.06% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.06% | | | | | | | | | | | | | | | | |
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC) | | | 0.18 | | | | 7-1-2027 | | | | 7,330,000 | | | | 7,330,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio: 0.16% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.16% | | | | | | | | | | | | | | | | |
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) | | | 0.12 | % | | | 9-1-2039 | | | $ | 21,312,000 | | | $ | 21,312,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Carolina: 0.08% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.08% | | | | | | | | | | | | | | | | |
York County SC PCR Series 2000-B1 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 4,000,000 | | | | 4,000,000 | |
York County SC PCR Series 2000-B3 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 6,000,000 | | | | 6,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 10,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee: 0.02% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.02% | | | | | | | | | | | | | | | | |
Baptist Memorial Health Care Corporation (Health Revenue) | | | 0.16 | | | | 9-2-2014 | | | | 2,000,000 | | | | 2,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas: 0.37% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.37% | | | | | | | | | | | | | | | | |
Pasadena TX Independent School District Series B (GO, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.20 | | | | 2-1-2035 | | | | 33,095,000 | | | | 33,095,000 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.36 | | | | 12-15-2026 | | | | 14,266,296 | | | | 14,266,296 | |
| | | | |
| | | | | | | | | | | | | | | 47,361,296 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 0.03% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.03% | | | | | | | | | | | | | | | | |
Port of Seattle WA Series D1 (Airport Revenue) | | | 0.17 | | | | 8-5-2014 | | | | 4,000,000 | | | | 4,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $626,848,206) | | | | | | | | | | | | | | | 626,848,206 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Instruments: 4.50% | | | | | | | | | | | | | | | | |
DBS Bank Limited | | | 0.16 | | | | 8-1-2014 | | | | 235,000,000 | | | | 235,000,000 | |
GBG LLC Custody Receipts ±144A§ | | | 0.09 | | | | 9-1-2027 | | | | 10,697,000 | | | | 10,697,000 | |
Oakland-Alameda County Series A1 Municipal Commercial Paper | | | 0.17 | | | | 8-28-2014 | | | | 6,000,000 | | | | 6,000,000 | |
Oakland-Alameda County Series A2 Municipal Commercial Paper | | | 0.16 | | | | 8-14-2014 | | | | 7,000,000 | | | | 7,000,000 | |
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product | | | 0.16 | | | | 8-1-2014 | | | | 220,000,000 | | | | 220,000,000 | |
Puttable Floating Option Taxable Receipts Series TNP-004 ±144A§ | | | 0.90 | | | | 5-15-2051 | | | | 9,485,000 | | | | 9,485,000 | |
State Street Bank & Trust Company ± | | | 0.23 | | | | 3-17-2015 | | | | 49,000,000 | | | | 49,000,000 | |
State Street Bank & Trust Company ± | | | 0.23 | | | | 4-10-2015 | | | | 45,000,000 | | | | 45,000,000 | |
| | | | |
Total Other Instruments (Cost $582,182,000) | | | | | | | | | | | | | | | 582,182,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Notes: 1.38% | | | | | | | | | | | | | | | | |
| | | | |
| Corporate Bonds and Notes: 1.38% | | | | | | | | | | | | | | | | |
ACTS Retirement Life Communities Incorporated ±§ | | | 0.11 | | | | 11-15-2029 | | | | 11,286,000 | | | | 11,286,000 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 12-17-2014 | | | | 59,000,000 | | | | 59,000,000 | |
JPMorgan Chase Bank NA ± | | | 0.38 | | | | 7-17-2015 | | | | 20,000,000 | | | | 20,004,605 | |
LTF Real Estate LLC ±144A§ | | | 0.22 | | | | 6-1-2033 | | | | 14,600,000 | | | | 14,600,000 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.29 | | | | 10-27-2014 | | | | 44,000,000 | | | | 44,003,324 | |
Providence Health & Services ±§ | | | 0.12 | | | | 10-1-2042 | | | | 11,900,000 | | | | 11,900,000 | |
Racetrac Capital LLC ±§ | | | 0.12 | | | | 9-1-2020 | | | | 12,000,000 | | | | 12,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 16 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Corporate Bonds and Notes (continued) | | | | | | | | | | | | | | | | |
Royal Bank of Canada ± | | | 0.94 | % | | | 10-30-2014 | | | $ | 6,000,000 | | | $ | 6,010,989 | |
| | | | |
Total Other Notes (Cost $178,804,918) | | | | | | | | | | | | | | | 178,804,918 | |
| | | | | | | | | | | | | | | | |
| | | | |
Repurchase Agreements ^^: 5.56% | | | | | | | | | | | | | | | | |
Bank of America Corporation, dated 7-31-2014, maturity value $84,000,210 (1) | | | 0.09 | | | | 8-1-2014 | | | | 84,000,000 | | | | 84,000,000 | |
Barclays Capital Incorporated, dated 7-31-2014, maturity value $13,000,033 (2) | | | 0.09 | | | | 8-1-2014 | | | | 13,000,000 | | | | 13,000,000 | |
Credit Agricole, dated 7-31-2014, maturity value $42,000,117 (3) | | | 0.10 | | | | 8-1-2014 | | | | 42,000,000 | | | | 42,000,000 | |
Credit Agricole, dated 7-31-2014, maturity value $158,625,308 (4) | | | 0.07 | | | | 8-1-2014 | | | | 158,625,000 | | | | 158,625,000 | |
Credit Suisse, dated 7-31-2014, maturity value $21,000,053 (5) | | | 0.09 | | | | 8-1-2014 | | | | 21,000,000 | | | | 21,000,000 | |
Goldman Sachs & Company, dated 7-1-2014, maturity value $49,013,502 (6)±§¢(i) | | | 0.16 | | | | 9-1-2014 | | | | 49,000,000 | | | | 49,000,000 | |
Goldman Sachs & Company, dated 7-31-2014, maturity value $66,400,148 (7) | | | 0.08 | | | | 8-1-2014 | | | | 66,400,000 | | | | 66,400,000 | |
GX Clarke & Company, dated 7-31-2014, maturity value $45,000,200 (8) | | | 0.16 | | | | 8-1-2014 | | | | 45,000,000 | | | | 45,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $19,002,291 (9)±§¢ | | | 0.14 | | | | 8-1-2014 | | | | 19,000,000 | | | | 19,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $222,112,233 (10)±§¢(i) | | | 0.28 | | | | 9-4-2014 | | | | 222,000,000 | | | | 222,000,000 | |
| | | | |
Total Repurchase Agreements (Cost $720,025,000) | | | | | | | | | | | | | | | 720,025,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Treasury Debt: 0.36% | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | 2.38 | | | | 8-31-2014 | | | | 47,000,000 | | | | 47,084,842 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Treasury Debt (Cost $47,084,842) | | | | | | | | | | | | | | | 47,084,842 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $13,059,860,568) * | | | 100.89 | % | | | 13,059,860,568 | |
Other assets and liabilities, net | | | (0.89 | ) | | | (115,217,955 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 12,944,642,613 | |
| | | | | | | | |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| § | The security is subject to a demand feature which reduces the effective maturity. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ¢ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
| | (1) | U.S. government securities, 3.00% to 6.00%, 8-1-2033 to 11-1-2043, fair value including accrued interest is $86,520,000. |
| | (2) | U.S. government securities, 0.00% to 6.75%, 8-1-2014 to 7-15-2037, fair value including accrued interest is $13,260,007. |
| | (3) | U.S. government securities, 0.13% to 8.00%, 1-13-2015 to 9-1-2031, fair value including accrued interest is $43,257,578. |
| | (4) | U.S. government securities, 0.00% to 9.25%, 8-7-2014 to 2-15-2044, fair value including accrued interest is $161,797,505. |
| | (5) | U.S. government securities, 0.13% to 2.00%, 4-15-2015 to 1-15-2024, fair value including accrued interest is $21,420,053. |
| | (6) | U.S. government securities, 0.00%, 8-4-2014 to 3-6-2015, fair value is $49,980,000. |
| | (7) | U.S. government securities, 3.00% to 4.00%, 11-1-2026 to 4-1-2044, fair value including accrued interest is $68,392,000. |
| | (8) | U.S. government securities, 0.00% to 7.50%, 8-28-2014 to 7-15-2032, fair value including accrued interest is $45,901,000. |
| | (9) | U.S. government securities, 0.00%, 8-28-2014 to 9-10-2014, fair value is $19,380,577. |
| | (10) | U.S. government securities, 0.00% to 0.33%, 8-1-2014 to 7-10-2015, fair value including accrued interest is $226,440,623. |
| * | 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, 2014 (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 17 | |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 13,059,860,568 | |
Cash | | | 51,308 | |
Receivable for investments sold | | | 50,000 | |
Receivable for Fund shares sold | | | 1,391,425 | |
Receivable for interest | | | 2,035,018 | |
| | | | |
Total assets | | | 13,063,388,319 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 80,404 | |
Payable for investments purchased | | | 115,049,054 | |
Payable for Fund shares redeemed | | | 1,700,539 | |
Advisory fee payable | | | 195,022 | |
Administration fees payable | | | 1,160,307 | |
Accrued expenses and other liabilities | | | 560,380 | |
| | | | |
Total liabilities | | | 118,745,706 | |
| | | | |
Total net assets | | $ | 12,944,642,613 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 12,946,950,886 | |
Undistributed net investment income | | | 137 | |
Accumulated net realized losses on investments | | | (2,308,410 | ) |
| | | | |
Total net assets | | $ | 12,944,642,613 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Administrator Class | | $ | 371,749,866 | |
Shares outstanding – Administrator Class1 | | | 371,718,653 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 4,609,203,026 | |
Shares outstanding – Institutional Class1 | | | 4,608,829,754 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Select Class | | $ | 6,625,834,569 | |
Shares outstanding – Select Class1 | | | 6,625,413,617 | |
Net asset value per share – Select Class | | | $1.00 | |
Net assets – Service Class | | $ | 1,337,855,152 | |
Shares outstanding – Service Class1 | | | 1,337,761,297 | |
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.
| | | | |
| 18 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Statement of operations—six months ended July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 13,082,942 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 6,547,535 | |
Administration fees | | | | |
Fund level | | | 2,699,877 | |
Administrator Class | | | 210,353 | |
Institutional Class | | | 1,875,207 | |
Select Class | | | 1,330,588 | |
Service Class | | | 800,045 | |
Shareholder servicing fees | | | | |
Administrator Class | | | 208,748 | |
Service Class | | | 1,660,661 | |
Custody and accounting fees | | | 336,889 | |
Professional fees | | | 20,598 | |
Registration fees | | | 22,978 | |
Shareholder report expenses | | | 18,473 | |
Trustees’ fees and expenses | | | 5,750 | |
Other fees and expenses | | | 111,918 | |
| | | | |
Total expenses | | | 15,849,620 | |
Less: Fee waivers and/or expense reimbursements | | | (5,408,488 | ) |
| | | | |
Net expenses | | | 10,441,132 | |
| | | | |
Net investment income | | | 2,641,810 | |
| | | | |
Net realized gains on investments | | | 10,813 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 2,652,623 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statement of changes in net assets | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 19 | |
| | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended
January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 2,641,810 | | | | | | | $ | 8,628,333 | |
Net realized gains on investments | | | | | | | 10,813 | | | | | | | | 660,403 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 2,652,623 | | | | | | | | 9,288,736 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Administrator Class | | | | | | | (21,033 | ) | | | | | | | (47,865 | ) |
Institutional Class | | | | | | | (234,707 | ) | | | | | | | (1,710,648 | ) |
Select Class | | | | | | | (2,319,404 | ) | | | | | | | (6,723,088 | ) |
Service Class | | | | | | | (66,666 | ) | | | | | | | (144,718 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (2,641,810 | ) | | | | | | | (8,626,319 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Administrator Class | | | 327,126,190 | | | | 327,126,190 | | | | 828,519,012 | | | | 828,519,012 | |
Institutional Class | | | 10,551,291,846 | | | | 10,551,291,846 | | | | 24,065,826,071 | | | | 24,065,826,071 | |
Select Class | | | 31,894,691,377 | | | | 31,894,691,377 | | | | 77,569,835,098 | | | | 77,569,835,098 | |
Service Class | | | 2,592,277,513 | | | | 2,592,277,513 | | | | 6,031,732,798 | | | | 6,031,732,798 | |
| | | | |
| | | | | | | 45,365,386,926 | | | | | | | | 108,495,912,979 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Administrator Class | | | 14,458 | | | | 14,458 | | | | 33,164 | | | | 33,164 | |
Institutional Class | | | 107,870 | | | | 107,870 | | | | 750,986 | | | | 750,986 | |
Select Class | | | 1,978,999 | | | | 1,978,999 | | | | 5,237,985 | | | | 5,237,985 | |
Service Class | | | 32,193 | | | | 32,193 | | | | 69,519 | | | | 69,519 | |
| | | | |
| | | | | | | 2,133,520 | | | | | | | | 6,091,654 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Administrator Class | | | (448,477,969 | ) | | | (448,477,969 | ) | | | (885,231,879 | ) | | | (885,231,879 | ) |
Institutional Class | | | (11,069,234,663 | ) | | | (11,069,234,663 | ) | | | (26,126,427,077 | ) | | | (26,126,427,077 | ) |
Select Class | | | (32,921,651,509 | ) | | | (32,921,651,509 | ) | | | (76,331,615,814 | ) | | | (76,331,615,814 | ) |
Service Class | | | (2,703,168,343 | ) | | | (2,703,168,343 | ) | | | (6,177,546,107 | ) | | | (6,177,546,107 | ) |
| | | | |
| | | | | | | (47,142,532,484 | ) | | | | | | | (109,520,820,877 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (1,775,012,038 | ) | | | | | | | (1,018,816,244 | ) |
| | | | |
Total decrease in net assets | | | | | | | (1,775,001,225 | ) | | | | | | | (1,018,153,827 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 14,719,643,838 | | | | | | | | 15,737,797,665 | |
| | | | |
End of period | | | | | | $ | 12,944,642,613 | | | | | | | $ | 14,719,643,838 | |
| | | | |
Undistributed net investment income | | | | | | $ | 137 | �� | | | | | | $ | 137 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 20 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % | | | 0.24 | % | | | 2.19 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.35 | % | | | 0.35 | % | | | 0.34 | % | | | 0.35 | % | | | 0.35 | % | | | 0.38 | % | | | 0.38 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.26 | % | | | 0.25 | % | | | 0.32 | % | | | 0.34 | % | | | 0.34 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.04 | % | | | 0.25 | % | | | 2.23 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $371,750 | | | | $493,087 | | | | $549,744 | | | | $600,737 | | | | $764,595 | | | | $1,013,058 | | | | $1,415,264 | |
| 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 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 Cash Investment Money Market Fund | | | 21 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.03 | % | | | 0.07 | % | | | 0.06 | % | | | 0.15 | % | | | 0.36 | % | | | 2.32 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.26 | % | | | 0.26 | % |
Net expenses | | | 0.19 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.22 | % | | | 0.21 | % |
Net investment income | | | 0.01 | % | | | 0.03 | % | | | 0.07 | % | | | 0.06 | % | | | 0.16 | % | | | 0.37 | % | | | 2.28 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $4,609,203 | | | | $5,127,034 | | | | $7,186,632 | | | | $6,246,114 | | | | $8,268,232 | | | | $8,887,844 | | | | $10,132,093 | |
| 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 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.
| | | | |
| 22 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SELECT CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | �� | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.03 | % | | | 0.10 | % | | | 0.14 | % | | | 0.13 | % | | | 0.21 | % | | | 0.43 | % | | | 2.40 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.19 | % | | | 0.19 | % | | | 0.19 | % | | | 0.19 | % | | | 0.19 | % | | | 0.22 | % | | | 0.23 | % |
Net expenses | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % | | | 0.15 | % | | | 0.15 | % |
Net investment income | | | 0.07 | % | | | 0.10 | % | | | 0.14 | % | | | 0.13 | % | | | 0.22 | % | | | 0.41 | % | | | 2.29 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $6,625,835 | | | | $7,650,810 | | | | $6,407,032 | | | | $5,325,713 | | | | $7,593,851 | | | | $4,897,725 | | | | $3,733,381 | |
| 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 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 Cash Investment Money Market Fund | | | 23 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.14 | % | | | 2.02 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.56 | % | | | 0.56 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.26 | % | | | 0.25 | % | | | 0.35 | % | | | 0.46 | % | | | 0.52 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.16 | % | | | 1.99 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,337,855 | | | | $1,448,713 | | | | $1,594,389 | | | | $2,000,296 | | | | $2,284,605 | | | | $4,015,237 | | | | $6,358,514 | |
| 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 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.
| | | | |
| 24 | | 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Repurchase agreements
The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. 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.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 25 | |
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of January 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $2,318,914 expiring in 2018.
As of January 31, 2014, the Fund had $309 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.
Class allocations
The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
| | | | |
| 26 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Notes to financial statements (unaudited) |
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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 has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
Administration 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.50% for Service Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 Trustees 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 27 | |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | |
| 28 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during
past five years |
| Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
| Judith M. Johnson (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
| 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 |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 29 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Other directorships during
past five years |
| Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
| 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. | | |
Nancy Wiser1 (Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
| C. David Messman (Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001. | | |
Debra Ann Early (Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1 (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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | |
| 30 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Other information (unaudited) |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Cash Investment Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 31 | |
to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for the Institutional Class and Select Class, and higher than the median net operating expense ratios of the expense Groups for the Administrator Class and Service Class. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with
managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
| | | | |
| 32 | | Wells Fargo Advantage Cash Investment Money Market Fund | | Other information (unaudited) |
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
| | | | | | |
| List of abbreviations | | Wells Fargo Advantage Cash Investment Money Market Fund | | | 33 | |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
| | |
 | | 227174 09-14 SA302/SAR302 07-14 |
Wells Fargo Advantage
Government Money Market Fund
Semi-Annual Report
July 31, 2014
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Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage Government Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
| | | | | | |
| Letter to shareholders (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 3 | |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
| | | | |
| 4 | | Wells Fargo Advantage Government Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
Laurie White
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (WFGXX) | | 11-8-1999 | | | 0.01 | | | | 0.01 | | | | 1.38 | | | | 0.61 | | | | 0.61 | |
| Administrator Class (WGAXX) | | 7-31-2003 | | | 0.01 | | | | 0.01 | | | | 1.52 | | | | 0.34 | | | | 0.34 | |
| Institutional Class (GVIXX) | | 7-28-2003 | | | 0.01 | | | | 0.02 | | | | 1.60 | | | | 0.22 | | | | 0.20 | |
| Service Class (NWGXX) | | 11-16-1987 | | | 0.01 | | | | 0.01 | | | | 1.45 | | | | 0.51 | | | | 0.50 | |
| Sweep Class | | 6-30-2010 | | | 0.01 | | | | 0.01 | | | | 1.45 | | | | 0.96 | | | | 0.96 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | |
| | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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 underlying securities and not to shares of the Fund.
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 5 | |
|
| Portfolio composition as of July 31, 20144 |
|
 |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
38 days | | |
| | |
| Weighted average life6 as of July 31, 2014 |
78 days | | |
| 1. | Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns would be lower. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 1.00% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage Government Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period1 | | | Net annualized
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 | | | $ | 0.40 | | | | 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 | | | $ | 0.40 | | | | 0.08 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.40 | | | $ | 0.40 | | | | 0.08 | % |
| 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). |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Government Agency Debt: 49.98% | | | | | | | | | | | | | | | | |
FFCB (z) | | | 0.09 | % | | | 8-25-2014 | | | $ | 30,098,000 | | | $ | 30,096,194 | |
FFCB (z) | | | 0.09 | | | | 8-29-2014 | | | | 10,000,000 | | | | 9,999,300 | |
FFCB (z) | | | 0.09 | | | | 9-9-2014 | | | | 25,000,000 | | | | 24,997,563 | |
FFCB (z) | | | 0.09 | | | | 9-10-2014 | | | | 25,000,000 | | | | 24,997,500 | |
FFCB ± | | | 0.09 | | | | 10-9-2014 | | | | 50,000,000 | | | | 49,997,921 | |
FFCB ± | | | 0.10 | | | | 4-2-2015 | | | | 50,000,000 | | | | 49,995,161 | |
FFCB | | | 0.10 | | | | 10-10-2014 | | | | 69,500,000 | | | | 70,144,122 | |
FFCB (z) | | | 0.10 | | | | 8-5-2014 | | | | 100,000,000 | | | | 99,998,889 | |
FFCB | | | 0.10 | | | | 1-22-2015 | | | | 2,500,000 | | | | 2,551,937 | |
FFCB (z) | | | 0.11 | | | | 8-18-2014 | | | | 10,000,000 | | | | 9,999,481 | |
FFCB ± | | | 0.11 | | | | 4-13-2015 | | | | 10,000,000 | | | | 10,000,671 | |
FFCB ± | | | 0.12 | | | | 11-18-2015 | | | | 5,000,000 | | | | 4,999,014 | |
FFCB (z) | | | 0.12 | | | | 9-12-2014 | | | | 10,000,000 | | | | 9,998,600 | |
FFCB ± | | | 0.12 | | | | 11-2-2015 | | | | 100,000,000 | | | | 99,997,122 | |
FFCB ± | | | 0.12 | | | | 12-11-2014 | | | | 50,000,000 | | | | 49,997,493 | |
FFCB | | | 0.12 | | | | 10-20-2014 | | | | 1,882,000 | | | | 1,910,294 | |
FFCB | | | 0.12 | | | | 12-15-2014 | | | | 1,690,000 | | | | 1,716,188 | |
FFCB ± | | | 0.12 | | | | 10-27-2014 | | | | 25,000,000 | | | | 25,001,906 | |
FFCB | | | 0.13 | | | | 9-22-2014 | | | | 70,325,000 | | | | 70,609,972 | |
FFCB | | | 0.13 | | | | 11-19-2014 | | | | 27,576,000 | | | | 27,699,220 | |
FFCB | | | 0.13 | | | | 11-20-2014 | | | | 5,000,000 | | | | 5,065,505 | |
FFCB | | | 0.14 | | | | 2-11-2015 | | | | 3,000,000 | | | | 3,058,849 | |
FFCB ± | | | 0.14 | | | | 1-13-2015 | | | | 250,000,000 | | | | 249,977,196 | |
FFCB ± | | | 0.14 | | | | 1-28-2015 | | | | 79,000,000 | | | | 79,009,023 | |
FFCB | | | 0.14 | | | | 11-5-2014 | | | | 5,650,000 | | | | 5,689,046 | |
FFCB ± | | | 0.15 | | | | 11-5-2014 | | | | 17,000,000 | | | | 17,001,559 | |
FFCB ± | | | 0.15 | | | | 2-27-2015 | | | | 40,000,000 | | | | 40,001,122 | |
FFCB ± | | | 0.15 | | | | 2-27-2015 | | | | 85,000,000 | | | | 85,000,000 | |
FFCB ± | | | 0.15 | | | | 7-23-2015 | | | | 155,000,000 | | | | 154,996,360 | |
FFCB ± | | | 0.15 | | | | 2-26-2016 | | | | 100,000,000 | | | | 99,999,798 | |
FFCB ± | | | 0.16 | | | | 3-20-2015 | | | | 7,100,000 | | | | 7,102,281 | |
FFCB ± | | | 0.16 | | | | 5-4-2015 | | | | 70,500,000 | | | | 70,513,646 | |
FFCB ± | | | 0.16 | | | | 8-27-2014 | | | | 40,275,000 | | | | 40,277,277 | |
FFCB ± | | | 0.16 | | | | 2-27-2015 | | | | 8,500,000 | | | | 8,502,514 | |
FFCB ± | | | 0.17 | | | | 5-5-2016 | | | | 50,000,000 | | | | 50,013,590 | |
FFCB ± | | | 0.17 | | | | 4-15-2015 | | | | 25,000,000 | | | | 25,012,632 | |
FFCB ± | | | 0.18 | | | | 1-26-2015 | | | | 3,000,000 | | | | 3,001,322 | |
FFCB ± | | | 0.18 | | | | 3-20-2015 | | | | 132,500,000 | | | | 132,547,260 | |
FFCB ± | | | 0.19 | | | | 9-18-2015 | | | | 18,210,000 | | | | 18,223,131 | |
FFCB | | | 0.19 | | | | 2-13-2015 | | | | 10,000,000 | | | | 10,003,558 | |
FFCB | | | 0.20 | | | | 8-28-2014 | | | | 64,900,000 | | | | 64,905,035 | |
FFCB ± | | | 0.21 | | | | 4-6-2015 | | | | 3,400,000 | | | | 3,401,076 | |
FFCB ± | | | 0.23 | | | | 3-4-2015 | | | | 4,000,000 | | | | 4,002,627 | |
FFCB ± | | | 0.24 | | | | 5-25-2016 | | | | 14,250,000 | | | | 14,273,061 | |
FFCB | | | 0.25 | | | | 9-4-2014 | | | | 500,000,000 | | | | 500,076,327 | |
FFCB | | | 0.25 | | | | 10-16-2014 | | | | 4,500,000 | | | | 4,501,387 | |
FFCB | | | 0.28 | | | | 12-11-2014 | | | | 73,197,000 | | | | 73,246,423 | |
FFCB ± | | | 0.29 | | | | 8-3-2015 | | | | 1,025,000 | | | | 1,026,772 | |
FHLB (z) | | | 0.07 | | | | 9-3-2014 | | | | 70,000,000 | | | | 69,995,508 | |
FHLB | | | 0.07 | | | | 11-6-2014 | | | | 80,000,000 | | | | 79,995,902 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Government Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Government Agency Debt (continued) | | | | | | | | | | | | | | | | |
FHLB | | | 0.07 | % | | | 2-13-2015 | | | $ | 2,315,000 | | | $ | 2,404,278 | |
FHLB (z) | | | 0.08 | | | | 10-14-2014 | | | | 50,000,000 | | | | 49,992,292 | |
FHLB | | | 0.08 | | | | 9-12-2014 | | | | 48,700,000 | | | | 48,771,070 | |
FHLB | | | 0.08 | | | | 9-12-2014 | | | | 15,000,000 | | | | 14,999,618 | |
FHLB | | | 0.08 | | | | 10-16-2014 | | | | 100,000,000 | | | | 99,996,390 | |
FHLB | | | 0.08 | | | | 10-27-2014 | | | | 50,000,000 | | | | 49,998,937 | |
FHLB (z) | | | 0.08 | | | | 10-31-2014 | | | | 20,000,000 | | | | 19,995,956 | |
FHLB (z) | | | 0.08 | | | | 10-31-2014 | | | | 32,400,000 | | | | 32,393,448 | |
FHLB (z) | | | 0.08 | | | | 11-25-2014 | | | | 10,000,000 | | | | 9,997,422 | |
FHLB | | | 0.08 | | | | 12-3-2014 | | | | 100,000,000 | | | | 99,996,106 | |
FHLB ± | | | 0.08 | | | | 8-22-2014 | | | | 100,000,000 | | | | 99,999,415 | |
FHLB (z) | | | 0.09 | | | | 11-7-2014 | | | | 34,400,000 | | | | 34,391,853 | |
FHLB (z) | | | 0.09 | | | | 11-14-2014 | | | | 24,181,000 | | | | 24,174,723 | |
FHLB (z) | | | 0.09 | | | | 10-15-2014 | | | | 50,000,000 | | | | 49,990,625 | |
FHLB | | | 0.09 | | | | 1-14-2015 | | | | 125,000,000 | | | | 124,988,723 | |
FHLB | | | 0.09 | | | | 1-20-2015 | | | | 50,000,000 | | | | 49,993,653 | |
FHLB | | | 0.09 | | | | 1-23-2015 | | | | 100,000,000 | | | | 99,990,547 | |
FHLB | | | 0.09 | | | | 2-19-2015 | | | | 12,000,000 | | | | 11,998,182 | |
FHLB (z) | | | 0.09 | | | | 12-30-2014 | | | | 100,000,000 | | | | 99,962,250 | |
FHLB ± | | | 0.10 | | | | 11-18-2014 | | | | 100,000,000 | | | | 99,998,489 | |
FHLB (z) | | | 0.10 | | | | 12-26-2014 | | | | 27,679,000 | | | | 27,668,150 | |
FHLB ± | | | 0.10 | | | | 12-24-2014 | | | | 50,000,000 | | | | 49,999,776 | |
FHLB (z) | | | 0.10 | | | | 12-26-2014 | | | | 50,000,000 | | | | 49,979,583 | |
FHLB | | | 0.10 | | | | 2-19-2015 | | | | 50,000,000 | | | | 49,995,192 | |
FHLB | | | 0.10 | | | | 12-12-2014 | | | | 25,875,000 | | | | 25,947,519 | |
FHLB ± | | | 0.10 | | | | 8-20-2014 | | | | 200,000,000 | | | | 200,000,000 | |
FHLB ± | | | 0.11 | | | | 12-3-2014 | | | | 250,000,000 | | | | 249,991,401 | |
FHLB | | | 0.11 | | | | 8-25-2014 | | | | 5,000,000 | | | | 5,009,060 | |
FHLB ± | | | 0.11 | | | | 12-7-2015 | | | | 50,000,000 | | | | 49,988,041 | |
FHLB | | | 0.11 | | | | 9-12-2014 | | | | 11,520,000 | | | | 11,587,498 | |
FHLB | | | 0.11 | | | | 9-12-2014 | | | | 19,690,000 | | | | 19,760,386 | |
FHLB ± | | | 0.11 | | | | 12-9-2014 | | | | 100,000,000 | | | | 100,000,000 | |
FHLB ± | | | 0.12 | | | | 11-24-2014 | | | | 49,500,000 | | | | 49,502,480 | |
FHLB ± | | | 0.12 | | | | 12-9-2015 | | | | 200,000,000 | | | | 199,950,943 | |
FHLB | | | 0.12 | | | | 8-12-2014 | | | | 150,000,000 | | | | 150,001,741 | |
FHLB | | | 0.12 | | | | 8-14-2014 | | | | 250,000,000 | | | | 249,999,488 | |
FHLB | | | 0.12 | | | | 10-27-2014 | | | | 50,000,000 | | | | 49,997,164 | |
FHLB ± | | | 0.12 | | | | 2-23-2015 | | | | 400,000,000 | | | | 400,000,000 | |
FHLB | | | 0.13 | | | | 9-3-2014 | | | | 59,750,000 | | | | 59,752,766 | |
FHLB | | | 0.13 | | | | 9-26-2014 | | | | 123,550,000 | | | | 123,556,919 | |
FHLB | | | 0.13 | | | | 12-19-2014 | | | | 23,600,000 | | | | 23,601,166 | |
FHLB ± | | | 0.13 | | | | 11-18-2014 | | | | 190,000,000 | | | | 189,998,264 | |
FHLB ± | | | 0.13 | | | | 9-17-2015 | | | | 250,000,000 | | | | 249,956,165 | |
FHLB | | | 0.13 | | | | 10-30-2014 | | | | 50,000,000 | | | | 50,004,737 | |
FHLB ± | | | 0.13 | | | | 12-9-2014 | | | | 50,000,000 | | | | 50,004,241 | |
FHLB | | | 0.13 | | | | 11-14-2014 | | | | 5,880,000 | | | | 5,957,289 | |
FHLB | | | 0.14 | | | | 12-12-2014 | | | | 72,845,000 | | | | 73,535,128 | |
FHLB | | | 0.14 | | | | 11-14-2014 | | | | 44,715,000 | | | | 45,269,659 | |
FHLB ± | | | 0.14 | | | | 7-16-2015 | | | | 100,000,000 | | | | 100,018,707 | |
FHLB | | | 0.15 | | | | 12-12-2014 | | | | 1,055,000 | | | | 1,072,619 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Government Agency Debt (continued) | | | | | | | | | | | | | | | | |
FHLB | | | 0.15 | % | | | 2-18-2015 | | | $ | 25,910,000 | | | $ | 26,529,806 | |
FHLB | | | 0.17 | | | | 2-13-2015 | | | | 65,640,000 | | | | 67,253,772 | |
FHLB | | | 0.17 | | | | 8-1-2014 | | | | 50,000,000 | | | | 50,000,000 | |
FHLB | | | 0.17 | | | | 8-26-2014 | | | | 34,000,000 | | | | 34,001,861 | |
FHLB | | | 0.17 | | | | 9-3-2014 | | | | 42,065,000 | | | | 42,068,620 | |
FHLB | | | 0.17 | | | | 9-11-2014 | | | | 12,250,000 | | | | 12,251,032 | |
FHLB | | | 0.17 | | | | 12-11-2014 | | | | 12,000,000 | | | | 12,002,444 | |
FHLB | | | 0.21 | | | | 9-12-2014 | | | | 43,600,000 | | | | 43,606,400 | |
FHLB | | | 0.21 | | | | 10-22-2014 | | | | 138,605,000 | | | | 138,638,229 | |
FHLB | | | 0.21 | | | | 1-20-2015 | | | | 100,000,000 | | | | 100,000,000 | |
FHLB | | | 0.21 | | | | 2-26-2015 | | | | 125,000,000 | | | | 125,000,000 | |
FHLB | | | 0.23 | | | | 9-15-2014 | | | | 68,000,000 | | | | 68,011,475 | |
FHLB | | | 0.23 | | | | 9-26-2014 | | | | 99,500,000 | | | | 99,520,431 | |
FHLB | | | 0.25 | | | | 2-20-2015 | | | | 45,000,000 | | | | 45,032,805 | |
FHLMC (z) | | | 0.08 | | | | 10-17-2014 | | | | 29,900,000 | | | | 29,895,204 | |
FHLMC (z) | | | 0.08 | | | | 10-24-2014 | | | | 22,300,000 | | | | 22,296,098 | |
FHLMC (z) | | | 0.08 | | | | 11-3-2014 | | | | 70,855,000 | | | | 70,840,199 | |
FHLMC (z) | | | 0.08 | | | | 11-12-2014 | | | | 100,000,000 | | | | 99,977,111 | |
FHLMC (z) | | | 0.09 | | | | 12-11-2014 | | | | 50,000,000 | | | | 49,984,417 | |
FHLMC (z) | | | 0.09 | | | | 12-15-2014 | | | | 17,630,000 | | | | 17,624,172 | |
FHLMC | | | 0.09 | | | | 12-3-2014 | | | | 20,650,000 | | | | 20,665,865 | |
FHLMC (z) | | | 0.09 | | | | 9-8-2014 | | | | 68,000,000 | | | | 67,993,396 | |
FHLMC (z) | | | 0.10 | | | | 8-18-2014 | | | | 35,000,000 | | | | 34,998,430 | |
FHLMC | | | 0.10 | | | | 9-19-2014 | | | | 67,665,000 | | | | 67,700,927 | |
FHLMC | | | 0.10 | | | | 8-27-2014 | | | | 222,073,000 | | | | 222,214,928 | |
FHLMC | | | 0.10 | | | | 12-29-2014 | | | | 117,867,000 | | | | 118,116,826 | |
FHLMC | | | 0.11 | | | | 8-13-2014 | | | | 30,380,000 | | | | 30,434,083 | |
FHLMC | | | 0.11 | | | | 11-25-2014 | | | | 140,746,000 | | | | 141,028,154 | |
FHLMC | | | 0.11 | | | | 8-20-2014 | | | | 146,406,000 | | | | 146,473,833 | |
FHLMC | | | 0.12 | | | | 9-22-2014 | | | | 52,360,000 | | | | 52,406,745 | |
FHLMC | | | 0.12 | | | | 1-26-2015 | | | | 17,261,000 | | | | 17,672,094 | |
FHLMC (z) | | | 0.12 | | | | 8-11-2014 | | | | 75,000,000 | | | | 74,997,500 | |
FHLMC | | | 0.13 | | | | 11-13-2014 | | | | 19,190,000 | | | | 19,453,923 | |
FHLMC (z) | | | 0.13 | | | | 11-24-2014 | | | | 11,500,000 | | | | 11,495,211 | |
FHLMC ± | | | 0.13 | | | | 10-16-2015 | | | | 100,000,000 | | | | 100,015,935 | |
FHLMC | | | 0.13 | | | | 1-15-2015 | | | | 13,362,000 | | | | 13,626,341 | |
FHLMC ± | | | 0.14 | | | | 6-26-2015 | | | | 315,000,000 | | | | 315,101,433 | |
FHLMC | | | 0.15 | | | | 2-9-2015 | | | | 383,863,000 | | | | 389,338,166 | |
FHLMC ± | | | 0.16 | | | | 12-5-2014 | | | | 117,650,000 | | | | 117,672,105 | |
FHLMC | | | 0.25 | | | | 8-14-2014 | | | | 20,000,000 | | | | 20,000,894 | |
FHLMC | | | 0.31 | | | | 2-23-2015 | | | | 40,500,000 | | | | 40,541,209 | |
FHLMC | | | 0.33 | | | | 12-29-2014 | | | | 17,239,000 | | | | 17,255,491 | |
FHLMC | | | 0.35 | | | | 12-5-2014 | | | | 15,000,000 | | | | 15,012,763 | |
FHLMC | | | 0.38 | | | | 8-28-2014 | | | | 64,075,000 | | | | 64,088,932 | |
FHLMC Series MO28 Class A ±§ | | | 0.08 | | | | 9-15-2024 | | | | 14,890,000 | | | | 14,890,000 | |
FNMA (z) | | | 0.07 | | | | 10-22-2014 | | | | 49,280,000 | | | | 49,272,590 | |
FNMA (z) | | | 0.07 | | | | 10-2-2014 | | | | 30,400,000 | | | | 30,396,335 | |
FNMA ± | | | 0.07 | | | | 10-1-2014 | | | | 109,000,000 | | | | 108,997,487 | |
FNMA (z) | | | 0.08 | | | | 11-5-2014 | | | | 71,282,000 | | | | 71,267,460 | |
FNMA (z) | | | 0.08 | | | | 11-12-2014 | | | | 11,003,000 | | | | 11,000,482 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage Government Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Government Agency Debt (continued) | | | | | | | | | | | | | | | | |
FNMA | | | 0.08 | % | | | 10-30-2014 | | | $ | 30,347,000 | | | $ | 30,387,253 | |
FNMA (z) | | | 0.09 | | | | 11-19-2014 | | | | 21,900,000 | | | | 21,894,312 | |
FNMA (z) | | | 0.09 | | | | 11-26-2014 | | | | 53,500,000 | | | | 53,485,221 | |
FNMA (z) | | | 0.09 | | | | 12-3-2014 | | | | 13,245,000 | | | | 13,241,008 | |
FNMA (z) | | | 0.09 | | | | 1-5-2015 | | | | 50,000,000 | | | | 49,980,375 | |
FNMA (z) | | | 0.10 | | | | 12-31-2014 | | | | 50,000,000 | | | | 49,979,944 | |
FNMA | | | 0.10 | | | | 12-19-2014 | | | | 35,873,000 | | | | 35,962,421 | |
FNMA | | | 0.10 | | | | 8-28-2014 | | | | 28,839,000 | | | | 28,855,583 | |
FNMA | | | 0.11 | | | | 9-16-2014 | | | | 175,956,000 | | | | 176,589,247 | |
FNMA | | | 0.12 | | | | 10-15-2014 | | | | 309,509,000 | | | | 312,361,856 | |
FNMA ± | | | 0.13 | | | | 8-5-2015 | | | | 150,000,000 | | | | 149,969,178 | |
FNMA | | | 0.13 | | | | 11-20-2014 | | | | 424,989,000 | | | | 428,174,288 | |
FNMA | | | 0.15 | | | | 9-8-2014 | | | | 48,022,000 | | | | 48,088,836 | |
FNMA | | | 0.38 | | | | 3-16-2015 | | | | 65,500,000 | | | | 65,596,965 | |
Overseas Private Investment Corporation ±§(i) | | | 0.11 | | | | 10-15-2027 | | | | 95,000,000 | | | | 95,000,000 | |
Overseas Private Investment Corporation Series 6 ±§(i) | | | 0.11 | | | | 9-30-2031 | | | | 7,000,000 | | | | 7,000,000 | |
Overseas Private Investment Corporation Series 7 ±§(i) | | | 0.11 | | | | 9-30-2031 | | | | 11,000,000 | | | | 11,000,000 | |
Overseas Private Investment Corporation Series 2 ±§(i) | | | 0.11 | | | | 9-30-2031 | | | | 5,000,000 | | | | 5,000,000 | |
Overseas Private Investment Corporation Series 4 ±§(i) | | | 0.11 | | | | 9-30-2031 | | | | 3,400,000 | | | | 3,400,000 | |
Overseas Private Investment Corporation Series 1 ±§(i) | | | 0.11 | | | | 9-30-2031 | | | | 5,000,000 | | | | 5,000,000 | |
Overseas Private Investment Corporation ±§(i) | | | 0.11 | | | | 9-30-2031 | | | | 12,700,000 | | | | 12,700,000 | |
| | | | |
Total Government Agency Debt (Cost $11,793,598,495) | | | | | | | | | | | | | | | 11,793,598,495 | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 0.80% | | | | | | | | | | | | | | | | |
| | | | |
Arizona: 0.06% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.06% | | | | | | | | | | | | | | | | |
Maricopa County AZ IDA MFHR Las Gardenias Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 4-15-2033 | | | | 1,540,000 | | | | 1,540,000 | |
Maricopa County AZ IDA Villas Solanas Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 11-15-2032 | | | | 9,000,000 | | | | 9,000,000 | |
Phoenix AZ IDA Copper Palms Apartments Project (Housing Revenue, FHLMC LIQ) | | | 0.08 | | | | 2-1-2030 | | | | 4,650,000 | | | | 4,650,000 | |
| | | | |
| | | | | | | | | | | | | | | 15,190,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
California: 0.04% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.04% | | | | | | | | | | | | | | | | |
Association of Bay Area Governments California Finance Authority for Nonprofit Various Housing Eastridge Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 6-15-2030 | | | | 2,445,000 | | | | 2,445,000 | |
Association of Bay Area Governments California Finance Authority for Nonprofit Various Housing Gaia Building Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.13 | | | | 9-15-2032 | | | | 260,000 | | | | 260,000 | |
Association of Bay Area Governments California Finance Authority for Nonprofit Various Housing Reardon Heights (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 5-15-2038 | | | | 3,000,000 | | | | 3,000,000 | |
California Statewide Communities Various Housing Hermosa Vista Apartments Series XX (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 5-15-2036 | | | | 4,000,000 | | | | 4,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 9,705,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Florida: 0.15% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.15% | | | | | | | | | | | | | | | | |
Alachua County FL HFA MFHR University Cove Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | % | | | 6-15-2034 | | | $ | 6,995,000 | | | $ | 6,995,000 | |
Brevard County FL HFA Wickham Club Apartments Series A (Housing Revenue, FNMA LIQ) | | | 0.08 | | | | 8-15-2037 | | | | 2,520,000 | | | | 2,520,000 | |
Florida Housing Finance Corporation Brook Haven Apartments Multi-Family Mortgage Project Series 2006-H (Miscellaneous Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 4-15-2039 | | | | 6,295,000 | | | | 6,295,000 | |
Manatee County FL HFA Center Court Apartments Project Series A (Housing Revenue, SunTrust Bank LOC) | | | 0.08 | | | | 5-1-2032 | | | | 4,845,000 | | | | 4,845,000 | |
Orange County FL HFA Glenn Apartments Series D (Housing Revenue, FNMA LOC) | | | 0.14 | | | | 7-15-2034 | | | | 440,000 | | | | 440,000 | |
Orange County FL HFA Landings on Millenia Boulevard Apartments Project Series 2002-A (Housing Revenue, FNMA LOC) | | | 0.08 | | | | 8-15-2035 | | | | 7,060,000 | | | | 7,060,000 | |
Orange County FL HFA MFHR Lakeside Pointe Apartments Series B (Housing Revenue, FNMA Insured) | | | 0.08 | | | | 5-15-2038 | | | | 6,630,000 | | | | 6,630,000 | |
| | | | |
| | | | | | | | | | | | | | | 34,785,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia: 0.02% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.02% | | | | | | | | | | | | | | | | |
Atlanta GA Housing Authority Villages at Carver Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 12-15-2039 | | | | 3,325,000 | | | | 3,325,000 | |
Gwinnett County GA Housing Authority Greens Apartment Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 6-15-2025 | | | | 1,650,000 | | | | 1,650,000 | |
| | | | |
| | | | | | | | | | | | | | | 4,975,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 0.00% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.00% | | | | | | | | | | | | | | | | |
Peoria IL MFHR Oak Woods Apartment Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 10-15-2028 | | | | 1,000,000 | | | | 1,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Minnesota: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.10% | | | | | | | | | | | | | | | | |
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 1-15-2038 | | | | 16,865,000 | | | | 16,865,000 | |
New Brighton MN MFHR Golden Pond Housing Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 7-15-2032 | | | | 3,120,000 | | | | 3,120,000 | |
Oakdale MN Cottage Homesteads of Aspen (Housing Revenue, FHLMC LOC) | | | 0.11 | | | | 6-1-2045 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 22,985,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nevada: 0.01% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.01% | | | | | | | | | | | | | | | | |
Nevada Housing Development MFHR Golden Apartments Project (Housing Revenue, FHLMC LIQ) | | | 0.10 | | | | 10-1-2037 | | | | 1,900,000 | | | | 1,900,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Hampshire: 0.01% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.01% | | | | | | | | | | | | | | | | |
New Hampshire HFA (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.12 | | | | 4-15-2016 | | | | 2,700,000 | | | | 2,700,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Government Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
New York: 0.26% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.26% | | | | | | | | | | | | | | | | |
New York HFA 38th Street Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | % | | | 5-15-2033 | | | $ | 7,000,000 | | | $ | 7,000,000 | |
New York HFA 70 Battery Place Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 5-15-2029 | | | | 15,500,000 | | | | 15,500,000 | |
New York HFA North End Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 11-15-2036 | | | | 2,500,000 | | | | 2,500,000 | |
New York HFA Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 5-15-2033 | | | | 12,700,000 | | | | 12,700,000 | |
New York HFA Tower 31 Housing Project Series A (Housing Revenue, FHLMC LIQ) | | | 0.08 | | | | 11-1-2036 | | | | 1,100,000 | | | | 1,100,000 | |
New York HFA Tribeca Park Housing Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 11-15-2029 | | | | 1,900,000 | | | | 1,900,000 | |
New York HFA Tribeca Park Housing Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 11-15-2029 | | | | 2,000,000 | | | | 2,000,000 | |
New York HFA West 33rd Street Housing Project Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 11-15-2036 | | | | 2,900,000 | | | | 2,900,000 | |
New York NY Housing Development Corporation 155 West 21st Street Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 11-15-2037 | | | | 6,500,000 | | | | 6,500,000 | |
New York NY Housing Development Corporation MFHR Ogden Avenue Apartments II Series A (Housing Revenue, FHLMC LOC) | | | 0.08 | | | | 3-1-2038 | | | | 2,500,000 | | | | 2,500,000 | |
New York NY Housing Development Corporation Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 11-15-2031 | | | | 2,000,000 | | | | 2,000,000 | |
New York NY Housing Development Corporation Westport Development Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 6-15-2034 | | | | 4,400,000 | | | | 4,400,000 | |
| | | | |
| | | | | | | | | | | | | | | 61,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 0.15% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.15% | | | | | | | | | | | | | | | | |
Washington Housing Finance Commission Ballinger Court Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 9-15-2037 | | | | 2,400,000 | | | | 2,400,000 | |
Washington Housing Finance Commission Eagles Landing Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 12-15-2036 | | | | 2,780,000 | | | | 2,780,000 | |
Washington Housing Finance Commission Eagles Landing Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 8-15-2039 | | | | 3,365,000 | | | | 3,365,000 | |
Washington Housing Finance Commission Rolling Hills Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 6-15-2037 | | | | 6,125,000 | | | | 6,125,000 | |
Washington Housing Finance Commission Rolling Hills Apartments Project Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.11 | | | | 6-15-2037 | | | | 1,155,000 | | | | 1,155,000 | |
Washington Housing Finance Commission Seasons Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.11 | | | | 12-15-2040 | | | | 14,660,000 | | | | 14,660,000 | |
Washington Housing Finance Commission Vintage Silverdale Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 9-15-2039 | | | | 3,000,000 | | | | 3,000,000 | |
Washington Housing Finance Commission Wandering Creek Project (Housing Revenue, FHLMC LIQ) | | | 0.11 | | | | 1-1-2026 | | | | 2,200,000 | | | | 2,200,000 | |
| | | | |
| | | | | | | | | | | | | | | 35,685,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $189,925,000) | | | | | | | | | | | | | | | 189,925,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Repurchase Agreements ^^: 46.11% | | | | | | | | | | | | | | | | |
Bank of America Corporation, dated 7-31-2014, maturity value $395,000,988 (1) | | | 0.09 | | | | 8-1-2014 | | | | 395,000,000 | | | | 395,000,000 | |
Bank of Nova Scotia, dated 7-31-2014, maturity value $1,045,002,613 (2) | | | 0.09 | | | | 8-1-2014 | | | | 1,045,000,000 | | | | 1,045,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Repurchase Agreements ^^ (continued) | | | | | | | | | | | | | | | | |
Barclays Capital Incorporated, dated 7-31-2014, maturity value $50,000,083 (3) | | | 0.06 | % | | | 8-1-2014 | | | $ | 50,000,000 | | | $ | 50,000,000 | |
BNP Paribas Securities Corporation, dated 7-31-2014, maturity value $700,001,750 (4) | | | 0.09 | | | | 8-1-2014 | | | | 700,000,000 | | | | 700,000,000 | |
Citibank NA, dated 7-31-2014, maturity value $250,000,625 (5) | | | 0.09 | | | | 8-1-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Citibank NA, dated 7-31-2014, maturity value $250,004,375 (6) | | | 0.09 | | | | 8-7-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Citigroup Global Markets Incorporated, dated 7-29-2014, maturity value $250,003,403 (7) | | | 0.07 | | | | 8-5-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Citigroup Global Markets Incorporated, dated 7-31-2014, maturity value $500,001,250 (8) | | | 0.09 | | | | 8-1-2014 | | | | 500,000,000 | | | | 500,000,000 | |
Credit Agricole SA, dated 7-31-2014, maturity value $1,400,003,889 (9) | | | 0.10 | | | | 8-1-2014 | | | | 1,400,000,000 | | | | 1,400,000,000 | |
Credit Agricole SA, dated 7-31-2014, maturity value $239,750,466 (10) | | | 0.07 | | | | 8-1-2014 | | | | 239,750,000 | | | | 239,750,000 | |
Credit Agricole SA, dated 7-31-2014, maturity value $300,000,583 (11) | | | 0.07 | | | | 8-1-2014 | | | | 300,000,000 | | | | 300,000,000 | |
Credit Suisse Securities, dated 7-31-2014, maturity value $250,000,625 (12) | | | 0.09 | | | | 8-1-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Deutsche Bank Securities, dated 7-31-2014, maturity value $500,001,389 (13) | | | 0.10 | | | | 8-1-2014 | | | | 500,000,000 | | | | 500,000,000 | |
Federal Reserve Bank of New York, dated 7-31-2014, maturity value $2,350,003,264 (14) | | | 0.05 | | | | 8-1-2014 | | | | 2,350,000,000 | | | | 2,350,000,000 | |
JPMorgan Securities, dated 7-31-2014, maturity value $1,250,003,125 (15) | | | 0.09 | | | | 8-1-2014 | | | | 1,250,000,000 | | | | 1,250,000,000 | |
RBC Capital Markets, dated 7-1-2014, maturity value $500,087,500 (16)±§¢ | | | 0.09 | | | | 9-9-2014 | | | | 500,000,000 | | | | 500,000,000 | |
RBC Capital Markets, dated 7-31-2014, maturity value $500,001,250 (17) | | | 0.09 | | | | 8-1-2014 | | | | 500,000,000 | | | | 500,000,000 | |
SG Americas Securities, dated 7-31-2014, maturity value $150,000,375 (18) | | | 0.09 | | | | 8-1-2014 | | | | 150,000,000 | | | | 150,000,000 | |
| | | | |
Total Repurchase Agreements (Cost $10,879,750,000) | | | | | | | | | | | | | | | 10,879,750,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Treasury Debt: 3.13% | | | | | | | | | | | | | | | | |
U.S. Treasury Bond | | | 11.25 | | | | 2-15-2015 | | | | 390,000,000 | | | | 413,515,966 | |
U.S. Treasury Note | | | 2.38 | | | | 8-31-2014 | | | | 235,000,000 | | | | 235,426,528 | |
U.S. Treasury Note | | | 2.63 | | | | 12-31-2014 | | | | 20,000,000 | | | | 20,207,140 | |
U.S. Treasury Note | | | 4.00 | | | | 2-15-2015 | | | | 28,000,000 | | | | 28,592,551 | |
U.S. Treasury Note | | | 4.25 | | | | 11-15-2014 | | | | 40,000,000 | | | | 40,473,832 | |
| | | | |
Total Treasury Debt (Cost $738,216,017) | | | | | | | | | | | | | | | 738,216,017 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $23,601,489,512) * | | | 100.02 | % | | | 23,601,489,512 | |
Other assets and liabilities, net | | | (0.02 | ) | | | (3,987,690 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 23,597,501,822 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 14 | | Wells Fargo Advantage Government Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| § | The security is subject to a demand feature which reduces the effective maturity. |
| | (1) | U.S. government securities, 3.00% to 6.00%, 8-1-2033 to 11-1-2043, fair value including accrued interest is $406,850,000. |
| | (2) | U.S. government securities, 2.25% to 5.00%, 7-31-2021 to 5-1-2044, fair value including accrued interest is $1,076,227,270. |
| | (3) | U.S. government securities, 4.00%, 7-20-2044, fair value including accrued interest is $51,500,001. |
| | (4) | U.S. government securities, 2.50% to 5.50%, 10-1-2025 to 7-20-2044, fair value including accrued interest is $721,000,001. |
| | (5) | U.S. government securities, 1.63% to 7.00%, 4-1-2017 to 6-1-2044, fair value including accrued interest is $257,500,000. |
| | (6) | U.S. government securities, 1.63% to 7.00%, 9-1-2018 to 12-15-2048, fair value including accrued interest is $257,500,001. |
| | (7) | U.S. government securities, 1.38% to 10.0%, 9-15-2016 to 6-15-2049, fair value including accrued interest is $257,225,661. |
| | (8) | U.S. government securities, 0.25% to 9.50%, 5-15-2015 to 7-20-2044, fair value including accrued interest is $511,683,585. |
| | (9) | U.S. government securities, 0.13% to 8.00%, 1-13-2015 to 9-1-2031, fair value including accrued interest is $1,441,919,252. |
| | (10) | U.S. government securities, 0.00% to 9.25%, 8-7-2014 to 2-15-2044, fair value including accrued interest is $244,545,008. |
| | (11) | U.S. government securities, 0.00% to 2.75%, 8-28-2014 to 11-15-2042, fair value including accrued interest is $306,000,024. |
| | (12) | U.S. government securities, 0.13% to 2.00%, 4-15-2015 to 1-15-2024, fair value including accrued interest is $255,000,628. |
| | (13) | U.S. government securities, 3.00% to 3.50%, 11-15-2042 to 4-20-2043, fair value including accrued interest is $515,000,000. |
| | (14) | U.S. government securities, 2.38%, 5-31-2018, fair value including accrued interest is $2,350,003,350. |
| | (15) | U.S. government securities, 2.50% to 7.50%, 4-19-2017 to 9-1-2042, fair value including accrued interest is $1,287,501,555. |
| | (16) | U.S. government securities, 2.34% to 5.00%, 8-1-2026 to 7-20-2044, fair value including accrued interest is $515,000,109. |
| | (17) | U.S. government securities, 2.24% to 4.50%, 9-1-2025 to 7-20-2044, fair value including accrued interest is $515,000,000. |
| | (18) | U.S. government securities, 1.00% to 4.50%, 3-8-2017 to 7-1-2044, fair value including accrued interest is $154,497,114. |
| ¢ | Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
| * | 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, 2014 (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 15 | |
| | | | |
| | | | |
| |
Assets | | | | |
Investments | | | | |
In unaffiliated securities, at amortized cost | | $ | 12,721,739,512 | |
In repurchase agreements, at amortized cost | | | 10,879,750,000 | |
| | | | |
Total investments, at amortized cost | | | 23,601,489,512 | |
Cash | | | 48,397 | |
Receivable for investments sold | | | 700,000 | |
Receivable for Fund shares sold | | | 553,000 | |
Receivable for interest | | | 49,031,686 | |
Receivable from adviser | | | 1,903,256 | |
| | | | |
Total assets | | | 23,653,725,851 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 112,354 | |
Payable for investments purchased | | | 50,143,313 | |
Payable for Fund shares redeemed | | | 1,856,224 | |
Distribution fees payable | | | 4,676 | |
Administration fees payable | | | 2,483,945 | |
Accrued expenses and other liabilities | | | 1,623,517 | |
| | | | |
Total liabilities | | | 56,224,029 | |
| | | | |
Total net assets | | $ | 23,597,501,822 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 23,597,523,228 | |
Overdistributed net investment income | | | (32,091 | ) |
Accumulated net realized gains on investments | | | 10,685 | |
| | | | |
Total net assets | | $ | 23,597,501,822 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 383,574,105 | |
Shares outstanding – Class A1 | | | 383,575,740 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Administrator Class | | $ | 662,301,777 | |
Shares outstanding – Administrator Class1 | | | 662,302,988 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 18,646,944,161 | |
Shares outstanding – Institutional Class1 | | | 18,647,006,543 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Service Class | | $ | 3,889,053,091 | |
Shares outstanding – Service Class1 | | | 3,889,071,109 | |
Net asset value per share – Service Class | | | $1.00 | |
Net assets – Sweep Class | | $ | 15,628,688 | |
Shares outstanding – Sweep Class1 | | | 15,628,752 | |
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.
| | | | |
| 16 | | Wells Fargo Advantage Government Money Market Fund | | Statement of operations—six months ended July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 11,121,027 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 11,758,943 | |
Administration fees | | | | |
Fund level | | | 4,263,299 | |
Class A | | | 427,488 | |
Administrator Class | | | 301,511 | |
Institutional Class | | | 7,503,211 | |
Service Class | | | 2,251,133 | |
Sweep Class | | | 17,955 | |
Shareholder servicing fees | | | | |
Class A | | | 485,238 | |
Administrator Class | | | 299,997 | |
Service Class | | | 4,657,626 | |
Sweep Class | | | 20,403 | |
Distribution fees | | | | |
Sweep Class | | | 28,564 | |
Custody and accounting fees | | | 614,309 | |
Professional fees | | | 24,902 | |
Registration fees | | | 45,097 | |
Shareholder report expenses | | | 38,347 | |
Trustees’ fees and expenses | | | 4,053 | |
Other fees and expenses | | | 185,251 | |
| | | | |
Total expenses | | | 32,927,327 | |
Less: Fee waivers and/or expense reimbursements | | | (22,982,199 | ) |
| | | | |
Net expenses | | | 9,945,128 | |
| | | | |
Net investment income | | | 1,175,899 | |
| | | | |
Net realized gains on investments | | | 8,364 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 1,184,263 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statement of changes in net assets | | Wells Fargo Advantage Government Money Market Fund | | | 17 | |
| | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014 (unaudited) | | | Year ended
January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 1,175,899 | | | | | | | $ | 2,936,399 | |
Net realized gains on investments | | | | | | | 8,364 | | | | | | | | 12,285 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 1,184,263 | | | | | | | | 2,948,684 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (19,431 | ) | | | | | | | (45,104 | ) |
Administrator Class | | | | | | | (30,151 | ) | | | | | | | (53,593 | ) |
Institutional Class | | | | | | | (937,896 | ) | | | | | | | (2,323,919 | ) |
Service Class | | | | | | | (187,595 | ) | | | | | | | (511,223 | ) |
Sweep Class | | | | | | | (826 | ) | | | | | | | (2,560 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | 0 | | | | | | | | (151 | ) |
Administrator Class | | | | | | | 0 | | | | | | | | (199 | ) |
Institutional Class | | | | | | | 0 | | | | | | | | (7,936 | ) |
Service Class | | | | | | | 0 | | | | | | | | (1,671 | ) |
Sweep Class | | | | | | | 0 | | | | | | | | (7 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,175,899 | ) | | | | | | | (2,946,363 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 199,674,686 | | | | 199,674,686 | | | | 809,034,920 | | | | 809,034,920 | |
Administrator Class | | | 2,667,097,749 | | | | 2,667,097,749 | | | | 4,612,739,680 | | | | 4,612,739,680 | |
Institutional Class | | | 96,151,231,827 | | | | 96,151,231,827 | | | | 204,743,170,569 | | | | 204,743,170,569 | |
Service Class | | | 13,146,233,181 | | | | 13,146,233,181 | | | | 39,152,391,706 | | | | 39,152,391,706 | |
Sweep Class | | | 23,289,463 | | | | 23,289,463 | | | | 121,308,028 | | | | 121,308,028 | |
| | | | |
| | | | | | | 112,187,526,906 | | | | | | | | 249,438,644,903 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 18,237 | | | | 18,237 | | | | 42,338 | | | | 42,338 | |
Administrator Class | | | 19,127 | | | | 19,127 | | | | 29,458 | | | | 29,458 | |
Institutional Class | | | 452,807 | | | | 452,807 | | | | 1,104,944 | | | | 1,104,944 | |
Service Class | | | 17,615 | | | | 17,615 | | | | 40,931 | | | | 40,931 | |
Sweep Class | | | 826 | | | | 826 | | | | 2,558 | | | | 2,558 | |
| | | | |
| | | | | | | 508,612 | | | | | | | | 1,220,229 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (222,607,542 | ) | | | (222,607,542 | ) | | | (967,264,663 | ) | | | (967,264,663 | ) |
Administrator Class | | | (2,600,836,971 | ) | | | (2,600,836,971 | ) | | | (4,425,158,038 | ) | | | (4,425,158,038 | ) |
Institutional Class | | | (98,297,824,047 | ) | | | (98,297,824,047 | ) | | | (206,713,689,714 | ) | | | (206,713,689,714 | ) |
Service Class | | | (13,397,617,961 | ) | | | (13,397,617,961 | ) | | | (41,452,574,024 | ) | | | (41,452,574,024 | ) |
Sweep Class | | | (25,905,708 | ) | | | (25,905,708 | ) | | | (126,064,197 | ) | | | (126,064,197 | ) |
| | | | |
| | | | | | | (114,544,792,229 | ) | | | | | | | (253,684,750,636 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (2,356,756,711 | ) | | | | | | | (4,244,885,504 | ) |
| | | | |
Total decrease in net assets | | | | | | | (2,356,748,347 | ) | | | | | | | (4,244,883,183 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 25,954,250,169 | | | | | | | | 30,199,133,352 | |
| | | | |
End of period | | | | | | $ | 23,597,501,822 | | | | | | | $ | 25,954,250,169 | |
| | | | |
Overdistributed net investment income | | | | | | $ | (32,091 | ) | | | | | | $ | (32,091 | ) |
| | | | |
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, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | (0.00 | )2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.22 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.61 | % | | | 0.61 | % | | | 0.61 | % | | | 0.60 | % | | | 0.58 | % | | | 0.65 | % | | | 0.64 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.12 | % | | | 0.22 | % | | | 0.28 | % | | | 0.64 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.29 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $383,574 | | | | $406,489 | | | | $564,676 | | | | $937,172 | | | | $1,078,873 | | | | $777,462 | | | | $1,101,904 | |
| 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 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 Government Money Market Fund | | | 19 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | (0.00 | )2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.02 | % | | | 1.50 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.35 | % | | | 0.39 | % | | | 0.37 | % |
Net expenses | | | 0.08 | % | | | 0.09 | % | | | 0.17 | % | | | 0.12 | % | | | 0.21 | % | | | 0.28 | % | | | 0.36 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % | | | 1.42 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $662,302 | | | | $596,022 | | | | $408,411 | | | | $608,948 | | | | $547,278 | | | | $788,478 | | | | $1,780,294 | |
| 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 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.
| | | | |
| 20 | | Wells Fargo Advantage Government Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | (0.00 | )2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.03 | % | | | 0.08 | % | | | 1.65 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.22 | % | | | 0.22 | % | | | 0.22 | % | | | 0.22 | % | | | 0.23 | % | | | 0.27 | % | | | 0.26 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.12 | % | | | 0.20 | % | | | 0.21 | % | | | 0.22 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % | | | 0.10 | % | | | 1.42 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $18,646,944 | | | | $20,793,077 | | | | $22,762,489 | | | | $26,412,568 | | | | $19,760,296 | | | | $20,661,470 | | | | $42,393,921 | |
| 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 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 Government Money Market Fund | | | 21 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | (0.00 | )2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.35 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.51 | % | | | 0.51 | % | | | 0.51 | % | | | 0.51 | % | | | 0.52 | % | | | 0.56 | % | | | 0.54 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.12 | % | | | 0.22 | % | | | 0.28 | % | | | 0.51 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.31 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $3,889,053 | | | | $4,140,419 | | | | $6,440,560 | | | | $5,256,816 | | | | $5,820,697 | | | | $4,595,307 | | | | $6,342,777 | |
| 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 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.
| | | | |
| 22 | | Wells Fargo Advantage Government Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | |
| SWEEP CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | 2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.94 | % |
Net expenses | | | 0.08 | % | | | 0.10 | % | | | 0.17 | % | | | 0.12 | % | | | 0.22 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $15,629 | | | | $18,244 | | | | $22,998 | | | | $101,911 | | | | $127,791 | |
| 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 Government Money Market Fund | | | 23 | |
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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Repurchase agreements
The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. 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.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
| | | | |
| 24 | | Wells Fargo Advantage Government Money Market Fund | | Notes to financial statements (unaudited) |
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Class allocations
The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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 similarsecurities, interest rates, prepayment speeds, credit risk, use of amortized cost, etc.) |
| n | | Level 3 – significant unobservable inputs (including the Fund’s own assumptionsin determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 25 | |
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 has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
Administration 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.50% for Service Class shares, and 1.00% for Sweep Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 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. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | |
| 26 | | Wells Fargo Advantage Government Money Market Fund | | Other information (unaudited) |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 27 | |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during
past five years |
Peter G. Gordon
(Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
Judith M. Johnson
(Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
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 |
| | | | |
| 28 | | 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 or longer | | Other directorships during
past five years |
Michael S. Scofield
(Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and length of service | | Principal occupations during past five years or longer | | |
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. | | |
Nancy Wiser1
(Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
C. David Messman
(Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001. | | |
Debra Ann Early
(Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1
(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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 29 | |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Government Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an
| | | | |
| 30 | | Wells Fargo Advantage Government Money Market Fund | | Other information (unaudited) |
independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except for the Institutional Class, the net operating expense ratio for which was in range of the median net operating expense ratio of its expense Group. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with
managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Government Money Market Fund | | | 31 | |
factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
| | | | |
| 32 | | Wells Fargo Advantage Government Money Market Fund | | List of abbreviations |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 227175 09-14 SA303/SAR303 07-14 |
Wells Fargo Advantage
Heritage Money Market FundSM
Semi-Annual Report
July 31, 2014
Reduce clutter. Save trees.
Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage Heritage Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
| | | | | | |
| Letter to shareholders (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 3 | |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
| | | | |
| 4 | | Wells Fargo Advantage Heritage Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
Laurie White
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Administrator Class (SHMXX) | | 6-29-1995 | | | 0.01 | | | | 0.02 | | | | 1.62 | | | | 0.34 | | | | 0.34 | |
| Institutional Class (SHIXX) | | 3-31-2000 | | | 0.01 | | | | 0.07 | | | | 1.74 | | | | 0.22 | | | | 0.20 | |
| Select Class (WFJXX) | | 6-29-2007 | | | 0.07 | | | | 0.14 | | | | 1.79 | | | | 0.18 | | | | 0.13 | |
| Service Class (WHTXX) | | 6-30-2010 | | | 0.01 | | | | 0.02 | | | | 1.62 | | | | 0.51 | | | | 0.43 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | |
| | | Administrator
Class | | Institutional
Class | | | Select
Class | | | Service
Class | |
| 7-day current yield | | 0.01 | | | 0.01 | | | | 0.07 | | | | 0.01 | |
| 7-day compound yield | | 0.01 | | | 0.01 | | | | 0.07 | | | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website—wellsfargoadvantagefunds.com.
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 prospectuses.
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.
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 5 | |
|
| Portfolio composition as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
30 days |
| | |
| Weighted average life6 as of July 31, 2014 |
48 days |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
| 1. | Historical performance shown for Select Class shares prior to their inception reflects the performance of 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 Service Class shares prior to their inception reflects the performance of Administrator Class shares and has not been adjusted to reflect the higher expenses applicable to Service Class shares. If these expenses had been adjusted, returns would be lower. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.15)%, (0.03)%, 0.01% and (0.32)% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage Heritage Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value 2-1-2014 | | | Ending
account value 7-31-2014 | | | Expenses
paid during the period1 | | | Net annualized expense ratio | |
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 | | | $ | 1,000.05 | | | $ | 0.89 | | | | 0.18 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.90 | | | $ | 0.90 | | | | 0.18 | % |
Select Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.32 | | | $ | 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 | | | $ | 0.89 | | | | 0.18 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.90 | | | $ | 0.90 | | | | 0.18 | % |
| 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). |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Certificates of Deposit: 42.01% | | | | | | | | | | | | | | | | |
Abbey National Treasury Services plc | | | 0.08 | % | | | 8-1-2014 | | | $ | 712,000,000 | | | $ | 712,000,000 | |
Abbey National Treasury Services plc ± | | | 0.31 | | | | 3-4-2015 | | | | 306,000,000 | | | | 306,000,000 | |
ABN AMRO Funding LLC | | | 0.10 | | | | 8-1-2014 | | | | 123,000,000 | | | | 123,000,000 | |
Agricultural Bank China | | | 0.26 | | | | 8-1-2014 | | | | 213,000,000 | | | | 213,000,000 | |
Agricultural Bank China | | | 0.26 | | | | 8-4-2014 | | | | 315,000,000 | | | | 314,999,475 | |
Banco del Estado de Chile | | | 0.23 | | | | 9-5-2014 | | | | 115,000,000 | | | | 115,000,000 | |
Banco del Estado de Chile ± | | | 0.29 | | | | 12-10-2014 | | | | 133,000,000 | | | | 133,000,000 | |
Bank of Montreal | | | 0.17 | | | | 9-5-2014 | | | | 147,000,000 | | | | 147,000,000 | |
Bank of Montreal | | | 0.17 | | | | 10-2-2014 | | | | 174,000,000 | | | | 174,000,000 | |
Bank of Montreal | | | 0.18 | | | | 8-26-2014 | | | | 128,000,000 | | | | 128,000,000 | |
Bank of Montreal | | | 0.18 | | | | 9-17-2014 | | | | 94,000,000 | | | | 94,000,000 | |
Bank of Montreal | | | 0.18 | | | | 10-14-2014 | | | | 134,000,000 | | | | 134,000,000 | |
Bank of Montreal | | | 0.18 | | | | 10-15-2014 | | | | 200,000,000 | | | | 200,000,000 | |
Bank of Montreal ± | | | 0.95 | | | | 12-22-2014 | | | | 49,000,000 | | | | 49,146,510 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 3-4-2015 | | | | 134,000,000 | | | | 134,000,000 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 6-29-2015 | | | | 124,000,000 | | | | 124,000,000 | |
Bank of Nova Scotia | | | 0.42 | | | | 2-19-2015 | | | | 45,000,000 | | | | 45,044,696 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.11 | | | | 8-6-2014 | | | | 177,000,000 | | | | 177,000,000 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.20 | | | | 8-6-2014 | | | | 148,000,000 | | | | 148,000,411 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.25 | | | | 8-19-2014 | | | | 34,000,000 | | | | 34,001,357 | |
BNP Paribas SA | | | 0.07 | | | | 8-1-2014 | | | | 729,000,000 | | | | 729,000,000 | |
China Construction Bank Corporation ± | | | 0.41 | | | | 3-25-2015 | | | | 245,000,000 | | | | 245,000,000 | |
Cooperatieve Centrale ± | | | 0.26 | | | | 8-26-2014 | | | | 28,000,000 | | | | 28,000,661 | |
Cooperatieve Centrale ± | | | 0.26 | | | | 2-3-2015 | | | | 100,000,000 | | | | 100,025,331 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 2-27-2015 | | | | 140,000,000 | | | | 140,000,000 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 4-13-2015 | | | | 141,000,000 | | | | 141,000,000 | |
Credit Agricole Corporate and Investment Banking | | | 0.08 | | | | 8-1-2014 | | | | 712,000,000 | | | | 712,000,000 | |
Credit Industriel et Commercial (New York) | | | 0.10 | | | | 8-1-2014 | | | | 693,000,000 | | | | 693,000,000 | |
Credit Industriel et Commercial (New York) | | | 0.12 | | | | 8-7-2014 | | | | 294,000,000 | | | | 294,000,000 | |
DG Bank (New York) | | | 0.20 | | | | 8-8-2014 | | | | 70,000,000 | | | | 70,000,000 | |
Fortis Funding LLC | | | 0.07 | | | | 8-1-2014 | | | | 915,000,000 | | | | 915,000,000 | |
ING (U.S.) Funding LLC | | | 0.10 | | | | 8-1-2014 | | | | 93,000,000 | | | | 93,000,000 | |
KBC Bank | | | 0.11 | | | | 8-1-2014 | | | | 744,000,000 | | | | 744,000,000 | |
KBC Bank | | | 0.13 | | | | 8-5-2014 | | | | 273,000,000 | | | | 273,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 9-5-2014 | | | | 51,000,000 | | | | 51,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 10-1-2014 | | | | 106,000,000 | | | | 106,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 10-2-2014 | | | | 106,000,000 | | | | 106,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.21 | | | | 8-15-2014 | | | | 261,000,000 | | | | 261,000,000 | |
Mizuho Bank Limited | | | 0.15 | | | | 8-25-2014 | | | | 130,000,000 | | | | 130,000,000 | |
Mizuho Bank Limited | | | 0.15 | | | | 8-26-2014 | | | | 55,000,000 | | | | 55,000,000 | |
Mizuho Bank Limited | | | 0.20 | | | | 9-5-2014 | | | | 181,000,000 | | | | 181,000,000 | |
Mizuho Bank Limited | | | 0.20 | | | | 10-28-2014 | | | | 172,000,000 | | | | 172,000,000 | |
National Bank of Kuwait | | | 0.10 | | | | 8-1-2014 | | | | 324,000,000 | | | | 324,000,000 | |
Natixis (Cayman Islands) | | | 0.08 | | | | 8-1-2014 | | | | 480,700,000 | | | | 480,700,000 | |
Natixis (New York) | | | 0.37 | | | | 10-31-2014 | | | | 200,000,000 | | | | 200,000,000 | |
Nordea Bank AB | | | 0.20 | | | | 9-29-2014 | | | | 341,000,000 | | | | 341,022,315 | |
Norinchukin Bank | | | 0.19 | | | | 8-29-2014 | | | | 200,000,000 | | | | 200,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 8-19-2014 | | | | 31,000,000 | | | | 31,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 9-5-2014 | | | | 121,000,000 | | | | 121,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 9-29-2014 | | | | 125,000,000 | | | | 125,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Heritage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Certificates of Deposit (continued) | | | | | | | | | | | | | | | | |
Norinchukin Bank | | | 0.20 | % | | | 10-3-2014 | | | $ | 90,000,000 | | | $ | 90,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 10-31-2014 | | | | 119,000,000 | | | | 119,000,000 | |
Norinchukin Bank | | | 0.21 | | | | 8-18-2014 | | | | 36,000,000 | | | | 36,000,169 | |
Norinchukin Bank | | | 0.21 | | | | 8-26-2014 | | | | 32,500,000 | | | | 32,500,000 | |
Oversea-Chinese Banking Corporation | | | 0.19 | | | | 10-8-2014 | | | | 90,000,000 | | | | 89,998,300 | |
Royal Bank of Canada ± | | | 0.25 | | | | 10-17-2014 | | | | 115,000,000 | | | | 115,000,000 | |
Skandinaviska Enskilda Banken AG | | | 0.05 | | | | 8-1-2014 | | | | 173,000,000 | | | | 173,000,000 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-26-2014 | | | | 55,000,000 | | | | 55,002,667 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-27-2014 | | | | 135,000,000 | | | | 135,000,000 | |
Societe Generale | | | 0.10 | | | | 8-1-2014 | | | | 772,000,000 | | | | 772,000,000 | |
Societe Generale ± | | | 0.28 | | | | 10-31-2014 | | | | 140,000,000 | | | | 140,000,000 | |
Societe Generale ± | | | 0.36 | | | | 9-12-2014 | | | | 134,000,000 | | | | 134,000,000 | |
Standard Chartered Bank | | | 0.17 | | | | 8-4-2014 | | | | 177,000,000 | | | | 177,000,000 | |
Standard Chartered Bank | | | 0.18 | | | | 10-28-2014 | | | | 103,000,000 | | | | 103,000,000 | |
Standard Chartered Bank | | | 0.22 | | | | 10-16-2014 | | | | 98,000,000 | | | | 98,000,000 | |
Standard Chartered Bank | | | 0.24 | | | | 11-3-2014 | | | | 74,000,000 | | | | 74,000,000 | |
Standard Chartered Bank | | | 0.28 | | | | 12-29-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Standard Chartered Bank ± | | | 0.34 | | | | 1-20-2015 | | | | 250,000,000 | | | | 250,000,000 | |
Sumitomo Mitsui Banking Corporation | | | 0.21 | | | | 8-19-2014 | | | | 135,000,000 | | | | 135,002,021 | |
Sumitomo Mitsui Banking Corporation | | | 0.21 | | | | 9-2-2014 | | | | 145,000,000 | | | | 144,999,999 | |
Sumitomo Mitsui Banking Corporation ± | | | 0.22 | | | | 9-19-2014 | | | | 133,000,000 | | | | 133,000,000 | |
Sumitomo Mitsui Banking Corporation | | | 0.22 | | | | 8-4-2014 | | | | 13,000,000 | | | | 13,000,032 | |
Sumitomo Trust & Banking Corporation | | | 0.22 | | | | 8-4-2014 | | | | 26,000,000 | | | | 26,000,195 | |
Swedbank | | | 0.18 | | | | 10-9-2014 | | | | 137,000,000 | | | | 137,000,000 | |
Swedbank | | | 0.20 | | | | 11-10-2014 | | | | 81,000,000 | | | | 81,000,000 | |
Swedbank ± | | | 0.24 | | | | 8-15-2014 | | | | 290,000,000 | | | | 290,000,000 | |
Toronto-Dominion Bank | | | 0.16 | | | | 8-13-2014 | | | | 177,000,000 | | | | 177,000,000 | |
Toronto-Dominion Bank | | | 0.16 | | | | 9-8-2014 | | | | 80,000,000 | | | | 80,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 11-18-2014 | | | | 161,000,000 | | | | 161,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 12-19-2014 | | | | 51,000,000 | | | | 51,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 6-16-2015 | | | | 97,000,000 | | | | 97,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 2-6-2015 | | | | 171,000,000 | | | | 171,000,000 | |
Toronto-Dominion Bank ± | | | 0.23 | | | | 4-15-2015 | | | | 223,000,000 | | | | 223,000,000 | |
Westpac Banking Corporation ± | | | 0.23 | | | | 2-18-2015 | | | | 140,000,000 | | | | 140,000,000 | |
| |
Total Certificates of Deposit (Cost $16,320,444,139) | | | | 16,320,444,139 | |
| | | | | | | | | | | | | | | | |
| | | | |
Commercial Paper: 44.45% | | | | | | | | | | | | | | | | |
| | | | |
| Asset-Backed Commercial Paper: 19.22% | | | | | | | | | | | | | | | | |
Anglesea Funding LLC 144A± | | | 0.28 | | | | 9-19-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Anglesea Funding LLC 144A± | | | 0.28 | | | | 9-19-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Anglesea Funding LLC 144A± | | | 0.28 | | | | 11-13-2014 | | | | 270,000,000 | | | | 270,000,000 | |
Anglesea Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 68,000,000 | | | | 68,000,000 | |
Anglesea Funding LLC 144A± | | | 0.28 | | | | 11-13-2014 | | | | 13,000,000 | | | | 13,000,000 | |
Anglesea Funding LLC 144A± | | | 0.30 | | | | 9-17-2014 | | | | 144,000,000 | | | | 144,000,000 | |
Antalis US Funding Corporation 144A(z) | | | 0.25 | | | | 9-30-2014 | | | | 157,770,000 | | | | 157,704,263 | |
Aspen Funding Corporation 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 76,000,000 | | | | 76,000,000 | |
Atlantic Asset Securitization LLC 144A(z) | | | 0.20 | | | | 9-10-2014 | | | | 7,000,000 | | | | 6,998,444 | |
Bedford Row Funding Corporation 144A± | | | 0.25 | | | | 4-24-2015 | | | | 70,300,000 | | | | 70,295,698 | |
Bedford Row Funding Corporation 144A± | | | 0.25 | | | | 1-9-2015 | | | | 60,000,000 | | | | 60,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Bennington Stark Capital Company LLC 144A± | | | 0.35 | % | | | 11-3-2014 | | | $ | 79,000,000 | | | $ | 78,996,964 | |
Collateralized Commercial Paper Company LLC 144A(z) | | | 0.33 | | | | 12-29-2014 | | | | 250,000,000 | | | | 249,656,250 | |
Collateralized Commercial Paper Company LLC 144A(z) | | | 0.41 | | | | 2-27-2015 | | | | 165,000,000 | | | | 164,605,375 | |
Concord Minuteman Capital Company 144A(z) | | | 0.21 | | | | 8-5-2014 | | | | 50,000,000 | | | | 49,998,833 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-11-2014 | | | | 76,000,000 | | | | 75,995,567 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 47,000,000 | | | | 46,996,984 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 32,000,000 | | | | 31,993,840 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-8-2014 | | | | 153,000,000 | | | | 152,966,085 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 23,000,000 | | | | 22,994,633 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-9-2014 | | | | 98,000,000 | | | | 97,977,705 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-11-2014 | | | | 38,000,000 | | | | 37,997,783 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 53,000,000 | | | | 52,996,599 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 32,000,000 | | | | 31,993,840 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-8-2014 | | | | 38,000,000 | | | | 37,991,577 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 22,000,000 | | | | 21,994,867 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-11-2014 | | | | 67,000,000 | | | | 66,983,976 | |
Gemini Securitization Corporation LLC (z) | | | 0.13 | | | | 8-1-2014 | | | | 1,000,000 | | | | 1,000,000 | |
Gotham Funding Corporation 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 37,000,000 | | | | 37,000,000 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-6-2014 | | | | 59,000,000 | | | | 58,998,689 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-7-2014 | | | | 16,000,000 | | | | 15,999,573 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-19-2014 | | | | 36,000,000 | | | | 35,997,120 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-11-2014 | | | | 95,117,000 | | | | 95,112,728 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-12-2014 | | | | 39,000,000 | | | | 38,997,974 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-14-2014 | | | | 33,000,000 | | | | 32,997,974 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-27-2014 | | | | 86,000,000 | | | | 85,989,441 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-4-2014 | | | | 20,000,000 | | | | 19,999,700 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-11-2014 | | | | 49,000,000 | | | | 48,997,550 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-12-2014 | | | | 52,000,000 | | | | 51,997,140 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-13-2014 | | | | 20,000,000 | | | | 19,998,800 | |
Hannover Funding Company LLC 144A(z) | | | 0.19 | | | | 8-18-2014 | | | | 78,000,000 | | | | 77,993,162 | |
Hannover Funding Company LLC 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 39,000,000 | | | | 38,996,100 | |
Institutional Secured Funding LLC 144A(z) | | | 0.37 | | | | 8-1-2014 | | | | 89,100,000 | | | | 89,100,000 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-29-2014 | | | | 163,000,000 | | | | 162,951,824 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-12-2014 | | | | 34,000,000 | | | | 33,996,052 | |
Kells Funding LLC 144A± | | | 0.22 | | | | 10-28-2014 | | | | 126,000,000 | | | | 125,996,471 | |
Kells Funding LLC 144A± | | | 0.23 | | | | 12-11-2014 | | | | 49,000,000 | | | | 49,000,000 | |
Kells Funding LLC 144A± | | | 0.23 | | | | 12-12-2014 | | | | 115,000,000 | | | | 115,000,000 | |
Kells Funding LLC 144A± | | | 0.23 | | | | 2-5-2015 | | | | 35,000,000 | | | | 34,998,375 | |
Kells Funding LLC 144A± | | | 0.23 | | | | 2-13-2015 | | | | 38,000,000 | | | | 38,001,199 | |
Kells Funding LLC 144A± | | | 0.23 | | | | 10-8-2014 | | | | 107,000,000 | | | | 106,997,971 | |
Kells Funding LLC 144A± | | | 0.23 | | | | 10-20-2014 | | | | 150,000,000 | | | | 150,000,000 | |
Kells Funding LLC 144A± | | | 0.24 | | | | 10-10-2014 | | | | 251,000,000 | | | | 251,000,000 | |
Kells Funding LLC 144A± | | | 0.24 | | | | 5-15-2015 | | | | 66,000,000 | | | | 66,000,000 | |
Kells Funding LLC 144A± | | | 0.24 | | | | 2-5-2015 | | | | 19,000,000 | | | | 19,002,081 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 86,000,000 | | | | 85,983,445 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-9-2014 | | | | 38,000,000 | | | | 37,991,355 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 54,000,000 | | | | 53,987,400 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-11-2014 | | | | 22,000,000 | | | | 21,994,738 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.23 | | | | 8-1-2014 | | | | 206,000,000 | | | | 206,000,000 | |
Liberty Street Funding LLC 144A(z) | | | 0.15 | | | | 8-11-2014 | | | | 75,000,000 | | | | 74,996,875 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage Heritage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Liberty Street Funding LLC 144A(z) | | | 0.15 | % | | | 8-19-2014 | | | $ | 29,000,000 | | | $ | 28,997,825 | |
Liberty Street Funding LLC 144A(z) | | | 0.17 | | | | 8-5-2014 | | | | 92,000,000 | | | | 91,998,262 | |
Liberty Street Funding LLC 144A(z) | | | 0.17 | | | | 8-12-2014 | | | | 31,000,000 | | | | 30,998,390 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-14-2014 | | | | 61,000,000 | | | | 60,996,035 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-25-2014 | | | | 47,000,000 | | | | 46,994,360 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-28-2014 | | | | 42,000,000 | | | | 41,994,330 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 9-12-2014 | | | | 20,000,000 | | | | 19,995,567 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 9-24-2014 | | | | 24,000,000 | | | | 23,993,160 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 9-26-2014 | | | | 75,000,000 | | | | 74,977,833 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 10-1-2014 | | | | 46,000,000 | | | | 45,985,191 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 10-3-2014 | | | | 20,000,000 | | | | 19,993,350 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 10-9-2014 | | | | 25,000,000 | | | | 24,990,896 | |
LMA Americas LLC 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 28,000,000 | | | | 28,000,000 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-7-2014 | | | | 70,000,000 | | | | 69,966,128 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-8-2014 | | | | 41,300,000 | | | | 41,279,717 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.18 | | | | 8-18-2014 | | | | 96,000,000 | | | | 95,991,840 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.18 | | | | 8-22-2014 | | | | 9,000,000 | | | | 8,999,055 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.19 | | | | 8-6-2014 | | | | 77,966,000 | | | | 77,963,909 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-4-2014 | | | | 7,267,000 | | | | 7,266,879 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-5-2014 | | | | 43,150,000 | | | | 43,149,041 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-7-2014 | | | | 12,136,000 | | | | 12,135,595 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-8-2014 | | | | 18,000,000 | | | | 17,999,300 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-11-2014 | | | | 95,443,000 | | | | 95,437,698 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 66,000,000 | | | | 65,993,400 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 9-17-2014 | | | | 36,000,000 | | | | 35,990,600 | |
Matchpoint Master Trust 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 57,000,000 | | | | 57,000,000 | |
Mountcliff Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 240,000,000 | | | | 240,000,000 | |
Newport Funding Corporation 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 74,000,000 | | | | 74,000,000 | |
Old Line Funding LLC 144A(z) | | | 0.22 | | | | 12-16-2014 | | | | 27,000,000 | | | | 26,977,395 | |
Old Line Funding LLC 144A(z) | | | 0.23 | | | | 9-9-2014 | | | | 28,000,000 | | | | 27,993,023 | |
Regency Markets No.1 LLC 144A(z) | | | 0.14 | | | | 8-18-2014 | | | | 50,814,000 | | | | 50,810,641 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.22 | | | | 8-6-2014 | | | | 101,000,000 | | | | 100,996,914 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.32 | | | | 8-18-2014 | | | | 35,048,000 | | | | 35,042,704 | |
Ridgefield Funding Company LLC 144A(z) | | | 0.12 | | | | 8-1-2014 | | | | 80,000,000 | | | | 80,000,000 | |
Ridgefield Funding Company LLC 144A± | | | 0.20 | | | | 2-17-2015 | | | | 134,000,000 | | | | 133,974,260 | |
Ridgefield Funding Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 57,000,000 | | | | 56,985,038 | |
Starbird Funding Corporation 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 19,000,000 | | | | 19,000,000 | |
Sydney Capital Corporation 144A(z) | | | 0.20 | | | | 9-24-2014 | | | | 47,900,000 | | | | 47,885,989 | |
Sydney Capital Corporation 144A(z) | | | 0.20 | | | | 9-12-2014 | | | | 20,000,000 | | | | 19,995,333 | |
Thunder Bay Funding LLC 144A(z) | | | 0.23 | | | | 9-3-2014 | | | | 55,142,000 | | | | 55,130,374 | |
Victory Receivables 144A(z) | | | 0.13 | | | | 8-1-2014 | | | | 81,010,000 | | | | 81,010,000 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-4-2014 | | | | 66,604,000 | | | | 66,603,112 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-6-2014 | | | | 73,000,000 | | | | 72,998,378 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-7-2014 | | | | 29,000,000 | | | | 28,999,227 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-11-2014 | | | | 75,000,000 | | | | 74,996,667 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-13-2014 | | | | 104,000,000 | | | | 103,994,453 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-19-2014 | | | | 51,000,000 | | | | 50,995,920 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-25-2014 | | | | 23,792,000 | | | | 23,789,462 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-28-2014 | | | | 40,577,000 | | | | 40,572,131 | |
White Plains Capital Company LLC 144A(z) | | | 0.25 | | | | 8-4-2014 | | | | 51,000,000 | | | | 50,998,938 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
White Point Funding Incorporated 144A(z) | | | 0.28 | % | | | 8-8-2014 | | | $ | 23,060,000 | | | $ | 23,058,745 | |
Working Capital Management Company 144A(z) | | | 0.15 | | | | 8-5-2014 | | | | 22,000,000 | | | | 21,999,633 | |
Working Capital Management Company 144A(z) | | | 0.15 | | | | 8-7-2014 | | | | 16,000,000 | | | | 15,999,600 | |
| | | | |
| | | | | | | | | | | | | | | 7,465,109,318 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Financial Company Commercial Paper: 17.70% | | | | | | | | | | | | | | | | |
ANZ New Zealand International Limited 144A± | | | 0.23 | | | | 9-16-2014 | | | | 105,000,000 | | | | 105,000,901 | |
Australia & New Zealand Banking Group 144A± | | | 0.23 | | | | 11-18-2014 | | | | 88,000,000 | | | | 88,000,000 | |
Banco de Credito e Inversiones 144A(z) | | | 0.42 | | | | 10-27-2014 | | | | 92,000,000 | | | | 91,906,620 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-3-2014 | | | | 54,000,000 | | | | 53,986,635 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-10-2014 | | | | 37,000,000 | | | | 36,988,900 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-15-2014 | | | | 26,000,000 | | | | 25,991,225 | |
Banco del Estado de Chile 144A(z) | | | 0.28 | | | | 9-26-2014 | | | | 77,000,000 | | | | 76,966,462 | |
Banco del Estado de Chile 144A(z) | | | 0.30 | | | | 10-8-2014 | | | | 31,000,000 | | | | 30,982,433 | |
Banco Santander Chile 144A(z) | | | 0.32 | | | | 9-12-2014 | | | | 106,000,000 | | | | 105,960,426 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-13-2014 | | | | 37,000,000 | | | | 36,995,807 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-19-2014 | | | | 34,000,000 | | | | 33,994,220 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-27-2014 | | | | 27,000,000 | | | | 26,993,370 | |
BNP Paribas Finance Incorporated (z) | | | 0.41 | | | | 1-14-2015 | | | | 250,000,000 | | | | 249,527,361 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.16 | | | | 8-11-2014 | | | | 127,000,000 | | | | 126,994,532 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-26-2014 | | | | 124,000,000 | | | | 123,965,280 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-29-2014 | | | | 71,000,000 | | | | 70,979,055 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-30-2014 | | | | 143,000,000 | | | | 142,957,100 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 10-6-2014 | | | | 78,000,000 | | | | 77,974,260 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 10-9-2014 | | | | 94,000,000 | | | | 93,967,570 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.20 | | | | 10-30-2014 | | | | 58,000,000 | | | | 57,971,000 | |
Caisse Centrale Desjardins du Quebec 144A± | | | 0.24 | | | | 1-23-2015 | | | | 58,000,000 | | | | 57,995,587 | |
Caisse Centrale Desjardins du Quebec 144A± | | | 0.25 | | | | 10-23-2014 | | | | 166,000,000 | | | | 166,000,417 | |
CDP Financial Incorporated 144A(z) | | | 0.15 | | | | 9-8-2014 | | | | 21,000,000 | | | | 20,996,675 | |
CDP Financial Incorporated 144A(z) | | | 0.19 | | | | 11-3-2014 | | | | 36,000,000 | | | | 35,982,140 | |
Commonwealth Bank of Australia 144A± | | | 0.23 | | | | 7-2-2015 | | | | 58,000,000 | | | | 58,000,000 | |
Commonwealth Bank of Australia 144A± | | | 0.23 | | | | 5-22-2015 | | | | 53,000,000 | | | | 53,000,000 | |
Commonwealth Bank of Australia 144A± | | | 0.24 | | | | 5-20-2015 | | | | 81,000,000 | | | | 81,000,000 | |
Commonwealth Bank of Australia 144A± | | | 0.24 | | | | 6-18-2015 | | | | 133,000,000 | | | | 132,994,070 | |
CPPIB Capital Incorporated 144A(z) | | | 0.14 | | | | 8-21-2014 | | | | 67,000,000 | | | | 66,994,789 | |
CPPIB Capital Incorporated 144A(z) | | | 0.14 | | | | 8-29-2014 | | | | 126,000,000 | | | | 125,986,280 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-8-2014 | | | | 100,000,000 | | | | 99,921,167 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-9-2014 | | | | 97,000,000 | | | | 96,922,939 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-10-2014 | | | | 48,850,000 | | | | 48,810,893 | |
DNB Nor Bank ASA 144A(z) | | | 0.12 | | | | 8-18-2014 | | | | 89,000,000 | | | | 88,994,957 | |
HSBC Bank plc 144A± | | | 0.25 | | | | 10-2-2014 | | | | 136,000,000 | | | | 136,000,000 | |
JPMorgan Securities Incorporated 144A± | | | 0.33 | | | | 9-10-2014 | | | | 139,000,000 | | | | 139,000,000 | |
Lloyds Bank plc (z) | | | 0.06 | | | | 8-1-2014 | | | | 241,000,000 | | | | 241,000,000 | |
Macquarie Bank Limited 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 15,000,000 | | | | 14,998,500 | |
Macquarie Bank Limited 144A(z) | | | 0.20 | | | | 9-15-2014 | | | | 11,000,000 | | | | 10,997,250 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.17 | | | | 8-4-2014 | | | | 118,000,000 | | | | 117,998,328 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.21 | | | | 8-8-2014 | | | | 114,000,000 | | | | 113,995,456 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 127,000,000 | | | | 126,992,045 | |
N.V. Bank Nederlandse Gemeenten 144A(z) | | | 0.20 | | | | 12-10-2014 | | | | 214,000,000 | | | | 213,844,255 | |
National Australia Funding Incorporated 144A± | | | 0.22 | | | | 3-10-2015 | | | | 140,000,000 | | | | 140,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Heritage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Financial Company Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Nederlandse Waterschapsbank NV 144A± | | | 0.22 | % | | | 11-10-2014 | | | $ | 45,000,000 | | | $ | 45,000,000 | |
Nederlandse Waterschapsbank NV 144A± | | | 0.24 | | | | 10-29-2014 | | | | 135,000,000 | | | | 135,000,000 | |
Nederlandse Waterschapsbank NV 144A± | | | 0.24 | | | | 12-23-2014 | | | | 64,000,000 | | | | 64,004,666 | |
Nordea Bank AB 144A(z) | | | 0.22 | | | | 8-26-2014 | | | | 28,500,000 | | | | 28,495,646 | |
NRW Bank 144A(z) | | | 0.09 | | | | 8-7-2014 | | | | 225,000,000 | | | | 224,996,625 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-14-2014 | | | | 236,000,000 | | | | 235,989,110 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-29-2014 | | | | 138,000,000 | | | | 137,986,047 | |
Oversea-Chinese Banking Corporation (z) | | | 0.20 | | | | 9-9-2014 | | | | 76,000,000 | | | | 75,983,533 | |
Shagang South Asia (z) | | | 0.35 | | | | 8-5-2014 | | | | 15,000,000 | | | | 14,999,417 | |
Shagang South Asia (z) | | | 0.35 | | | | 8-6-2014 | | | | 20,000,000 | | | | 19,999,028 | |
State Street Bank & Trust Company (z) | | | 0.17 | | | | 9-9-2014 | | | | 110,000,000 | | | | 109,979,742 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 8-5-2014 | | | | 86,000,000 | | | | 85,997,993 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 9-2-2014 | | | | 142,000,000 | | | | 141,973,493 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 133,000,000 | | | | 132,974,398 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 10-2-2014 | | | | 150,000,000 | | | | 149,945,750 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 10-3-2014 | | | | 59,000,000 | | | | 58,978,318 | |
Suncorp Group Limited 144A(z) | | | 0.26 | | | | 9-18-2014 | | | | 76,000,000 | | | | 75,973,654 | |
Suncorp Group Limited 144A(z) | | | 0.27 | | | | 8-20-2014 | | | | 25,000,000 | | | | 24,996,438 | |
Suncorp Group Limited 144A(z) | | | 0.29 | | | | 10-15-2014 | | | | 102,350,000 | | | | 102,288,948 | |
Suncorp Group Limited 144A(z) | | | 0.30 | | | | 10-16-2014 | | | | 27,000,000 | | | | 26,982,900 | |
Suncorp Group Limited 144A(z) | | | 0.30 | | | | 11-10-2014 | | | | 75,000,000 | | | | 74,936,875 | |
Swedbank (z) | | | 0.17 | | | | 8-21-2014 | | | | 65,400,000 | | | | 65,394,005 | |
United Overseas Bank Limited 144A(z) | | | 0.21 | | | | 10-10-2014 | | | | 46,000,000 | | | | 45,981,217 | |
United Overseas Bank Limited 144A(z) | | | 0.23 | | | | 11-19-2014 | | | | 58,000,000 | | | | 57,959,239 | |
United Overseas Bank Limited 144A(z) | | | 0.23 | | | | 11-21-2014 | | | | 43,000,000 | | | | 42,969,231 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-9-2015 | | | | 51,000,000 | | | | 50,923,840 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-11-2015 | | | | 112,000,000 | | | | 111,831,004 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-25-2015 | | | | 50,000,000 | | | | 49,919,111 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 3-9-2015 | | | | 40,000,000 | | | | 39,931,556 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 3-16-2015 | | | | 101,000,000 | | | | 100,821,679 | |
Westpac Banking Corporation 144A± | | | 0.23 | | | | 8-1-2014 | | | | 162,000,000 | | | | 162,000,000 | |
Westpac Securities NZ Limited 144A± | | | 0.23 | | | | 9-4-2014 | | | | 80,000,000 | | | | 80,000,000 | |
Westpac Securities NZ Limited 144A± | | | 0.23 | | | | 8-20-2014 | | | | 52,000,000 | | | | 52,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,873,742,368 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Other Commercial Paper: 7.53% | | | | | | | | | | | | | | | | |
Caisse Des Depots et Consignations 144A(z) | | | 0.15 | | | | 9-8-2014 | | | | 97,000,000 | | | | 96,984,641 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.16 | | | | 8-18-2014 | | | | 196,000,000 | | | | 195,985,654 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.16 | | | | 9-26-2014 | | | | 54,000,000 | | | | 53,986,560 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.17 | | | | 10-6-2014 | | | | 190,000,000 | | | | 189,940,783 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.17 | | | | 10-9-2014 | | | | 48,500,000 | | | | 48,484,197 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-17-2014 | | | | 205,000,000 | | | | 204,921,075 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-20-2014 | | | | 81,000,000 | | | | 80,967,600 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-24-2014 | | | | 40,000,000 | | | | 39,983,200 | |
China International Marine Containers Company Limited (z) | | | 0.35 | | | | 8-6-2014 | | | | 171,000,000 | | | | 170,991,688 | |
China International Marine Containers Company Limited (z) | | | 0.35 | | | | 8-7-2014 | | | | 47,000,000 | | | | 46,997,258 | |
China International Marine Containers Company Limited (z) | | | 0.38 | | | | 8-13-2014 | | | | 86,000,000 | | | | 85,989,107 | |
China Shipping Container Lines Company Limited (z) | | | 0.35 | | | | 8-1-2014 | | | | 267,500,000 | | | | 267,500,000 | |
Chinatex Capital Limited (z) | | | 0.35 | | | | 8-4-2014 | | | | 29,000,000 | | | | 28,999,154 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-4-2014 | | | | 103,000,000 | | | | 102,996,738 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Other Commercial Paper (continued) | | | | | | | | | | | | | | | | |
CNPC Finance 144A(z) | | | 0.38 | % | | | 8-7-2014 | | | $ | 32,000,000 | | | $ | 31,997,973 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-11-2014 | | | | 83,525,000 | | | | 83,516,183 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-14-2014 | | | | 118,000,000 | | | | 117,983,808 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-15-2014 | | | | 68,000,000 | | | | 67,989,951 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-26-2014 | | | | 45,000,000 | | | | 44,988,125 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-28-2014 | | | | 74,000,000 | | | | 73,978,910 | |
COFCO Capital Corporation (z) | | | 0.16 | | | | 8-5-2014 | | | | 36,700,000 | | | | 36,699,348 | |
COFCO Capital Corporation (z) | | | 0.16 | | | | 8-12-2014 | | | | 28,700,000 | | | | 28,698,597 | |
COFCO Capital Corporation (z) | | | 0.45 | | | | 8-1-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Erste Abwicklungsanstalt 144A(z) | | | 0.17 | | | | 10-14-2014 | | | | 65,000,000 | | | | 64,977,286 | |
Sinochem Company Limited (z) | | | 0.15 | | | | 8-4-2014 | | | | 68,000,000 | | | | 67,999,150 | |
Sinochem Company Limited (z) | | | 0.18 | | | | 9-4-2014 | | | | 50,000,000 | | | | 49,991,500 | |
Sinochem Company Limited (z) | | | 0.18 | | | | 9-5-2014 | | | | 18,000,000 | | | | 17,996,850 | |
Sinochem Company Limited (z) | | | 0.20 | | | | 10-8-2014 | | | | 68,000,000 | | | | 67,974,311 | |
Sinochem Company Limited (z) | | | 0.40 | | | | 8-14-2014 | | | | 48,500,000 | | | | 48,492,994 | |
Toyota Motor Credit Corporation ± | | | 0.22 | | | | 3-6-2015 | | | | 144,000,000 | | | | 144,000,000 | |
Toyota Motor Credit Corporation ± | | | 0.20 | | | | 9-10-2014 | | | | 265,000,000 | | | | 265,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 2,927,012,641 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Commercial Paper (Cost $17,265,864,327) | | | | | | | | | | | | | | | 17,265,864,327 | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 3.38% | | | | | | | | | | | | | | | | |
| | | | |
Arizona: 0.02% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.02% | | | | | | | | | | | | | | | | |
Glendale AZ IDA Thunderbird Garvin School Series A (Industrial Development Revenue, JPMorgan Chase & Company LOC) | | | 0.11 | | | | 7-1-2035 | | | | 6,230,000 | | | | 6,230,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
California: 0.15% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.07% | | | | | | | | | | | | | | | | |
Los Angeles County CA Metropolitan Transportation Authority Series ATSM (Transportation Revenue) | | | 0.17 | | | | 8-14-2014 | | | | 10,500,000 | | | | 10,500,000 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Series A2 (Water & Sewer Revenue) | | | 0.14 | | | | 8-13-2014 | | | | 17,900,000 | | | | 17,899,821 | |
| | | | |
| | | | | | | | | | | | | | | 28,399,821 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.08% | | | | | | | | | | | | | | | | |
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.20 | | | | 11-1-2041 | | | | 5,000,000 | | | | 5,000,000 | |
San Mateo County CA Community College CAB Series B (Tax Revenue, National Insured, Deutsche Bank LIQ) 144A | | | 0.15 | | | | 9-1-2036 | | | | 24,790,000 | | | | 24,790,000 | |
| | | | |
| | | | | | | | | | | | | | | 29,790,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado: 0.70% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.70% | | | | | | | | | | | | | | | | |
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA) | | | 0.12 | | | | 10-1-2033 | | | | 13,140,000 | | | | 13,140,000 | |
Colorado HFA Class I Series B-1 (Housing Revenue, JPMorgan Chase & Company SPA) | | | 0.10 | | | | 10-1-2038 | | | | 45,900,000 | | | | 45,900,000 | |
Colorado HFA Class I Series B-2 (Housing Revenue, JPMorgan Chase & Company SPA) | | | 0.12 | | | | 4-1-2038 | | | | 12,385,000 | | | | 12,385,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 14 | | Wells Fargo Advantage Heritage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Colorado HFA Class II Series A-2 (Housing Revenue, FHLB SPA) | | | 0.12 | % | | | 10-1-2033 | | | $ | 7,800,000 | | | $ | 7,800,000 | |
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) | | | 0.10 | | | | 5-1-2050 | | | | 88,405,000 | | | | 88,405,000 | |
Southern Ute Indian Tribe Reservation Colorado (Miscellaneous Revenue) 144A | | | 0.07 | | | | 4-1-2040 | | | | 67,035,000 | | | | 67,035,000 | |
Southern Ute Indian Tribe Reservation Colorado Series 2007 (Miscellaneous Revenue) | | | 0.12 | | | | 1-1-2027 | | | | 39,160,000 | | | | 39,160,000 | |
| | | | |
| | | | | | | | | | | | | | | 273,825,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia: 0.14% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.05% | | | | | | | | | | | | | | | | |
Georgia Municipal Electric Authority Series TX-B (Utilities Revenue) | | | 0.15 | | | | 8-4-2014 | | | | 19,355,000 | | | | 19,355,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.09% | | | | | | | | | | | | | | | | |
Savannah GA College of Art & Design Series 2004-BD (Education Revenue, Bank of America NA LOC) | | | 0.12 | | | | 4-1-2024 | | | | 33,500,000 | | | | 33,500,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 0.28% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.28% | | | | | | | | | | | | | | | | |
Deutsche Bank Spears/Lifers Trust Series 300 (Tax Revenue, National Insured, Deutsche Bank LIQ) 144A | | | 0.17 | | | | 12-15-2033 | | | | 29,205,000 | | | | 29,205,000 | |
Deutsche Bank Spears/Lifers Trust Series 331 (Tax Revenue, National Insured, Deutsche Bank LIQ) 144A | | | 0.17 | | | | 12-15-2034 | | | | 80,945,000 | | | | 80,945,000 | |
| | | | |
| | | | | | | | | | | | | | | 110,150,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Iowa: 0.02% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.02% | | | | | | | | | | | | | | | | |
Iowa Finance Authority SFMR Series C (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) | | | 0.14 | | | | 1-1-2039 | | | | 7,075,000 | | | | 7,075,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Louisiana: 0.04% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.04% | | | | | | | | | | | | | | | | |
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.20 | | | | 2-1-2045 | | | | 16,280,000 | | | | 16,280,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maine: 0.15% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.15% | | | | | | | | | | | | | | | | |
Maine Housing Authority Series F (Housing Revenue, Citibank NA LIQ) | | | 0.12 | | | | 11-15-2032 | | | | 36,585,000 | | | | 36,585,000 | |
Maine Housing Authority Series G (Housing Revenue, Bank of New York Mellon SPA) | | | 0.12 | | | | 11-15-2041 | | | | 23,000,000 | | | | 23,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 59,585,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maryland: 0.12% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.12% | | | | | | | | | | | | | | | | |
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC) | | | 0.10 | | | | 7-1-2032 | | | | 48,290,000 | | | | 48,290,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.10% | | | | | | | | | | | | | | | | |
Massachusetts Development Finance Agency Wentworth Institute Technology Series A (Education Revenue, JPMorgan Chase & Company LOC) | | | 0.20 | | | | 10-1-2033 | | | | 38,700,000 | | | | 38,700,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Michigan: 0.43% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.43% | | | | | | | | | | | | | | | | |
Michigan Finance Authority Series A (Miscellaneous Revenue, JPMorgan Chase & Company LOC) | | | 0.10 | % | | | 9-1-2053 | | | $ | 22,000,000 | | | $ | 22,000,000 | |
Michigan Finance Authority Series A (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.11 | | | | 9-1-2050 | | | | 100,000,000 | | | | 100,000,000 | |
Michigan Finance Authority Series B (Miscellaneous Revenue, PNC Bank NA LOC) | | | 0.11 | | | | 9-1-2050 | | | | 25,000,000 | | | | 25,000,000 | |
Michigan Finance Authority Series C (Miscellaneous Revenue, Bank of Montreal LOC) | | | 0.12 | | | | 9-1-2050 | | | | 22,000,000 | | | | 22,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 169,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Hampshire: 0.05% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.05% | | | | | | | | | | | | | | | | |
New Hampshire HEFA Taxable Higher Education Corporation Series A (Miscellaneous Revenue, Royal Bank of Canada LOC) | | | 0.11 | | | | 12-1-2032 | | | | 19,700,000 | | | | 19,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Jersey: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.09% | | | | | | | | | | | | | | | | |
New Jersey Housing & Mortgage Finance Agency Series G (Housing Revenue, Bank of America NA LOC) | | | 0.11 | | | | 11-1-2039 | | | | 14,315,000 | | | | 14,315,000 | |
North Hudson NJ Sewerage Authority Senior Lien Series C (Miscellaneous Revenue, TD Bank NA LOC) | | | 0.12 | | | | 6-1-2044 | | | | 20,000,000 | | | | 20,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 34,315,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Mexico: 0.07% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.07% | | | | | | | | | | | | | | | | |
New Mexico Puttable Floating Option Taxable Notes Series 042 (Education Revenue, Bank of America NA LIQ) 144A | | | 0.40 | | | | 1-2-2025 | | | | 25,960,000 | | | | 25,960,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New York: 0.50% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.50% | | | | | | | | | | | | | | | | |
New York HFA Series B (Housing Revenue) | | | 0.45 | | | | 5-1-2048 | | | | 180,000,000 | | | | 180,000,000 | |
Westchester County NY Healthcare Corporation Series D (Health Revenue, TD Bank NA LOC) | | | 0.10 | | | | 11-1-2034 | | | | 13,280,000 | | | | 13,280,000 | |
| | | | |
| | | | | | | | | | | | | | | 193,280,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio: 0.13% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.13% | | | | | | | | | | | | | | | | |
Ohio Air Quality Development Authority AK Steel Corporation Series B (Industrial Development Revenue, Bank of America NA LOC) | | | 0.14 | | | | 6-1-2024 | | | | 26,000,000 | | | | 26,000,000 | |
Ohio University Hospital Health System Series C (Health Revenue, Barclays Bank plc LOC) | | | 0.11 | | | | 1-15-2050 | | | | 23,000,000 | | | | 23,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 49,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Pennsylvania: 0.04% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.04% | | | | | | | | | | | | | | | | |
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured, Credit Suisse LIQ) 144A | | | 0.11 | | | | 8-1-2030 | | | | 16,434,000 | | | | 16,434,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 16 | | Wells Fargo Advantage Heritage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
South Carolina: 0.05% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.05% | | | | | | | | | | | | | | | | |
York County SC PCR Series 2000-B1 (Utilities Revenue) | | | 0.25 | % | | | 9-2-2014 | | | $ | 9,500,000 | | | $ | 9,500,000 | |
York County SC PCR Series 2000-B3 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 9,550,000 | | | | 9,550,000 | |
| | | | |
| | | | | | | | | | | | | | | 19,050,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee: 0.05% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.02% | | | | | | | | | | | | | | | | |
Baptist Memorial Health Care Corporation (Health Revenue) | | | 0.16 | | | | 9-2-2014 | | | | 7,000,000 | | | | 7,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.03% | | | | | | | | | | | | | | | | |
Johnson City TN Health & Educational Facilities Board Series B (Hospital Revenue, U.S. Bank NA LOC) | | | 0.12 | | | | 8-15-2043 | | | | 11,075,000 | | | | 11,075,000 | |
Johnson City TN Health & Educational Facilities Board Series B1 (Health Revenue, U.S. Bank NA LOC) | | | 0.13 | | | | 7-1-2033 | | | | 1,445,000 | | | | 1,445,000 | |
| | | | |
| | | | | | | | | | | | | | | 12,520,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas: 0.06% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.06% | | | | | | | | | | | | | | | | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.36 | | | | 12-15-2026 | | | | 25,606,173 | | | | 25,606,173 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 0.06% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.02% | | | | | | | | | | | | | | | | |
Port of Seattle WA Series D1 (Airport Revenue) | | | 0.17 | | | | 8-5-2014 | | | | 7,000,000 | | | | 7,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.04% | | | | | | | | | | | | | | | | |
Seattle WA Municipal Light & Power JPMorgan Chase PUTTER Trust Series T0001 (Utilities Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.22 | | | | 2-1-2040 | | | | 8,000,000 | | | | 8,000,000 | |
Washington Housing Finance Commission Regency Park Apartments Project Series A (Housing Revenue, FHLMC LIQ) | | | 0.11 | | | | 6-1-2027 | | | | 7,805,000 | | | | 7,805,000 | |
| | | | |
| | | | | | | | | | | | | | | 15,805,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wisconsin: 0.13% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.13% | | | | | | | | | | | | | | | | |
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA) | | | 0.09 | | | | 5-1-2030 | | | | 20,395,000 | | | | 20,395,000 | |
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA) | | | 0.09 | | | | 11-1-2030 | | | | 28,545,000 | | | | 28,545,000 | |
| | | | |
| | | | | | | | | | | | | | | 48,940,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $1,314,789,994) | | | | | | | | | | | | | | | 1,314,789,994 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Instruments: 4.49% | | | | | | | | | | | | | | | | |
DBS Bank Limited Pooled Bank Deposit Product | | | 0.16 | | | | 8-1-2014 | | | | 705,000,000 | | | | 705,000,000 | |
Oakland-Alameda County Series A1 Municipal Commercial Paper | | | 0.17 | | | | 8-28-2014 | | | | 4,155,000 | | | | 4,155,000 | |
Oakland-Alameda County Series A2 Municipal Commercial Paper | | | 0.16 | | | | 8-14-2014 | | | | 23,680,000 | | | | 23,680,000 | |
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product | | | 0.16 | | | | 8-1-2014 | | | | 720,000,000 | | | | 720,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 17 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Other Instruments (continued) | | | | | | | | | | | | | | | | |
State Street Bank & Trust Company ± | | | 0.23 | % | | | 3-17-2015 | | | $ | 149,000,000 | | | $ | 149,000,000 | |
State Street Bank & Trust Company ± | | | 0.23 | | | | 4-10-2015 | | | | 141,000,000 | | | | 141,000,000 | |
| | | | |
Total Other Instruments (Cost $1,742,835,000) | | | | | | | | | | | | | | | 1,742,835,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Notes: 0.97% | | | | | | | | | | | | | | | | |
| | | | |
| Corporate Bonds and Notes: 0.97% | | | | | | | | | | | | | | | | |
Bank of Nova Scotia ± | | | 0.24 | | | | 12-17-2014 | | | | 125,000,000 | | | | 125,000,000 | |
Hartford Healthcare Corporation ± | | | 0.12 | | | | 8-21-2014 | | | | 25,000,000 | | | | 25,000,000 | |
Jets Stadium Development Bonds 144A± | | | 0.11 | | | | 10-4-2014 | | | | 30,000,000 | | | | 30,000,000 | |
JPMorgan Chase Bank NA ± | | | 0.38 | | | | 7-17-2015 | | | | 30,000,000 | | | | 30,006,908 | |
Keep Memory Alive ± | | | 0.11 | | | | 8-21-2014 | | | | 21,665,000 | | | | 21,665,000 | |
Nederlandse Waterschapsbank NV 144A± | | | 0.29 | | | | 10-27-2014 | | | | 108,255,000 | | | | 108,263,179 | |
Royal Bank of Canada ± | | | 0.94 | | | | 10-30-2014 | | | | 17,000,000 | | | | 17,031,136 | |
Smithsonian Institution ± | | | 0.10 | | | | 9-9-2014 | | | | 19,500,000 | | | | 19,500,000 | |
| | | | |
Total Other Notes (Cost $376,466,223) | | | | | | | | | | | | | | | 376,466,223 | |
| | | | | | | | | | | | | | | | |
| | | | |
Repurchase Agreements ^^: 5.25% | | | | | | | | | | | | | | | | |
Bank of America Corporation, dated 7-31-2014, maturity value $583,966,560 (1) | | | 0.09 | | | | 8-1-2014 | | | | 583,965,100 | | | | 583,965,100 | |
Barclays Capital Incorporated, dated 7-31-2014, maturity value $86,000,215 (2) | | | 0.09 | | | | 8-1-2014 | | | | 86,000,000 | | | | 86,000,000 | |
Credit Agricole, dated 7-31-2014, maturity value $290,000,806 (3) | | | 0.10 | | | | 8-1-2014 | | | | 290,000,000 | | | | 290,000,000 | |
Credit Agricole, dated 7-31-2014, maturity value $63,225,123 (4) | | | 0.07 | | | | 8-1-2014 | | | | 63,225,000 | | | | 63,225,000 | |
Credit Suisse Securities, dated 7-31-2014, maturity value $145,000,363 (5) | | | 0.09 | | | | 8-1-2014 | | | | 145,000,000 | | | | 145,000,000 | |
Deutsche Bank Securities, dated 7-31-2014, maturity value $50,000,139 (6) | | | 0.10 | | | | 8-1-2014 | | | | 50,000,000 | | | | 50,000,000 | |
Goldman Sachs & Company, dated 7-1-2014, maturity value $145,040,600 (7)±§¢(i) | | | 0.16 | | | | 9-2-2014 | | | | 145,000,000 | | | | 145,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $521,263,394 (8)±§¢(i) | | | 0.28 | | | | 9-4-2014 | | | | 521,000,000 | | | | 521,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $57,006,872 (9)±§¢ | | | 0.14 | | | | 8-1-2014 | | | | 57,000,000 | | | | 57,000,000 | |
Merrill Lynch Pierce Fenner & Smith Incorporated, dated 7-31-2014, maturity value $100,000,250 (10) | | | 0.09 | | | | 8-1-2014 | | | | 100,000,000 | | | | 100,000,000 | |
| | | | |
Total Repurchase Agreements (Cost $2,041,190,100) | | | | | | | | | | | | | | | 2,041,190,100 | |
| | | | | | | | | | | | | | | | |
| | | | |
Treasury Debt: 0.33% | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | 2.38 | | | | 8-31-2014 | | | | 126,000,000 | | | | 126,227,448 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Treasury Debt (Cost $126,227,448) | | | | | | | | | | | | | | | 126,227,448 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $39,187,817,231) * | | | 100.88 | % | | | 39,187,817,231 | |
Other assets and liabilities, net | | | (0.88 | ) | | | (343,198,123 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 38,844,619,108 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 18 | | Wells Fargo Advantage Heritage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| § | The security is subject to a demand feature which reduces the effective maturity. |
| ¢ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
| | (1) | U.S. government securities, 3.00% to 6.00%, 8-1-2033 to 11-1-2043, fair value including accrued interest is $601,484,053. |
| | (2) | U.S. government securities, 0.00% to 6.75%, 8-1-2014 to 7-15-2037, fair value including accrued interest is $87,720,048. |
| | (3) | U.S. government securities, 0.13% to 8.00%, 1-13-2015 to 9-1-2031, fair value including accrued interest is $298,683,274. |
| | (4) | U.S. government securities, 0.00% to 9.25%, 8-7-2014 to 2-15-2044, fair value including accrued interest is $64,489,502. |
| | (5) | U.S. government securities, 0.13% to 2.00%, 4-15-2015 to 1-15-2024, fair value including accrued interest is $147,900,364. |
| | (6) | U.S. government securities, 4.50% to 5.00%, 2-1-2044 to 4-1-2044, fair value including accrued interest is $51,500,000. |
| | (7) | U.S. government securities, 0.00%, 8-4-2014 to 3-6-2015, fair value is $147,900,000. |
| | (8) | U.S. government securities, 0.00% to 0.33%, 8-1-2014 to 7-10-2016, fair value including accrued interest is $531,421,463. |
| | (9) | U.S. government securities, 0.00%, 8-28-2014 to 9-10-2015, fair value is $58,141,730. |
| | (10) | U.S. government securities, 1.63% to 9.00%, 4-20-2024 to 12-15-2054, fair value including accrued interest is $103,000,000. |
| * | 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, 2014 (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 19 | |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 39,187,817,231 | |
Cash | | | 23,874 | |
Receivable for Fund shares sold | | | 899,937 | |
Receivable for interest | | | 5,458,450 | |
| | | | |
Total assets | | | 39,194,199,492 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 821,512 | |
Payable for investments purchased | | | 341,145,454 | |
Payable for Fund shares redeemed | | | 2,078,654 | |
Advisory fee payable | | | 1,463,021 | |
Administration fees payable | | | 2,857,433 | |
Accrued expenses and other liabilities | | | 1,214,310 | |
| | | | |
Total liabilities | | | 349,580,384 | |
| | | | |
Total net assets | | $ | 38,844,619,108 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 38,851,716,396 | |
Overdistributed net investment income | | | (446,098 | ) |
Accumulated net realized losses on investments | | | (6,651,190 | ) |
| | | | |
Total net assets | | $ | 38,844,619,108 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Administrator Class | | $ | 337,836,479 | |
Shares outstanding – Administrator Class1 | | | 337,826,229 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 9,106,761,290 | |
Shares outstanding – Institutional Class1 | | | 9,106,458,693 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Select Class | | $ | 27,982,855,955 | |
Shares outstanding – Select Class1 | | | 27,981,884,207 | |
Net asset value per share – Select Class | | | $1.00 | |
Net assets – Service Class | | $ | 1,417,165,384 | |
Shares outstanding – Service Class1 | | | 1,417,128,994 | |
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.
| | | | |
| 20 | | Wells Fargo Advantage Heritage Money Market Fund | | Statement of operations—six months ended July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 36,600,245 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 18,874,291 | |
Administration fees | | | | |
Fund level | | | 6,397,904 | |
Administrator Class | | | 152,382 | |
Institutional Class | | | 3,696,805 | |
Select Class | | | 5,419,406 | |
Service Class | | | 662,864 | |
Shareholder servicing fees | | | | |
Administrator Class | | | 152,382 | |
Service Class | | | 1,329,639 | |
Custody and accounting fees | | | 828,922 | |
Professional fees | | | 27,502 | |
Registration fees | | | 52,599 | |
Shareholder report expenses | | | 24,868 | |
Trustees’ fees and expenses | | | 53,372 | |
Other fees and expenses | | | 354,264 | |
| | | | |
Total expenses | | | 38,027,200 | |
Less: Fee waivers and/or expense reimbursements | | | (10,615,009 | ) |
| | | | |
Net expenses | | | 27,412,191 | |
| | | | |
Net investment income | | | 9,188,054 | |
| | | | |
Net realized gains on investments | | | 52,844 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 9,240,898 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statement of changes in net assets | | Wells Fargo Advantage Heritage Money Market Fund | | | 21 | |
| | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014 (unaudited) | | | Year ended January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 9,188,054 | | | | | | | $ | 26,077,557 | |
Net realized gains on investments | | | | | | | 52,844 | | | | | | | | 695,648 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 9,240,898 | | | | | | | | 26,773,205 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Administrator Class | | | | | | | (15,238 | ) | | | | | | | (29,692 | ) |
Institutional Class | | | | | | | (462,086 | ) | | | | | | | (2,073,691 | ) |
Select Class | | | | | | | (8,655,493 | ) | | | | | | | (23,794,549 | ) |
Service Class | | | | | | | (55,237 | ) | | | | | | | (120,171 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (9,188,054 | ) | | | | | | | (26,018,103 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Administrator Class | | | 533,427,161 | | | | 533,427,161 | | | | 875,046,919 | | | | 875,046,919 | |
Institutional Class | | | 23,672,778,454 | | | | 23,672,778,454 | | | | 58,503,818,508 | | | | 58,503,818,508 | |
Select Class | | | 177,655,669,666 | | | | 177,655,669,666 | | | | 263,846,063,879 | | | | 263,846,063,879 | |
Service Class | | | 10,615,287,348 | | | | 10,615,287,348 | | | | 25,066,086,609 | | | | 25,066,086,609 | |
| | | | |
| | | | | | | 212,477,162,629 | | | | | | | | 348,291,015,915 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Administrator Class | | | 6,516 | | | | 6,516 | | | | 13,646 | | | | 13,646 | |
Institutional Class | | | 131,597 | | | | 131,597 | | | | 554,260 | | | | 554,260 | |
Select Class | | | 4,369,422 | | | | 4,369,422 | | | | 11,956,442 | | | | 11,956,442 | |
Service Class | | | 6,260 | | | | 6,260 | | | | 17,666 | | | | 17,666 | |
| | | | |
| | | | | | | 4,513,795 | | | | | | | | 12,542,014 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Administrator Class | | | (482,215,955 | ) | | | (482,215,955 | ) | | | (866,989,035 | ) | | | (866,989,035 | ) |
Institutional Class | | | (25,039,638,055 | ) | | | (25,039,638,055 | ) | | | (57,712,067,681 | ) | | | (57,712,067,681 | ) |
Select Class | | | (180,247,058,586 | ) | | | (180,247,058,586 | ) | | | (260,642,978,643 | ) | | | (260,642,978,643 | ) |
Service Class | | | (10,262,933,889 | ) | | | (10,262,933,889 | ) | | | (25,079,431,423 | ) | | | (25,079,431,423 | ) |
| | | | |
| | | | | | | (216,031,846,485 | ) | | | | | | | (344,301,466,782 | ) |
| | | | |
Net asset value of shares issued in acquisition | | | | | | | | | | | | | | | | |
Institutional Class | | | 0 | | | | 0 | | | | 1,865,706,267 | | | | 1,865,692,888 | |
Service Class | | | 0 | | | | 0 | | | | 415,853,249 | | | | 415,854,257 | |
| | | | |
| | | | | | | 0 | | | | | | | | 2,281,547,145 | |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | (3,550,170,061 | ) | | | | | | | 6,283,638,292 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (3,550,117,217 | ) | | | | | | | 6,284,393,394 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 42,394,736,325 | | | | | | | | 36,110,342,931 | |
| | | | |
End of period | | | | | | $ | 38,844,619,108 | | | | | | | $ | 42,394,736,325 | |
| | | | |
Overdistributed net investment income | | | | | | $ | (446,098 | ) | | | | | | $ | (446,098 | ) |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 22 | | Wells Fargo Advantage Heritage Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % | | | 0.21 | % | | | 2.19 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.37 | % | | | 0.38 | % |
Net expenses | | | 0.18 | % | | | 0.20 | % | | | 0.24 | % | | | 0.24 | % | | | 0.31 | % | | | 0.33 | % | | | 0.34 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % | | | 0.17 | % | | | 2.09 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $337,836 | | | | $286,618 | | | | $278,541 | | | | $374,371 | | | | $694,823 | | | | $1,201,158 | | | | $918,595 | |
| 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 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 Heritage Money Market Fund | | | 23 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.02 | % | | | 0.05 | % | | | 0.05 | % | | | 0.13 | % | | | 0.33 | % | | | 2.32 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.22 | % | | | 0.22 | % | | | 0.22 | % | | | 0.22 | % | | | 0.22 | % | | | 0.25 | % | | | 0.27 | % |
Net expenses | | | 0.18 | % | | | 0.19 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.21 | % | | | 0.22 | % |
Net investment income | | | 0.01 | % | | | 0.02 | % | | | 0.05 | % | | | 0.05 | % | | | 0.14 | % | | | 0.31 | % | | | 2.09 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $9,106,761 | | | | $10,473,476 | | | | $7,815,293 | | | | $11,089,557 | | | | $14,944,657 | | | | $7,795,659 | | | | $5,862,075 | |
| 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 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.
| | | | |
| 24 | | Wells Fargo Advantage Heritage Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SELECT CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.03 | % | | | 0.09 | % | | | 0.12 | % | | | 0.12 | % | | | 0.19 | % | | | 0.40 | % | | | 2.40 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.20 | % | | | 0.23 | % |
Net expenses | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % | | | 0.14 | % | | | 0.15 | % |
Net investment income | | | 0.06 | % | | | 0.08 | % | | | 0.12 | % | | | 0.12 | % | | | 0.21 | % | | | 0.30 | % | | | 2.14 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $27,982,856 | | | | $30,569,838 | | | | $27,354,255 | | | | $15,353,756 | | | | $26,630,573 | | | | $22,489,644 | | | | $6,066,768 | |
| 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 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 Heritage Money Market Fund | | | 25 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.51 | % | | | 0.51 | % |
Net expenses | | | 0.18 | % | | | 0.20 | % | | | 0.24 | % | | | 0.24 | % | | | 0.34 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,417,165 | | | | $1,064,804 | | | | $662,253 | | | | $993,333 | | | | $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.
| | | | |
| 26 | | 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Repurchase agreements
The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. 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.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
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
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 27 | |
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of January 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $6,704,034 expiring in 2017.
Class allocations
The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.
| | | | |
| 28 | | Wells Fargo Advantage Heritage Money Market Fund | | Notes to financial statements (unaudited) |
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 has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
Administration 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.43% for Service Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 March 1, 2013, the Fund acquired the net assets of Wells Fargo Advantage Prime Investment Money Market Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Institutional Class and Service Class shares of Wells Fargo Advantage Prime Investment Money Market Fund received Institutional Class and Service Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Prime Investment Money Market Fund for 2,281,559,516 shares of the Fund valued at $2,281,547,145 at an exchange ratio of 1.00 and 1.00 for Institutional Class and Service Class shares, respectively. The investment portfolio of Wells Fargo Advantage Prime Investment Money Market Fund with an amortized cost of $2,281,613,031 at March 1, 2013 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage Prime Investment Money Market Fund and the Fund immediately prior to the acquisition were $2,281,547,145 and $36,688,932,750, respectively. The aggregate net assets of the Fund immediately after the acquisition were $38,970,479,895. 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 Prime Investment Money Market Fund was carried forward to align ongoing reporting of the Fund’s realized gains and losses with amounts distributable to shareholders for tax purposes.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 29 | |
Assuming the acquisition had been completed February 1, 2013, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended January 31, 2014 would have been:
| | | | |
Net investment income | | $ | 26,581,237 | |
Net realized gains on investments | | $ | 708,519 | |
Net increase in net assets resulting from operations | | $ | 27,289,756 | |
6. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | |
| 30 | | Wells Fargo Advantage Heritage Money Market Fund | | Other information (unaudited) |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 31 | |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other
directorships during
past five years |
| Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
| Judith M. Johnson (Born 1949) | | Trustee, since 2008;
Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
| 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 |
| | | | |
| 32 | | 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 or longer | | Other
directorships during
past five years |
| Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and
year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
| 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. | | |
Nancy Wiser1
(Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
C. David Messman
(Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001. | | |
Debra Ann Early
(Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1
(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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 33 | |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Heritage Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an
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| 34 | | Wells Fargo Advantage Heritage Money Market Fund | | Other information (unaudited) |
independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for all share classes except for the Service Class, the net operating expense ratio for which was higher than the median net operating expense ratio of its expense Group. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on
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| Other information (unaudited) | | Wells Fargo Advantage Heritage Money Market Fund | | | 35 | |
factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to funds management and the sub-adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
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| 36 | | Wells Fargo Advantage Heritage Money Market Fund | | List of abbreviations |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 227176 09-14 SA304/SAR304 07-14 |
Wells Fargo Advantage Money Market Fund
Semi-Annual Report
July 31, 2014
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Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
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| 2 | | Wells Fargo Advantage Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
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| Letter to shareholders (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 3 | |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
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| 4 | | Wells Fargo Advantage Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
Laurie White
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (STGXX) | | 7-1-1992 | | | – | | | | – | | | | – | | | | 0.01 | | | | 0.01 | | | | 1.43 | | | | 0.82 | | | | 0.70 | |
| Class B* | | 7-1-1992 | | | (4.99 | ) | | | (0.39 | ) | | | 1.08 | | | | 0.01 | | | | 0.01 | | | | 1.08 | | | | 1.57 | | | | 1.45 | |
| Class C | | 6-30-2010 | | | (0.99 | ) | | | 0.01 | | | | 1.08 | | | | 0.01 | | | | 0.01 | | | | 1.08 | | | | 1.57 | | | | 1.45 | |
| Daily Class | | 6-30-2010 | | | – | | | | – | | | | – | | | | 0.01 | | | | 0.01 | | | | 1.43 | | | | 1.07 | | | | 1.00 | |
| Investor Class (WMMXX) | | 4-8-2005 | | | – | | | | – | | | | – | | | | 0.01 | | | | 0.01 | | | | 1.47 | | | | 0.85 | | | | 0.65 | |
| Service Class (WMOXX) | | 6-30-2010 | | | – | | | | – | | | | – | | | | 0.01 | | | | 0.01 | | | | 1.47 | | | | 0.72 | | | | 0.50 | |
| * | | Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges. |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
Class A shares, Daily Class shares, Investor Class shares, 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 sale 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 prospectuses.
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.
Please see footnotes on page 5.
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| Performance highlights (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 5 | |
|
| Portfolio composition as of July 31, 20144 |
|
 |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
29 days | | |
| | |
| Weighted average life6 as of July 31, 2014 |
51 days | | |
| 1. | Historical performance shown for Class C shares prior to their inception reflects the performance of Class B shares. Class B and Class C shares have the same expenses. Historical performance shown for Daily Class shares prior to their inception reflects the performance of Class A shares, and has not been adjusted to reflect the higher expenses applicable to Daily Class shares. If these expenses had been adjusted, returns would be lower. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. Historical performance shown for Service Class shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.63)%, (1.38)%, (1.38)%, (0.66)%, (0.53)%, and (0.88)% for Class A, Class B, Class C, Investor Class, Service Class, and Daily Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
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| 6 | | Wells Fargo Advantage Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) on redemptions 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, 2014 to July 31, 2014.
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 2-1-2014 | | | Ending account value 7-31-2014 | | | Expenses paid during the period¹ | | | Net annualized 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 | % |
Class B | | | | | | | | | | | | | | | | |
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 | % |
Class C | | | | | | | | | | | | | | | | |
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 | % |
Daily 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 | % |
Investor 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 | % |
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 | % |
| 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). |
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 7 | |
The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/moneymarket.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSRS, is also available on the SEC’s website at sec.gov.
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | |
Certificates of Deposit: 33.98% | | | | | | | | | | | | | | | | | | | | |
Abbey National Treasury Services plc | | | 0.08 | % | | | 8-1-2014 | | | $ | 45,000,000 | | | $ | 45,000,000 | | | | 1.30 | % |
Abbey National Treasury Services plc ± | | | 0.31 | | | | 3-4-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Agricultural Bank China | | | 0.26 | | | | 8-4-2014 | | | | 30,000,000 | | | | 29,999,950 | | | | 0.87 | |
Bank of Montreal | | | 0.17-0.95 | | | | 9-5-2014 to 12-22-2014 | | | | 35,000,000 | | | | 35,020,930 | | | | 1.02 | |
Bank of Montreal | | | 0.18 | | | | 8-26-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Bank of Montreal | | | 0.18 | | | | 9-17-2014 | | | | 25,000,000 | | | | 25,000,000 | | | | 0.72 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 3-4-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 6-29-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Bank of Nova Scotia | | | 0.42 | | | | 2-19-2015 | | | | 5,000,000 | | | | 5,004,966 | | | | 0.15 | |
BNP Paribas SA | | | 0.07 | | | | 8-1-2014 | | | | 46,000,000 | | | | 46,000,000 | | | | 1.33 | |
China Construction Bank Corporation ± | | | 0.41 | | | | 3-25-2015 | | | | 26,000,000 | | | | 26,000,000 | | | | 0.75 | |
Cooperatieve Centrale ± | | | 0.26-0.28 | | | | 8-26-2014 to 4-13-2015 | | | | 29,000,000 | | | | 29,003,111 | | | | 0.85 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 2-27-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Credit Agricole Corporate and Investment Banking | | | 0.08 | | | | 8-1-2014 | | | | 45,000,000 | | | | 45,000,000 | | | | 1.30 | |
Credit Industriel et Commercial (New York) | | | 0.10 | | | | 8-1-2014 | | | | 44,000,000 | | | | 44,000,000 | | | | 1.27 | |
Credit Industriel et Commercial (New York) | | | 0.12 | | | | 8-7-2014 | | | | 20,000,000 | | | | 20,000,000 | | | | 0.58 | |
DG Bank (New York) | | | 0.20 | | | | 8-8-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Fortis Funding LLC | | | 0.07 | | | | 8-1-2014 | | | | 58,000,000 | | | | 58,000,000 | | | | 1.68 | |
KBC Bank | | | 0.11 | | | | 8-1-2014 | | | | 47,000,000 | | | | 47,000,000 | | | | 1.36 | |
KBC Bank | | | 0.13 | | | | 8-5-2014 | | | | 21,000,000 | | | | 21,000,000 | | | | 0.61 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20-0.21 | | | | 8-15-2014 to 10-2-2014 | | | | 39,000,000 | | | | 39,000,000 | | | | 1.13 | |
National Bank of Kuwait | | | 0.10 | | | | 8-1-2014 | | | | 20,000,000 | | | | 20,000,000 | | | | 0.58 | |
Nordea Bank AB | | | 0.20 | | | | 9-29-2014 | | | | 30,000,000 | | | | 30,001,962 | | | | 0.87 | |
Norinchukin Bank | | | 0.19-0.21 | | | | 8-18-2014 to 9-5-2014 | | | | 31,000,000 | | | | 31,000,028 | | | | 0.89 | |
Norinchukin Bank | | | 0.20 | | | | 9-29-2014 | | | | 20,000,000 | | | | 20,000,000 | | | | 0.58 | |
Norinchukin Bank | | | 0.20 | | | | 10-3-2014 | | | | 20,000,000 | | | | 20,000,000 | | | | 0.58 | |
Norinchukin Bank | | | 0.20 | | | | 10-31-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Royal Bank of Canada ± | | | 0.25 | | | | 10-17-2014 | | | | 18,000,000 | | | | 18,000,000 | | | | 0.52 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-27-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Societe Generale | | | 0.10 | | | | 8-1-2014 | | | | 49,000,000 | | | | 49,000,000 | | | | 1.42 | |
Societe Generale ± | | | 0.28 | | | | 10-31-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Societe Generale ± | | | 0.36 | | | | 9-12-2014 | | | | 13,000,000 | | | | 13,000,000 | | | | 0.38 | |
Standard Chartered Bank | | | 0.17 | | | | 8-4-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Sumitomo Mitsui Banking Corporation | | | 0.21-0.22 | | | | 8-4-2014 to 9-2-2014 | | | | 6,000,000 | | | | 6,000,007 | | | | 0.18 | |
Sumitomo Mitsui Banking Corporation ± | | | 0.22 | | | | 9-19-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Swedbank | | | 0.18-0.20 | | | | 10-9-2014 to 11-10-2014 | | | | 13,000,000 | | | | 13,000,000 | | | | 0.37 | |
Swedbank ± | | | 0.24 | | | | 8-15-2014 | | | | 25,000,000 | | | | 25,000,000 | | | | 0.72 | |
Toronto-Dominion Bank | | | 0.16 | | | | 8-13-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Toronto-Dominion Bank | | | 0.16-0.23 | | | | 9-8-2014 to 4-15-2015 | | | | 33,000,000 | | | | 33,000,000 | | | | 0.95 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 6-16-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 2-6-2015 | | | | 23,000,000 | | | | 23,000,000 | | | | 0.67 | |
Westpac Banking Corporation ± | | | 0.23 | | | | 2-18-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Other securities | | | | 149,000,682 | | | | 4.33 | |
| | |
Total Certificates of Deposit (Cost $1,175,031,636) | | | | 1,175,031,636 | | | | 33.98 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | |
Commercial Paper: 47.48% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Asset-Backed Commercial Paper: 22.61% | | | | | | | | | | | | | | | | | | | | |
Antalis US Funding Corporation 144A(z) | | | 0.25 | % | | | 9-30-2014 | | | $ | 27,000,000 | | | $ | 26,988,750 | | | | 0.78 | % |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-5-2014 to 9-10-2014 | | | | 46,000,000 | | | | 45,993,176 | | | | 1.33 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 17,000,000 | | | | 16,996,728 | | | | 0.49 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-11-2014 to 9-15-2014 | | | | 55,000,000 | | | | 54,989,361 | | | | 1.59 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 17,000,000 | | | | 16,996,728 | | | | 0.49 | |
Kells Funding LLC ±144A | | | 0.22 | | | | 10-28-2014 | | | | 20,000,000 | | | | 19,999,440 | | | | 0.58 | |
Kells Funding LLC ±144A | | | 0.23-0.24 | | | | 10-8-2014 to 2-13-2015 | | | | 31,000,000 | | | | 31,000,535 | | | | 0.90 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 12-12-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 5-15-2015 | | | | 19,000,000 | | | | 19,000,000 | | | | 0.55 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 21,000,000 | | | | 20,995,958 | | | | 0.61 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-9-2014 to 9-15-2014 | | | | 45,000,000 | | | | 44,989,063 | | | | 1.30 | |
Liberty Street Funding LLC 144A(z) | | | 0.15-0.19 | | | | 8-5-2014 to 10-3-2014 | | | | 57,000,000 | | | | 56,990,082 | | | | 1.65 | |
LMA Americas LLC 144A(z) | | | 0.11-0.26 | | | | 8-1-2014 to 10-8-2014 | | | | 9,500,000 | | | | 9,498,187 | | | | 0.28 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-7-2014 | | | | 37,000,000 | | | | 36,982,096 | | | | 1.07 | |
Manhattan Asset Funding Company LLC (z) | | | 0.18-0.20 | | | | 8-4-2014 to 9-17-2014 | | | | 48,000,000 | | | | 47,995,904 | | | | 1.39 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.19 | | | | 8-6-2014 | | | | 22,000,000 | | | | 21,999,414 | | | | 0.64 | |
Mountcliff Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 20,000,000 | | | | 20,000,000 | | | | 0.58 | |
Regency Markets No.1 LLC 144A(z) | | | 0.14 | | | | 8-20-2014 | | | | 20,000,000 | | | | 19,998,522 | | | | 0.58 | |
Victory Receivables 144A(z) | | | 0.13-0.16 | | | | 8-1-2014 to 8-28-2014 | | | | 37,895,000 | | | | 37,892,826 | | | | 1.08 | |
Other securities | | | | | | | | | | | | | | | 217,607,182 | | | | 6.29 | |
| | | | | |
| | | | | | | | | | | | | | | 781,913,952 | | | | 22.61 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| Financial Company Commercial Paper: 17.78% | | | | | | | | | | | | | | | | | |
Caisse Centrale Desjardins du Quebec 144A | | | 0.16-0.25 | | | | 8-11-2014 to 10-30-2014 | | | | 66,000,000 | | | | 65,985,057 | | | | 1.91 | |
Commonwealth Bank of Australia ±144A | | | 0.23-0.24 | | | | 5-22-2015 to 7-2-2015 | | | | 25,000,000 | | | | 24,999,331 | | | | 0.73 | |
Commonwealth Bank of Australia ±144A | | | 0.24 | | | | 5-20-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
DBS Bank Limited 144A (z) | | | 0.22 | | | | 12-9-2014 to 12-10-2014 | | | | 16,000,000 | | | | 15,987,253 | | | | 0.46 | |
JPMorgan Securities Incorporated ±144A | | | 0.33 | | | | 9-10-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Lloyds Bank plc (z) | | | 0.06 | | | | 8-1-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
N.V. Bank Nederlandse Gemeenten 144A(z) | | | 0.20 | | | | 12-10-2014 | | | | 25,000,000 | | | | 24,981,805 | | | | 0.72 | |
National Australia Funding Incorporated ±144A | | | 0.22 | | | | 3-10-2015 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.24 | | | | 10-29-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.24 | | | | 12-23-2014 | | | | 14,000,000 | | | | 14,000,920 | | | | 0.41 | |
NRW Bank 144A(z) | | | 0.09-0.13 | | | | 8-7-2014 to 8-29-2014 | | | | 25,000,000 | | | | 24,998,764 | | | | 0.72 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-14-2014 | | | | 20,000,000 | | | | 19,999,080 | | | | 0.58 | |
State Street Bank & Trust Company (z) | | | 0.17 | | | | 9-9-2014 | | | | 12,000,000 | | | | 11,997,790 | | | | 0.35 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 8-5-2014 to 10-3-2014 | | | | 52,000,000 | | | | 51,987,978 | | | | 1.50 | |
United Overseas Bank Limited 144A(z) | | | 0.21-0.28 | | | | 10-10-2014 to 3-16-2015 | | | | 56,000,000 | | | | 55,925,413 | | | | 1.60 | |
Westpac Banking Corporation ±144A | | | 0.23 | | | | 8-1-2014 | | | | 20,000,000 | | | | 20,000,000 | | | | 0.58 | |
Other securities | | | | | | | | | | | | | | | 208,959,975 | | | | 6.07 | |
| | | | | |
| | | | | | | | | | | | | | | 614,823,366 | | | | 17.78 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Commercial Paper: 7.09% | | | | | | | | | | | | | | | | | | | | |
Caisse Des Depots et Consignations 144A(z) | | | 0.15-0.18 | | | | 8-18-2014 to 10-20-2014 | | | | 50,000,000 | | | | 49,987,957 | | | | 1.44 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-17-2014 | | | | 25,000,000 | | | | 24,990,375 | | | | 0.72 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-4-2014 | | | | 20,000,000 | | | | 19,999,367 | | | | 0.58 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-7-2014 | | | | 17,000,000 | | | | 16,998,923 | | | | 0.49 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | |
| Other Commercial Paper (continued) | | | | | | | | | | | | | | | | | | | | |
CNPC Finance 144A(z) | | | 0.38 | % | | | 8-18-2014 to 8-28-2014 | | | $ | 26,000,000 | | | $ | 25,994,110 | | | | 0.75 | % |
Toyota Motor Credit Corporation ± | | | 0.22 | | | | 3-6-2015 | | | | 10,000,000 | | | | 10,000,000 | | | | 0.29 | |
Toyota Motor Credit Corporation ± | | | 0.20 | | | | 9-10-2014 | | | | 30,000,000 | | | | 30,000,000 | | | | 0.87 | |
Other securities | | | | | | | | | | | | | | | 66,991,775 | | | | 1.95 | |
| | | | | |
| | | | | | | | | | | | | | | 244,962,507 | | | | 7.09 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Commercial Paper (Cost $1,641,699,825) | | | | | | | | | | | | | | | 1,641,699,825 | | | | 47.48 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Government Agency Debt: 0.32% | | | | | | | | | | | | | | | | | | | | |
Other securities (Cost $11,000,000) | | | | | | | | | | | | | | | 11,000,000 | | | | 0.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Municipal Obligations: 5.43% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
California: 0.75% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.35% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 11,999,980 | | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.40% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 13,800,000 | | | | 0.40 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Colorado: 0.44% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.44% | | | | | | | | | | | | | | | | | | | | |
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) | | | 0.10 | | | | 5-1-2050 | | | | 15,060,000 | | | | 15,060,000 | | | | 0.44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Connecticut: 0.14% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.14% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 5,000,000 | | | | 0.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Georgia: 0.21% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.06% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 2,000,000 | | | | 0.06 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.15% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 5,130,000 | | | | 0.15 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Illinois: 0.12% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.12% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 4,180,000 | | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Massachusetts: 0.23% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.23% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 8,000,000 | | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Michigan: 0.38% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.38% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 13,000,000 | | | | 0.38 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | |
New Mexico: 0.69% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.69% | | | | | | | | | | | | | | | | | | | | |
New Mexico Municipal Energy Acquisition Authority Gas Supply (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.11 | % | | | 11-1-2039 | | | $ | 24,000,000 | | | $ | 24,000,000 | | | | 0.69 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
New York: 0.57% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.57% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 19,740,000 | | | | 0.57 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
North Carolina: 0.08% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.08% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 2,750,000 | | | | 0.08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ohio: 0.18% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.18% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 6,249,000 | | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Oregon: 0.14% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.14% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 5,000,000 | | | | 0.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
South Carolina: 0.40% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.40% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 13,776,000 | | | | 0.40 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Tennessee: 0.03% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.03% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 1,000,000 | | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Texas: 0.53% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.53% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 18,487,037 | | | | 0.53 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Washington: 0.14% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.14% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 5,000,000 | | | | 0.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Wisconsin: 0.40% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.40% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 13,765,000 | | | | 0.40 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Municipal Obligations (Cost $187,937,017) | | | | | | | | | | | | | | | 187,937,017 | | | | 5.43 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Other Instruments: 4.63% | | | | | | | | | | | | | | | | | | | | |
DBS Bank Limited Pooled Bank Deposit Product § | | | 0.16 | | | | 1-1-2050 | | | | 60,000,000 | | | | 60,000,000 | | | | 1.73 | |
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product § | | | 0.16 | | | | 1-1-2050 | | | | 60,000,000 | | | | 60,000,000 | | | | 1.74 | |
State Street Bank & Trust Company ± | | | 0.23 | | | | 3-17-2015 | | | | 8,000,000 | | | | 8,000,000 | | | | 0.23 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | |
Other Instruments (continued) | | | | | | | | | | | | | | | | | | | | |
State Street Bank & Trust Company ± | | | 0.23 | % | | | 4-10-2015 | | | $ | 15,000,000 | | | $ | 15,000,000 | | | | 0.43 | % |
Other securities | | | | | | | | | | | | | | | 17,169,000 | | | | 0.50 | |
| | | | | |
Total Other Instruments (Cost $160,169,000) | | | | | | | | | | | | | | | 160,169,000 | | | | 4.63 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Other Notes: 1.83% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate Bonds and Notes: 1.83% | | | | | | | | | | | | | | | | | | | | |
Bank of Nova Scotia ± | | | 0.24 | | | | 12-17-2014 | | | | 15,000,000 | | | | 15,000,000 | | | | 0.43 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.29 | | | | 10-27-2014 | | | | 14,000,000 | | | | 14,001,058 | | | | 0.41 | |
Other securities | | | | | | | | | | | | | | | 34,269,814 | | | | 0.99 | |
| | | | | |
Total Other Notes (Cost $63,270,872) | | | | | | | | | | | | | | | 63,270,872 | | | | 1.83 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Repurchase Agreements ^^: 6.85% | | | | | | | | | | | | | | | | | | | | |
Bank of America Corporation, dated 7-31-2014, maturity value $74,721,587 (1) | | | 0.09 | | | | 8-1-2014 | | | | 74,721,400 | | | | 74,721,400 | | | | 2.16 | |
Barclays Capital Incorporated, dated 7-31-2014, maturity value $12,000,030 (2) | | | 0.09 | | | | 8-1-2014 | | | | 12,000,000 | | | | 12,000,000 | | | | 0.35 | |
Credit Agricole, dated 7-31-2014, maturity value $ 39,000,108 (3) | | | 0.10 | | | | 8-1-2014 | | | | 39,000,000 | | | | 39,000,000 | | | | 1.13 | |
Credit Suisse Securities, dated 7-31-2014, maturity value $19,000,048 (4) | | | 0.09 | | | | 8-1-2014 | | | | 19,000,000 | | | | 19,000,000 | | | | 0.55 | |
Goldman Sachs & Company, dated 7-1-2014, maturity value $13,003,582 (5) ±§¢(i) | | | 0.16 | | | | 9-1-2014 | | | | 13,000,000 | | | | 13,000,000 | | | | 0.38 | |
GX Clarke & Company, dated 7-31-2014, maturity value $12,000,053 (6) | | | 0.16 | | | | 8-1-2014 | | | | 12,000,000 | | | | 12,000,000 | | | | 0.35 | |
JPMorgan Securities, dated 7-1-2014, maturity value $62,031,344 (7) ±§¢(i) | | | 0.28 | | | | 9-4-2014 | | | | 62,000,000 | | | | 62,000,000 | | | | 1.79 | |
JPMorgan Securities, dated 7-1-2014, maturity value
$5,000,603 (8) ±§¢ | | | 0.14 | | | | 8-1-2014 | | | | 5,000,000 | | | | 5,000,000 | | | | 0.14 | |
| | | | | |
Total Repurchase Agreements (Cost $236,721,400) | | | | | | | | | | | | | | | 236,721,400 | | | | 6.85 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Treasury Debt: 0.35% | | | | | | | | | | | | | | | | | | | | |
Other securities (Cost $12,021,662) | | | | | | | | | | | | | | | 12,021,662 | | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | |
| Total investments in securities | | | | | | | | | | | | | | | | | | | | |
| (Cost $3,487,851,412) * | | | | | | | | | | | | | | | 3,487,851,412 | | | | 100.87 | % |
Other assets and liabilities, net | | | | | | | | | | | | | | | (30,171,938 | ) | | | (0.87 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Total net assets | | | | | | | | | | | | | | $ | 3,457,679,474 | | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| § | The security is subject to a demand feature which reduces the effective maturity. |
| | (1) | U.S. government securities, 3.00% to 6.00%, 8-1-2033 to 11-1-2043, fair value including accrued interest is $76,963,042. |
| | (2) | U.S. government securities, 0.00% to 6.75%, 8-1-2014 to 7-15-2037, fair value including accrued interest is $12,240,007. |
| | (3) | U.S. government securities, 0.13% to 8.00%, 1-13-2015 to 9-1-2031, fair value including accrued interest is $40,167,751. |
| | (4) | U.S. government securities, 0.13% to 2.00%, 4-15-2015 to 1-15-2024, fair value including accrued interest is $19,380,048. |
| | (5) | U.S. government securities, 0.00%, 8-4-2014 to 3-6-2015, fair value is $13,260,000. |
| | (6) | U.S. government securities, 0.00% to 7.50%, 8-28-2014 to 7-15-2032, fair value including accrued interest is $12,240,267. |
| | (7) | U.S. government securities, 0.00% to 0.33%, 8-1-2014 to 7-10-2017, fair value including accrued interest is $63,240,174. |
| | (8) | U.S. government securities, 0.00%, 8-28-2014 to 9-10-2016, fair value is $5,100,152. |
| ¢ | Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
| * | 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, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 13 | |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 3,487,851,412 | |
Cash | | | 56 | |
Receivable for investments sold | | | 45,000 | |
Receivable for Fund shares sold | | | 1,659,244 | |
Receivable for interest | | | 555,380 | |
Receivable from adviser | | | 1,263,451 | |
Prepaid expenses and other assets | | | 144,749 | |
| | | | |
Total assets | | | 3,491,519,292 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 60,767 | |
Payable for investments purchased | | | 30,012,797 | |
Payable for Fund shares redeemed | | | 1,306,217 | |
Distribution fees payable | | | 261,375 | |
Administration fees payable | | | 767,858 | |
Accrued expenses and other liabilities | | | 1,430,804 | |
| | | | |
Total liabilities | | | 33,839,818 | |
| | | | |
Total net assets | | $ | 3,457,679,474 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 3,462,010,170 | |
Overdistributed net investment income | | | (440,715 | ) |
Accumulated net realized losses on investments | | | (3,889,981 | ) |
| | | | |
Total net assets | | $ | 3,457,679,474 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 1,386,142,317 | |
Shares outstanding – Class A1 | | | 1,386,042,936 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Class B | | $ | 5,654,322 | |
Shares outstanding – Class B1 | | | 5,653,693 | |
Net asset value per share – Class B | | | $1.00 | |
Net assets – Class C | | $ | 13,736,170 | |
Shares outstanding – Class C1 | | | 13,735,137 | |
Net asset value per share – Class C | | | $1.00 | |
Net assets – Daily Class | | $ | 1,194,435,270 | |
Shares outstanding – Daily Class1 | | | 1,194,346,772 | |
Net asset value per share – Daily Class | | | $1.00 | |
Net assets – Investor Class | | $ | 512,718,168 | |
Shares outstanding – Investor Class1 | | | 512,682,661 | |
Net asset value per share – Investor Class | | | $1.00 | |
Net assets – Service Class | | $ | 344,993,227 | |
Shares outstanding – Service Class1 | | | 344,970,578 | |
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.
| | | | |
| 14 | | Wells Fargo Advantage Money Market Fund | | Statement of operations—six months ended July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 3,501,950 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 4,944,004 | |
Administration fees | | | | |
Fund level | | | 876,618 | |
Class A | | | 1,549,845 | |
Class B | | | 7,095 | |
Class C | | | 16,256 | |
Daily Class | | | 1,348,686 | |
Investor Class | | | 643,547 | |
Service Class | | | 201,227 | |
Shareholder servicing fees | | | | |
Class A | | | 1,761,188 | |
Class B | | | 3,489 | |
Class C | | | 18,473 | |
Daily Class | | | 1,532,597 | |
Investor Class | | | 633,526 | |
Service Class | | | 418,694 | |
Distribution fees | | | | |
Class B | | | 24,187 | |
Class C | | | 55,419 | |
Daily Class | | | 1,532,597 | |
Custody and accounting fees | | | 103,386 | |
Professional fees | | | 23,189 | |
Registration fees | | | 76,766 | |
Shareholder report expenses | | | 174,070 | |
Trustees’ fees and expenses | | | 5,220 | |
Other fees and expenses | | | 47,726 | |
| | | | |
Total expenses | | | 15,997,805 | |
Less: Fee waivers and/or expense reimbursements | | | (12,671,167 | ) |
| | | | |
Net expenses | | | 3,326,638 | |
| | | | |
Net investment income | | | 175,312 | |
| | | | |
Net realized gains on investments | | | 4,979 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 180,291 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statement of changes in net assets | | Wells Fargo Advantage Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended
January 31, 2014 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 175,312 | | | | | | | $ | 433,166 | |
Net realized gains on investments | | | | | | | 4,979 | | | | | | | | 179,715 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 180,291 | | | | | | | | 612,881 | |
| | | | |
| | | |
Distributions to shareholders from | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (70,443 | ) | | | | | | | (163,796 | ) |
Class B | | | | | | | (322 | ) | | | | | | | (1,075 | ) |
Class C | | | | | | | (739 | ) | | | | | | | (1,582 | ) |
Daily Class | | | | | | | (61,300 | ) | | | | | | | (128,867 | ) |
Investor Class | | | | | | | (25,740 | ) | | | | | | | (58,263 | ) |
Service Class | | | | | | | (16,768 | ) | | | | | | | (37,716 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (175,312 | ) | | | | | | | (391,299 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 832,144,541 | | | | 832,144,541 | | | | 1,607,144,153 | | | | 1,607,144,153 | |
Class B | | | 114,839 | | | | 114,839 | | | | 921,303 | | | | 921,303 | |
Class C | | | 1,883,610 | | | | 1,883,610 | | | | 14,212,502 | | | | 14,212,502 | |
Daily Class | | | 2,611,190,710 | | | | 2,611,190,710 | | | | 5,778,495,108 | | | | 5,778,495,108 | |
Investor Class | | | 96,024,763 | | | | 96,024,763 | | | | 230,037,009 | | | | 230,037,009 | |
Service Class | | | 1,188,417,304 | | | | 1,188,417,304 | | | | 2,935,717,291 | | | | 2,935,717,291 | |
| | | | |
| | | | | | | 4,729,775,767 | | | | | | | | 10,566,527,366 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 67,839 | | | | 67,839 | | | | 156,299 | | | | 156,299 | |
Class B | | | 316 | | | | 316 | | | | 1,031 | | | | 1,031 | |
Class C | | | 709 | | | | 709 | | | | 1,492 | | | | 1,492 | |
Daily Class | | | 36,566 | | | | 36,566 | | | | 75,933 | | | | 75,933 | |
Investor Class | | | 21,446 | | | | 21,446 | | | | 47,360 | | | | 47,360 | |
Service Class | | | 6,707 | | | | 6,707 | | | | 5,036 | | | | 5,036 | |
| | | | |
| | | | | | | 133,583 | | | | | | | | 287,151 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (914,717,427 | ) | | | (914,717,427 | ) | | | (2,179,460,849 | ) | | | (2,179,460,849 | ) |
Class B | | | (2,426,971 | ) | | | (2,426,971 | ) | | | (7,319,177 | ) | | | (7,319,177 | ) |
Class C | | | (4,417,854 | ) | | | (4,417,854 | ) | | | (12,435,805 | ) | | | (12,435,805 | ) |
Daily Class | | | (2,845,411,619 | ) | | | (2,845,411,619 | ) | | | (5,620,204,945 | ) | | | (5,620,204,945 | ) |
Investor Class | | | (114,619,878 | ) | | | (114,619,878 | ) | | | (340,142,443 | ) | | | (340,142,443 | ) |
Service Class | | | (1,178,090,240 | ) | | | (1,178,090,240 | ) | | | (2,999,243,764 | ) | | | (2,999,243,764 | ) |
| | | | |
| | | | | | | (5,059,683,989 | ) | | | | | | | (11,158,806,983 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (329,774,639 | ) | | | | | | | (591,992,466 | ) |
| | | | |
Total decrease in net assets | | | | | | | (329,769,660 | ) | | | | | | | (591,770,884 | ) |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 3,787,449,134 | | | | | | | | 4,379,220,018 | |
| | | | |
End of period | | | | | | $ | 3,457,679,474 | | | | | | | $ | 3,787,449,134 | |
| | | | |
Overdistributed net investment income | | | | | | $ | (440,715 | ) | | | | | | $ | (440,715 | ) |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 16 | | Wells Fargo Advantage Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.04 | % | | | 1.74 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.83 | % | | | 0.82 | % | | | 0.80 | % | | | 0.80 | % | | | 0.79 | % | | | 0.88 | % | | | 0.83 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.25 | % | | | 0.26 | % | | | 0.35 | % | | | 0.58 | % | | | 0.79 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.05 | % | | | 1.75 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,386,142 | | | | $1,468,645 | | | | $2,040,718 | | | | $3,110,020 | | | | $4,908,741 | | | | $5,218,601 | | | | $8,894,795 | |
| 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 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 Money Market Fund | | | 17 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS B | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.03 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 1.43 | % | | | 1.47 | % | | | 1.55 | % | | | 1.55 | % | | | 1.56 | % | | | 1.62 | % | | | 1.58 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.24 | % | | | 0.26 | % | | | 0.35 | % | | | 0.62 | % | | | 1.49 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 1.04 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $5,654 | | | | $7,966 | | | | $14,362 | | | | $400,677 | | | | $542,695 | | | | $628,445 | | | | $1,238,714 | |
| 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 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.
| | | | |
| 18 | | Wells Fargo Advantage Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | |
| CLASS C | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 1.58 | % | | | 1.57 | % | | | 1.55 | % | | | 1.51 | % | | | 1.52 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.25 | % | | | 0.26 | % | | | 0.36 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $13,736 | | | | $16,270 | | | | $14,491 | | | | $18,910 | | | | $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 | | | 19 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | |
| DAILY CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 1.08 | % | | | 1.07 | % | | | 1.05 | % | | | 1.06 | % | | | 1.04 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.25 | % | | | 0.26 | % | | | 0.36 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,194,435 | | | | $1,428,618 | | | | $1,270,171 | | | | $1,564,827 | | | | $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.
| | | | |
| 20 | | Wells Fargo Advantage Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INVESTOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.08 | % | | | 1.85 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.85 | % | | | 0.85 | % | | | 0.83 | % | | | 0.84 | % | | | 0.84 | % | | | 0.92 | % | | | 0.90 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.25 | % | | | 0.26 | % | | | 0.35 | % | | | 0.52 | % | | | 0.68 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.08 | % | | | 1.82 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $512,718 | | | | $531,291 | | | | $641,318 | | | | $630,684 | | | | $668,894 | | | | $731,932 | | | | $921,649 | |
| 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 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 Money Market Fund | | | 21 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.73 | % | | | 0.72 | % | | | 0.70 | % | | | 0.71 | % | | | 0.69 | % |
Net expenses | | | 0.19 | % | | | 0.22 | % | | | 0.25 | % | | | 0.26 | % | | | 0.35 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $344,993 | | | | $334,659 | | | | $398,160 | | | | $472,761 | | | | $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.
| | | | |
| 22 | | 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Repurchase agreements
The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. 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 recorded on the basis of identified cost.
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.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 23 | |
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of January 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $3,893,035 with $3,484,749 expiring in 2017 and $408,286 expiring in 2019.
As of January 31, 2014, the Fund had $1,920 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.
Class allocations
The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.
| | | | |
| 24 | | Wells Fargo Advantage Money Market Fund | | Notes to financial statements (unaudited) |
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, 2014, the advisory fee was equivalent to an annual rate of 0.28% of the Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
Administration 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, 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class B shares, 1.45% for Class C shares, 1.00% for Daily Class shares, 0.65% for Investor Class shares, and 0.50% for Service Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 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 for Daily Class shares.
In addition, Funds Distributor is entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended July 31, 2014, Funds Distributor received $16 and $48 in contingent deferred sales charges from redemptions of 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.
6. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
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| Other information (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 25 | |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
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| 26 | | Wells Fargo Advantage Money Market Fund | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during past five years |
Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
Judith M. Johnson (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
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 |
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| Other information (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 27 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Other directorships during past five years |
Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and length of service | | Principal occupations during past five years or longer | | |
| 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. | | |
Nancy Wiser1 (Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
| C. David Messman (Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. | | |
Debra Ann Early (Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1 (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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
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| 28 | | Wells Fargo Advantage Money Market Fund | | Other information (unaudited) |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an
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| Other information (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 29 | |
independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rate for the Fund’s expense Group for the Service Class, and that the Management Rates of the Fund were higher than the average rates for the Fund’s expense Groups for all other classes. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
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| 30 | | Wells Fargo Advantage Money Market Fund | | Other information (unaudited) |
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
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| List of abbreviations | | Wells Fargo Advantage Money Market Fund | | | 31 | |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 227177 09-14 SA306/SAR306 07-14 |
Wells Fargo Advantage
Municipal Cash Management Money Market Fund
Semi-Annual Report
July 31, 2014
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Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
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| 2 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
Dear Valued Shareholder:
We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Municipal Cash Management Money Market Fund for the six-month period that ended July 31, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
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| Letter to shareholders (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 3 | |
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
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| 4 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
James Randazzo
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Administrator Class (WUCXX) | | 7-9-2010 | | | 0.04 | | | | 0.06 | | | | 1.31 | | | | 0.36 | | | | 0.30 | |
| Institutional Class (EMMXX) | | 11-20-1996 | | | 0.04 | | | | 0.09 | | | | 1.32 | | | | 0.24 | | | | 0.20 | |
| Service Class (EISXX) | | 11-25-1996 | | | 0.04 | | | | 0.02 | | | | 1.17 | | | | 0.53 | | | | 0.45 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | |
| | | Class A | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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).
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 5 | |
|
| Revenue source distribution as of July 31, 20144 |
|
 |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
|
| Weighted average maturity5 as of July 31, 2014 |
17 Days |
|
| Weighted average life6 as of July 31, 2014 |
17 Days |
| 1. | Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, and has not been adjusted to include the higher expenses applicable to 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. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.24)%, (0.12)%, and (0.24)% for Administrator Class, Institutional Class, and Service Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period¹ | | | Net annualized
expense ratio | |
Administrator Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
Service Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
| 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). |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 98.00% | | | | | | | | | | | | | | | | |
| | | | |
Alabama: 1.15% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.15% | | | | | | | | | | | | | | | | |
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue) | | | 0.21 | % | | | 8-1-2041 | | | $ | 4,500,000 | | | $ | 4,500,000 | |
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2011G (Industrial Development Revenue, Bank of Nova Scotia LOC) | | | 0.06 | | | | 4-1-2028 | | | | 10,000,000 | | | | 10,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 14,500,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Arizona: 0.29% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.29% | | | | | | | | | | | | | | | | |
Pinal County AZ IDA Shamrock Farms Project (Resource Recovery Revenue, Farm Credit Services America LOC) | | | 0.18 | | | | 8-1-2022 | | | | 3,700,000 | | | | 3,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
California: 6.05% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.67% | | | | | | | | | | | | | | | | |
Los Angeles County CA School Pooled Financing Program Series 2013-14 (Miscellaneous Revenue) | | | 0.14 | | | | 12-31-2014 | | | | 2,200,000 | | | | 2,216,948 | |
Los Angeles County CA TRAN Series 2014 (GO) | | | 0.11 | | | | 6-25-2015 | | | | 1,800,000 | | | | 1,822,435 | |
Los Angeles County CA TRAN Series 2014-15 (Miscellaneous Revenue) | | | 0.12 | | | | 6-30-2015 | | | | 1,400,000 | | | | 1,417,598 | |
Riverside County CA TRAN Series 2014 (Tax Revenue) | | | 0.11 | | | | 6-30-2015 | | | | 2,900,000 | | | | 2,936,585 | |
| | | | |
| | | | | | | | | | | | | | | 8,393,566 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 5.38% | | | | | | | | | | | | | | | | |
ABAG Finance Authority for Nonprofit Corporation California Branson School Series 2008 (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 7-1-2038 | | | | 1,000,000 | | | | 1,000,000 | |
ABAG Finance Authority for Nonprofit Corporation California MFHR Acton Courtyard Series A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 4-1-2037 | | | | 1,300,000 | | | | 1,300,000 | |
ABAG Finance Authority for Nonprofit Corporation California MFHR Fine Arts Building Projects Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 7-15-2035 | | | | 1,100,000 | | | | 1,100,000 | |
Anaheim CA Housing Authority Cobblestone Apartments Series B (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.10 | | | | 3-15-2033 | | | | 3,580,000 | | | | 3,580,000 | |
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.06 | | | | 11-1-2040 | | | | 18,800,000 | | | | 18,800,000 | |
California CDA Grande Apartments Series TT (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 12-15-2034 | | | | 1,925,000 | | | | 1,925,000 | |
California HFFA St. Joseph’s Health System Series A (Health Revenue, Union Bank NA LOC) | | | 0.06 | | | | 7-1-2041 | | | | 8,750,000 | | | | 8,750,000 | |
California Kindergarten University Public Education Facilities Series 2005A Sub Series A-1-2 (Miscellaneous Revenue, Royal Bank of Canada LOC) | | | 0.05 | | | | 5-1-2040 | | | | 3,900,000 | | | | 3,900,000 | |
Golden State Tobacco Securitization Corporation California Series 3107 (Tobacco Revenue, BHAC/Ambac Insured, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 12-1-2045 | | | | 15,100,000 | | | | 15,100,000 | |
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 9-15-2024 | | | | 3,475,000 | | | | 3,475,000 | |
Sacramento County CA Housing Authority Arlington Creek Apartment Series I (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 5-15-2034 | | | | 5,000,000 | | | | 5,000,000 | |
Sacramento County CA Housing Authority MFHR Normandy Park Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-15-2033 | | | | 2,000,000 | | | | 2,000,000 | |
Santa Clara County CA Valley Transportation Authority Series D (Tax Revenue, Sumitomo Mitsui Banking SPA) | | | 0.07 | | | | 4-1-2036 | | | | 2,000,000 | | | | 2,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 67,930,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado: 3.80% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.80% | | | | | | | | | | | | | | | | |
Arapahoe County CO Cottrell Printing Project (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.18 | % | | | 10-1-2019 | | | $ | 1,755,000 | | | $ | 1,755,000 | |
Colorado Agricultural Development Authority Hunter Ridge Dairy Project (Resource Recovery Revenue, CoBank LOC) | | | 0.10 | | | | 11-1-2042 | | | | 4,750,000 | | | | 4,750,000 | |
Colorado Health Facilities Authority Catholic Health Initiatives Series 2008-D2 Morgan Stanley Series 2008-3364 (Health Revenue, Morgan Stanley Bank LOC) 144A | | | 0.12 | | | | 10-1-2037 | | | | 1,500,000 | | | | 1,500,000 | |
Colorado Health Facilities Authority Catholic Health Initiatives Series 2011A Deutsche Bank Spears Lifers Trust Series DBE-1278 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 2-1-2041 | | | | 2,500,000 | | | | 2,500,000 | |
Colorado MidCities Metropolitan District #1 Colorado Series 2004-B (Tax Revenue, BNP Paribas LOC) | | | 0.16 | | | | 12-1-2031 | | | | 2,900,000 | | | | 2,900,000 | |
Colorado MidCities Metropolitan District #1 Special Refunding and Improvement Bonds Series A (Tax Revenue, BNP Paribas LOC) | | | 0.16 | | | | 12-1-2020 | | | | 2,000,000 | | | | 2,000,000 | |
Colorado Springs CO Utilities System Subordinate Lien Improvement Revenue Bonds Series 2005A (Utilities Revenue) | | | 0.07 | | | | 11-1-2035 | | | | 6,855,000 | | | | 6,855,000 | |
Denver CO City & County Airport System Series 2006-A (Airport Revenue, FGIC Insured, Morgan Stanley Bank LIQ) 144A | | | 0.21 | | | | 11-15-2025 | | | | 5,735,000 | | | | 5,735,000 | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-25 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A | | | 0.08 | | | | 8-29-2014 | | | | 20,000,000 | | | | 20,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 47,995,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Connecticut: 0.41% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.13% | | | | | | | | | | | | | | | | |
Connecticut GO Series 2011-E (Miscellaneous Revenue) | | | 0.09 | | | | 11-1-2014 | | | | 1,700,000 | | | | 1,720,799 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.28% | | | | | | | | | | | | | | | | |
Connecticut Municipal Electric Energy Cooperative Power Supply System Series 2013A Deutsche Bank Spears Lifers Trust Series DBE-1164 (Utilities Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 1-1-2038 | | | | 3,510,000 | | | | 3,510,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Delaware: 0.42% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.42% | | | | | | | | | | | | | | | | |
Delaware Housing Authority ROC RR-II-R-1165 (Housing Revenue, GNMA/FNMA/FHLMC Insured, Citibank NA LIQ) 144A | | | 0.16 | | | | 1-1-2016 | | | | 5,280,000 | | | | 5,280,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
District of Columbia: 0.37% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.37% | | | | | | | | | | | | | | | | |
District of Columbia Fiscal Year 2014 TRAN (Miscellaneous Revenue) | | | 0.16 | | | | 9-30-2014 | | | | 4,700,000 | | | | 4,714,190 | |
| | | | | | | | | | | | | | | | |
| | | | |
Florida: 5.75% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.84% | | | | | | | | | | | | | | | | |
JEA Florida Electric System Series 2000 A (Utilities Revenue) | | | 0.08 | | | | 8-21-2014 | | | | 3,565,000 | | | | 3,565,000 | |
JEA Florida Electric System Series 2000 F-1 (Utilities Revenue) | | | 0.08 | | | | 8-14-2014 | | | | 4,200,000 | | | | 4,200,000 | |
JEA Florida Electric System Series 2000 F-2 (Utilities Revenue) | | | 0.07 | | | | 8-6-2014 | | | | 2,800,000 | | | | 2,800,000 | |
| | | | |
| | | | | | | | | | | | | | | 10,565,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.91% | | | | | | | | | | | | | | | | |
Hillsborough County FL School Board Master Lease Program JPMorgan Chase PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.13 | % | | | 8-22-2014 | | | $ | 16,095,000 | | | $ | 16,095,000 | |
Miami-Dade County FL Aviation Revenue Series A (Airport Revenue, Citibank NA SPA) 144A | | | 0.09 | | | | 10-1-2037 | | | | 11,500,000 | | | | 11,500,000 | |
Miami-Dade County FL Expressway Authority Toll System Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1156 (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 7-1-2025 | | | | 3,740,000 | | | | 3,740,000 | |
Miami-Dade County FL IDA Reflectone Incorporated Project Series 2000-A (Industrial Development Revenue, Royal Bank of Canada LOC) | | | 0.09 | | | | 3-1-2024 | | | | 11,000,000 | | | | 11,000,000 | |
Tampa FL Baycare Health System Series 2012-B (Health Revenue) | | | 0.14 | | | | 11-15-2033 | | | | 3,700,000 | | | | 3,700,000 | |
West Palm Beach FL Utilities Systems Series 2008C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.23 | | | | 10-1-2038 | | | | 16,000,000 | | | | 16,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 62,035,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia: 0.52% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.52% | | | | | | | | | | | | | | | | |
Dekalb County GA Series 2006-B ROC RR-II-R-11900 (Water & Sewer Revenue, AGM Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 4-1-2023 | | | | 3,000,000 | | | | 3,000,000 | |
Metropolitan Atlanta GA Rapid Transit Authority Trust Class A (Tax Revenue, Societe Generale LOC, Ambac Insured) 144A | | | 0.08 | | | | 7-1-2020 | | | | 3,610,000 | | | | 3,610,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,610,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 8.20% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 8.20% | | | | | | | | | | | | | | | | |
Chicago IL 2nd Lien Water Revenue Series 2001 JPMorgan Chase PUTTER Series 4017 (Water & Sewer Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.36 | | | | 11-1-2023 | | | | 1,500,000 | | | | 1,500,000 | |
Chicago IL Board of Education Unlimited Tax Series 2011-A Deutsche Bank Spears Lifers Trust Series DBE-1210 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 12-1-2039 | | | | 5,000,000 | | | | 5,000,000 | |
Chicago IL Enterprise Center Project Series IX (Industrial Development Revenue, Bank of America NA LOC) | | | 0.18 | | | | 6-1-2022 | | | | 3,146,000 | | | | 3,146,000 | |
Chicago IL Enterprise Center Project Series X (Industrial Development Revenue, Bank of America NA LOC) | | | 0.18 | | | | 6-1-2022 | | | | 4,300,000 | | | | 4,300,000 | |
Chicago IL Midway Airport 2nd Lien Series C-1 (Airport Revenue, Bank of Montreal LOC) | | | 0.09 | | | | 1-1-2035 | | | | 32,215,000 | | | | 32,215,000 | |
Chicago IL Sub Series 04-3 (Water & Sewer Revenue, State Street Bank & Trust Company LOC) | | | 0.09 | | | | 11-1-2031 | | | | 585,000 | | | | 585,000 | |
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 10,400,000 | | | | 10,400,000 | |
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 6,550,000 | | | | 6,550,000 | |
Illinois Finance Authority Advocate Health Care Network Series 2011B (Health Revenue) | | | 0.18 | | | | 4-1-2051 | | | | 5,000,000 | | | | 5,000,000 | |
Illinois Housing Development Authority Larkin Village Project Series A (Housing Revenue, FHLB SPA) | | | 0.09 | | | | 1-1-2027 | | | | 3,000,000 | | | | 3,000,000 | |
Illinois Toll Highway Authority Series A2 (Transportation Revenue, AGM Insured, Bank of America NA SPA) | | | 0.09 | | | | 1-1-2031 | | | | 12,000,000 | | | | 12,000,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Series 3721 (Housing Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.17 | | | | 2-1-2033 | | | | 5,140,000 | | | | 5,140,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Southwestern Illinois IDA Mattingly Lumber Project Series 2005-A (Industrial Development Revenue, First Bank LOC) | | | 0.12 | % | | | 12-1-2035 | | | $ | 3,080,000 | | | $ | 3,080,000 | |
University of Illinois Utility Infrastructure Projects Series 2004 (Education Revenue, Bank of New York Mellon SPA) | | | 0.10 | | | | 8-15-2021 | | | | 11,625,000 | | | | 11,625,000 | |
| | | | |
| | | | | | | | | | | | | | | 103,541,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Indiana: 1.56% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.22% | | | | | | | | | | | | | | | | |
Indiana Bond Bank Revenue Advance Funding Program Series 2014-A (Miscellaneous Revenue) | | | 0.25 | | | | 1-6-2015 | | | | 2,800,000 | | | | 2,812,078 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.34% | | | | | | | | | | | | | | | | |
Indiana Finance Authority First Lien Wastewater Utility Series 2014-A Deutsche Bank Spears Lifers Trust Series DBE-1343 (Water & Sewer Revenue, Deutsche Bank LIQ) 144A | | | 0.13 | | | | 10-1-2044 | | | | 4,900,000 | | | | 4,900,000 | |
Indiana HEFA ROC RR-11-R-11460 (Health Revenue, AGM Insured, Citibank NA LIQ) | | | 0.07 | | | | 5-1-2016 | | | | 2,850,000 | | | | 2,850,000 | |
Saint Joseph County IN Grace Christian Schools Project (Miscellaneous Revenue, JPMorgan Chase & Company LOC) | | | 0.26 | | | | 12-1-2016 | | | | 550,000 | | | | 550,000 | |
Spencer County IN American Iron Oxide Company Project (Industrial Development Revenue, Bank of Tokyo-Mitsubishi LOC) | | | 0.27 | | | | 9-1-2018 | | | | 8,600,000 | | | | 8,600,000 | |
| | | | |
| | | | | | | | | | | | | | | 16,900,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Iowa: 0.53% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.53% | | | | | | | | | | | | | | | | |
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue) | | | 0.08 | | | | 6-1-2039 | | | | 4,600,000 | | | | 4,600,000 | |
Iowa Finance Authority Solid Waste Disposal Revenue John Maassen & Sons Project (Industrial Development Revenue, Farm Credit Services America LOC) | | | 0.13 | | | | 11-1-2035 | | | | 2,075,000 | | | | 2,075,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,675,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Kansas: 0.15% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.15% | | | | | | | | | | | | | | | | |
Nemaha County KS Midwest AG Services LLC Project (Industrial Development Revenue, CoBank LOC) | | | 0.10 | | | | 11-1-2020 | | | | 1,860,000 | | | | 1,860,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Kentucky: 0.38% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.20% | | | | | | | | | | | | | | | | |
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2013-D-1 (Miscellaneous Revenue) | | | 0.27 | | | | 9-1-2014 | | | | 1,300,000 | | | | 1,300,791 | |
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2014-D-1 (Miscellaneous Revenue) %% | | | 1.00 | | | | 8-1-2015 | | | | 1,250,000 | | | | 1,259,600 | |
| | | | |
| | | | | | | | | | | | | | | 2,560,391 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.18% | | | | | | | | | | | | | | | | |
Kentucky EDA Hospital Revenue Bonds Series 2011 Baptist Healthcare System Obligated Group Deutsche Bank Spears Lifers Trust Series DBE-1275 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-15-2042 | | | | 2,200,000 | | | | 2,200,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Louisiana: 0.53% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.53% | | | | | | | | | | | | | | | | |
Ascension Parish LA BASF Corporation Project (Industrial Development Revenue) | | | 0.22 | % | | | 3-1-2025 | | | $ | 6,700,000 | | | $ | 6,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maryland: 0.97% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.97% | | | | | | | | | | | | | | | | |
Baltimore County MD Maryvale Preparatory School Facilities Project Series 2005A (Education Revenue) | | | 0.11 | | | | 12-3-2035 | | | | 940,000 | | | | 940,000 | |
Maryland Department of Housing & Community Development Residential Series 2007J (Housing Revenue, FHA Insured, TD Bank NA SPA) | | | 0.05 | | | | 9-1-2031 | | | | 5,085,000 | | | | 5,085,000 | |
Maryland GO Series 2013-B Merrill Lynch Joint Venture Trust Series JVI-1001 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.16 | | | | 3-1-2019 | | | | 1,600,000 | | | | 1,600,000 | |
Maryland GO Series 2013-B Merrill Lynch Joint Venture Trust Series JVI-1003 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.16 | | | | 3-1-2019 | | | | 1,600,000 | | | | 1,600,000 | |
Maryland Transportation Authority Austin Trust Series 1152 (Transportation Revenue, AGM Insured, Bank of America NA LIQ) 144A | | | 0.11 | | | | 7-1-2041 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 12,225,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts: 1.56% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.59% | | | | | | | | | | | | | | | | |
University of Massachusetts Building Authority Series 2013 B-1 (Education Revenue) | | | 0.12 | | | | 1-8-2015 | | | | 7,500,000 | | | | 7,500,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.97% | | | | | | | | | | | | | | | | |
Massachusetts Industrial Finance Agency Constitution Project (Miscellaneous Revenue, TD Bank NA LOC) | | | 0.19 | | | | 6-1-2018 | | | | 1,200,000 | | | | 1,200,000 | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-32 (Tax Revenue, Royal Bank of Canada LOC) 144A | | | 0.13 | | | | 8-1-2014 | | | | 11,000,000 | | | | 11,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 12,200,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Michigan: 4.72% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.72% | | | | | | | | | | | | | | | | |
Green Lake Township MI Economic Development Corporation Interlochen Center Arts Project Series 2004 (Miscellaneous Revenue, BMO Harris Bank NA LOC) | | | 0.07 | | | | 6-1-2034 | | | | 300,000 | | | | 300,000 | |
Michigan Higher Education Authority Student Loan Royal Bank of Canada Municipal Products Trust Incorporated Certificate Series L-33 (Education Revenue, Royal Bank of Canada LOC) 144A | | | 0.10 | | | | 9-1-2026 | | | | 25,000,000 | | | | 25,000,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) | | | 0.12 | | | | 11-15-2049 | | | | 2,300,000 | | | | 2,300,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-7 (Health Revenue) | | | 0.12 | | | | 11-15-2047 | | | | 2,625,000 | | | | 2,625,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-8 (Health Revenue) | | | 0.12 | | | | 11-15-2049 | | | | 1,800,000 | | | | 1,800,000 | |
Michigan Housing Development Authority AMT Series A (Housing Revenue, AGM Insured) | | | 0.19 | | | | 4-1-2042 | | | | 27,500,000 | | | | 27,500,000 | |
| | | | |
| | | | | | | | | | | | | | | 59,525,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Minnesota: 0.78% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.09% | | | | | | | | | | | | | | | | |
Minnesota Rural Water Finance Authority Public Project Construction Series 2013-B (Water & Sewer Revenue) | | | 0.30 | % | | | 1-1-2015 | | | $ | 1,100,000 | | | $ | 1,103,442 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.69% | | | | | | | | | | | | | | | | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 8-15-2038 | | | | 750,000 | | | | 750,000 | |
Minneapolis MN Minnehaha Academy Project (Education Revenue, U.S. Bank NA LOC) | | | 0.08 | | | | 5-1-2026 | | | | 3,990,000 | | | | 3,990,000 | |
Minnesota Bond Securitization Trust Certificate Series S-1 (Miscellaneous Revenue, PNC Bank NA LOC) | | | 0.21 | | | | 2-1-2027 | | | | 1,360,000 | | | | 1,360,000 | |
Plymouth MN At The Lake Apartments Project (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 8-1-2034 | | | | 1,900,000 | | | | 1,900,000 | |
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 6-1-2032 | | | | 700,000 | | | | 700,000 | |
| | | | |
| | | | | | | | | | | | | | | 8,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Mississippi: 1.16% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.16% | | | | | | | | | | | | | | | | |
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series K (Industrial Development Revenue) | | | 0.05 | | | | 11-1-2035 | | | | 4,000,000 | | | | 4,000,000 | |
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series L (Industrial Development Revenue) | | | 0.05 | | | | 11-1-2035 | | | | 10,700,000 | | | | 10,700,000 | |
| | | | |
| | | | | | | | | | | | | | | 14,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Missouri: 1.18% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.39% | | | | | | | | | | | | | | | | |
Missouri HEFA Health Care Series 2014-E (GO) | | | 0.11 | | | | 8-1-2014 | | | | 3,000,000 | | | | 3,000,000 | |
Saint Louis County MO Special Obligation Series 2013-1 (Miscellaneous Revenue) ## | | | 0.20 | | | | 8-1-2014 | | | | 1,925,000 | | | | 1,925,000 | |
| | | | |
| | | | | | | | | | | | | | | 4,925,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.79% | | | | | | | | | | | | | | | | |
Greene County MO Strasbourg Estates Project (Housing Revenue, U.S. Bank NA LOC) | | | 0.11 | | | | 8-1-2038 | | | | 2,160,000 | | | | 2,160,000 | |
Missouri Environmental Improvement & Energy Resources Authority (Water & Sewer Revenue, Credit Suisse LIQ) 144A | | | 0.10 | | | | 12-1-2036 | | | | 7,835,000 | | | | 7,835,000 | |
| | | | |
| | | | | | | | | | | | | | | 9,995,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nebraska: 0.49% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.49% | | | | | | | | | | | | | | | | |
Nebraska Investment Finance Authority Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC) | | | 0.10 | | | | 9-1-2031 | | | | 6,190,000 | | | | 6,190,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nevada: 0.45% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.45% | | | | | | | | | | | | | | | | |
Clark County NV Deutsche Bank Spears Lifers Series DBE-643 (Airport Revenue, Ambac Insured, Deutsche Bank LIQ) 144A | | | 0.14 | | | | 7-1-2025 | | | | 5,660,000 | | | | 5,660,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
New Hampshire: 0.84% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.84% | | | | | | | | | | | | | | | | |
New Hampshire HEFA Dartmouth College Project Series 3069 (Education Revenue, Credit Suisse LIQ) 144A | | | 0.06 | % | | | 6-1-2039 | | | $ | 139 | | | $ | 139 | |
New Hampshire HEFA FHA Healthcare Issue Series 2009 JPMorgan PUTTER Series 3648 (Health Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.16 | | | | 10-1-2017 | | | | 4,940,000 | | | | 4,940,000 | |
New Hampshire HFA SFHR (Housing Revenue, Bank of America NA LIQ) 144A | | | 0.14 | | | | 1-1-2037 | | | | 5,700,000 | | | | 5,700,000 | |
| | | | |
| | | | | | | | | | | | | | | 10,640,139 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Jersey: 2.61% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.61% | | | | | | | | | | | | | | | | |
New Jersey EDA National Gas Company Series C (Utilities Revenue) | | | 0.07 | | | | 8-1-2041 | | | | 10,200,000 | | | | 10,200,000 | |
New Jersey EDA School Facilities Construction Series NN Deutsche Bank Spears Lifers Trust Series DBE-1143X (Miscellaneous Revenue, Deutsche Bank LIQ) 144A | | | 0.12 | | | | 3-1-2029 | | | | 1,320,000 | | | | 1,320,000 | |
New Jersey TRAN JPMorgan PUTTER Series 4462 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 11,200,000 | | | | 11,200,000 | |
New Jersey TRAN JPMorgan PUTTER Series 4464 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 7,800,000 | | | | 7,800,000 | |
New Jersey Turnpike Authority Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1153X (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 1-1-2038 | | | | 2,375,000 | | | | 2,375,000 | |
| | | | |
| | | | | | | | | | | | | | | 32,895,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New York: 5.59% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.22% | | | | | | | | | | | | | | | | |
Metropolitan Transportation Authority New York BAN Series 2 Sub Series A (Transportation Revenue) | | | 0.10 | | | | 8-5-2014 | | | | 2,800,000 | | | | 2,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 5.37% | | | | | | | | | | | | | | | | |
New York City NY Transitional Finance Authority Building Aid Series 2007-S1 Citigroup Eagle Series 2014-0041-A (Miscellaneous Revenue, AGM/FGIC Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 7-15-2036 | | | | 4,200,000 | | | | 4,200,000 | |
New York Convention Center Development Corporation Series 2005 Citigroup Eagle Series 2014-0044-A (Tax Revenue, Citibank NA LIQ) 144A | | | 0.07 | | | | 11-15-2044 | | | | 4,600,000 | | | | 4,600,000 | |
New York HFA ROC RR-II-R-11700 Series B (Housing Revenue, Citibank NA LIQ) 144A | | | 0.11 | | | | 5-1-2038 | | | | 6,810,000 | | | | 6,810,000 | |
New York Housing Finance Agency Series 2014-A (Housing Revenue) | | | 0.35 | | | | 5-1-2048 | | | | 7,500,000 | | | | 7,500,000 | |
New York Mortgage Agency Homeowner ROC RR-II-R-11704 (Housing Revenue, Citibank NA LIQ) 144A | | | 0.12 | | | | 10-1-2031 | | | | 3,660,000 | | | | 3,660,000 | |
New York NY Municipal Water Finance Authority Series CC-1 (Water & Sewer Revenue, Bank of Nova Scotia SPA) | | | 0.05 | | | | 6-15-2038 | | | | 14,900,000 | | | | 14,900,000 | |
New York NY Transitional Finance Authority Series C (Tax Revenue, Morgan Stanley Bank LOC) | | | 0.05 | | | | 5-1-2028 | | | | 22,400,000 | | | | 22,400,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-A (Health Revenue) | | | 0.09 | | | | 7-1-2031 | | | | 560,000 | | | | 560,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-B (Health Revenue) | | | 0.09 | | | | 7-1-2031 | | | | 1,875,000 | | | | 1,875,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006C (Health Revenue) | | | 0.09 | | | | 7-1-2017 | | | | 1,230,000 | | | | 1,230,000 | |
| | | | |
| | | | | | | | | | | | | | | 67,735,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 14 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
North Carolina: 0.97% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.08% | | | | | | | | | | | | | | | | |
Wake County NC GO 2007 (Tax Revenue) | | | 0.05 | % | | | 3-1-2015 | | | $ | 1,000,000 | | | $ | 1,028,307 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.89% | | | | | | | | | | | | | | | | |
North Carolina Housing Finance Agency Home Ownership Series 15-C (Housing Revenue, AGM Insured, TD Bank NA SPA) | | | 0.08 | | | | 7-1-2032 | | | | 5,915,000 | | | | 5,915,000 | |
North Carolina Housing Finance Agency Home Ownership Series 3191 (Housing Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.13 | | | | 7-1-2039 | | | | 5,270,000 | | | | 5,270,000 | |
| | | | |
| | | | | | | | | | | | | | | 11,185,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Dakota: 4.15% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.10% | | | | | | | | | | | | | | | | |
Mercer County ND PCR Antelope Valley Unit 1 & Common Facilities Series 2009 (Miscellaneous Revenue) | | | 0.14 | | | | 9-11-2014 | | | | 12,900,000 | | | | 12,900,000 | |
North Dakota Water Finance Corporation Public Projects Construction Series B-3 (Miscellaneous Revenue) | | | 0.26 | | | | 5-1-2015 | | | | 1,000,000 | | | | 1,005,445 | |
| | | | |
| | | | | | | | | | | | | | | 13,905,445 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.05% | | | | | | | | | | | | | | | | |
Mandan ND IDA Cloverdale Foods Company Project (Industrial Development Revenue, BNC National Bank LOC) | | | 0.27 | | | | 12-1-2022 | | | | 1,815,000 | | | | 1,815,000 | |
North Dakota HFA Home Mortgage Finance Program Series A (Housing Revenue, FHLB SPA) | | | 0.09 | | | | 7-1-2037 | | | | 18,425,000 | | | | 18,425,000 | |
Trail County ND Industrial Development Revenue American Crystal Project (Resource Recovery Revenue, CoBank LOC) | | | 0.11 | | | | 9-1-2019 | | | | 18,300,000 | | | | 18,300,000 | |
| | | | |
| | | | | | | | | | | | | | | 38,540,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio: 4.14% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.84% | | | | | | | | | | | | | | | | |
Ohio Air Quality Development Authority (Resource Recovery Revenue) | | | 0.09 | | | | 3-1-2032 | | | | 2,200,000 | | | | 2,200,000 | |
Ohio Air Quality Development Authority (Resource Recovery Revenue) | | | 0.09 | | | | 9-1-2037 | | | | 19,500,000 | | | | 19,500,000 | |
Ohio Common Schools Series 2009-C (GO) | | | 0.04 | | | | 9-15-2014 | | | | 1,525,000 | | | | 1,534,247 | |
| | | | |
| | | | | | | | | | | | | | | 23,234,247 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.30% | | | | | | | | | | | | | | | | |
JobsOhio Beverage Systems Statewide Liquor Profits Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1157 (Miscellaneous Revenue, Deutsche Bank LIQ) 144A | | | 0.09 | | | | 1-1-2038 | | | | 1,670,000 | | | | 1,670,000 | |
Ohio HFA Series R-11575 (Housing Revenue, GNMA/FNMA/FHLMC Insured, Citibank NA LIQ) | | | 0.21 | | | | 3-1-2016 | | | | 470,000 | | | | 470,000 | |
Ohio Higher Education Facilities University of Dayton Series 2013 Deutsche Bank Spears Lifers Trust Series DBE-1144 (Education Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 12-1-2043 | | | | 1,000,000 | | | | 1,000,000 | |
Ohio Higher Educational Facilities Commission Cleveland Clinic Health Systems Series 2013-B-3 (Health Revenue, U.S. Bank NA LIQ) | | | 0.06 | | | | 1-1-2039 | | | | 6,300,000 | | | | 6,300,000 | |
Ohio Housing Finance Agency Residential Mortgage Backed Series F (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA) | | | 0.09 | | | | 3-1-2037 | | | | 15,450,000 | | | | 15,450,000 | |
Ohio Turnpike Commission Junior Lien Revenue Bond Series 2013A-2 Deutsche Bank Spears Lifers Trust Series DBE-1280 (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 2-15-2043 | | | | 4,200,000 | | | | 4,200,000 | |
| | | | |
| | | | | | | | | | | | | | | 29,090,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 11.29% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 11.29% | | | | | | | | | | | | | | | | |
Branch Banking & Trust Series 2040 (Airport Revenue, FGIC Insured, Branch Banking & Trust LIQ) | | | 0.10 | % | | | 10-1-2030 | | | $ | 7,025,000 | | | $ | 7,025,000 | |
Branch Banking & Trust Series 2054 (Miscellaneous Revenue, Ambac Insured, Branch Banking & Trust LIQ) | | | 0.10 | | | | 10-1-2015 | | | | 7,095,000 | | | | 7,095,000 | |
Clipper Tax-Exempt Certificate Trust Series 2007-19 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 9-1-2039 | | | | 2,138,000 | | | | 2,138,000 | |
Clipper Tax-Exempt Certified Trust Series 2005-03 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.18 | | | | 1-1-2036 | | | | 2,775,000 | | | | 2,775,000 | |
Clipper Tax-Exempt Certified Trust Series 2005-30 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 6-1-2038 | | | | 4,025,000 | | | | 4,025,000 | |
Clipper Tax-Exempt Certified Trust Series 2005-31 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 1-1-2036 | | | | 2,410,000 | | | | 2,410,000 | |
Clipper Tax-Exempt Certified Trust Series 2006-02 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 10-1-2036 | | | | 4,500,000 | | | | 4,500,000 | |
Clipper Tax-Exempt Certified Trust Series 2006-06 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 7-1-2037 | | | | 2,800,000 | | | | 2,800,000 | |
Clipper Tax-Exempt Certified Trust Series 2006-10 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 9-1-2037 | | | | 510,000 | | | | 510,000 | |
Clipper Tax-Exempt Certified Trust Series 2007-14 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 1-1-2038 | | | | 7,465,000 | | | | 7,465,000 | |
Clipper Tax-Exempt Certified Trust Series 2007-40 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 7-1-2036 | | | | 982,000 | | | | 982,000 | |
Clipper Tax-Exempt Certified Trust Series 2009-22 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.18 | | | | 12-1-2036 | | | | 2,340,000 | | | | 2,340,000 | |
Clipper Tax-Exempt Certified Trust Series 2009-32 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 1-1-2018 | | | | 2,400,000 | | | | 2,400,000 | |
Clipper Tax-Exempt Certified Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 5-1-2017 | | | | 1,939,000 | | | | 1,939,000 | |
Clipper Tax-Exempt Certified Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 2-15-2028 | | | | 9,035,000 | | | | 9,035,000 | |
FHLMC MFHR Series M019 Class A (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 1-15-2047 | | | | 2,953,000 | | | | 2,953,000 | |
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 6-15-2036 | | | | 16,755,000 | | | | 16,755,000 | |
FHLMC Multi-Class Mortgage Certificates (Housing Revenue, FHLMC LIQ) | | | 0.12 | | | | 8-15-2045 | | | | 16,382,127 | | | | 16,382,127 | |
FHLMC Multifamily Municipal Securities Series M031 Class A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 12-15-2045 | | | | 2,500,000 | | | | 2,500,000 | |
FHLMC Series M002 Class A (Housing Revenue, FHLMC LIQ) | | | 0.12 | | | | 1-15-2047 | | | | 4,227,629 | | | | 4,227,629 | |
FHLMC Series M008 Class A (Housing Revenue, FHLMC LIQ) | | | 0.12 | | | | 2-15-2035 | | | | 18,733,033 | | | | 18,733,033 | |
FHLMC Series M020 Class A (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 11-15-2036 | | | | 23,551,000 | | | | 23,551,000 | |
| | | | |
| | | | | | | | | | | | | | | 142,540,789 | |
| | | | | | | | | | | | | | | | |
| | | | |
Pennsylvania: 2.95% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.95% | | | | | | | | | | | | | | | | |
Beaver County PA IDA Daily Corporation Project (Industrial Development Revenue) | | | 0.22 | | | | 9-1-2032 | | | | 1,900,000 | | | | 1,900,000 | |
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 6-1-2035 | | | | 100,000 | | | | 100,000 | |
JPMorgan Chase PUTTER/DRIVER Trust Series 4298Z (Housing Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.12 | | | | 4-1-2029 | | | | 2,325,000 | | | | 2,325,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 16 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Montgomery County PA IDA ROC R-II-R-11856 (Health Revenue, FHA Insured, Citibank NA LIQ) 144A | | | 0.10 | % | | | 2-1-2018 | | | $ | 2,985,000 | | | $ | 2,985,000 | |
Pennsylvania EDFA Fitzpatrick Container Company Project (Industrial Development Revenue, PNC Bank NA LOC) | | | 0.11 | | | | 12-1-2023 | | | | 1,300,000 | | | | 1,300,000 | |
Pennsylvania EDFA Series G10 (Miscellaneous Revenue, PNC Bank NA LOC) | | | 0.11 | | | | 12-1-2025 | | | | 2,000,000 | | | | 2,000,000 | |
Pennsylvania EDFA Series J1 (Industrial Development Revenue, PNC Bank NA LOC) | | | 0.15 | | | | 5-1-2015 | | | | 100,000 | | | | 100,000 | |
Pennsylvania HEFAR Thomas Jefferson University System Series 2014-A Merrill Lynch Joint Venture Trust Receipts Series JVI-1004 (Education Revenue, Bank of America NA LIQ) 144A | | | 0.26 | | | | 5-31-2015 | | | | 21,600,000 | | | | 21,600,000 | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 (Miscellaneous Revenue, AGM Insured, Credit Suisse LIQ) 144A | | | 0.23 | | | | 6-1-2028 | | | | 4,700,000 | | | | 4,700,000 | |
Philadelphia PA IDA 1100 Walnut Street Project (Health Revenue, PNC Bank NA LOC) | | | 0.14 | | | | 12-1-2014 | | | | 200,000 | | | | 200,000 | |
| | | | |
| | | | | | | | | | | | | | | 37,210,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Rhode Island: 0.45% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.45% | | | | | | | | | | | | | | | | |
Austin Trust Series 2008-1177 (Housing Revenue, Bank of America NA LIQ) | | | 0.20 | | | | 10-1-2032 | | | | 2,855,000 | | | | 2,855,000 | |
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013-O-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A | | | 0.11 | | | | 9-1-2020 | | | | 2,800,000 | | | | 2,800,000 | |
| | | | |
| | | | | | | | | | | | | | | 5,655,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Carolina: 1.95% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.43% | | | | | | | | | | | | | | | | |
South Carolina Public Service Authority Sub Series D (Utilities Revenue) | | | 0.13 | | | | 8-13-2014 | | | | 2,800,000 | | | | 2,800,000 | |
South Carolina Public Service Authority Sub Series D (Utilities Revenue) | | | 0.13 | | | | 8-14-2014 | | | | 3,700,000 | | | | 3,700,000 | |
York County SC PCR Series 2000-B1 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 3,500,000 | | | | 3,500,000 | |
York County SC PCR Series 2000-B2 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 7,100,000 | | | | 7,100,000 | |
York County SC PCR Series 2000-B3 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 1,000,000 | | | | 1,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 18,100,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.52% | | | | | | | | | | | | | | | | |
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-1-2029 | | | | 1,960,000 | | | | 1,960,000 | |
South Carolina Jobs EDA South Carolina Generating Company Incorporated Project (Industrial Development Revenue, Branch Banking & Trust LOC) | | | 0.07 | | | | 12-1-2038 | | | | 4,600,000 | | | | 4,600,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,560,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Dakota: 1.59% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.59% | | | | | | | | | | | | | | | | |
Grant County SD Mill Valley LLC Project (Industrial Development Revenue, Farm Credit Services America LOC) | | | 0.10 | | | | 7-1-2037 | | | | 1,600,000 | | | | 1,600,000 | |
South Dakota HEFA Sioux Valley Hospital & Health Systems Project Series 2001C (Health Revenue, U.S. Bank NA LOC) | | | 0.06 | | | | 11-1-2019 | | | | 8,600,000 | | | | 8,600,000 | |
South Dakota Housing Development Authority Homeownership Mortgage Series 2004-D (Housing Revenue, Bank of New York Mellon SPA) | | | 0.06 | | | | 5-1-2032 | | | | 9,890,000 | | | | 9,890,000 | |
| | | | |
| | | | | | | | | | | | | | | 20,090,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 17 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee: 2.07% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.87% | | | | | | | | | | | | | | | | |
Shelby County TN (GO, Bank of New York Mellon SPA) | | | 0.06 | % | | | 4-1-2030 | | | $ | 23,530,000 | | | $ | 23,530,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.20% | | | | | | | | | | | | | | | | |
Chattanooga TN Health Education Housing Facilities Series 2013A Catholic Health Initiatives Deutsche Bank Spears Lifers Trust Series DBE 1268 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.13 | | | | 1-1-2045 | | | | 2,565,000 | | | | 2,565,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas: 11.70% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 2.66% | | | | | | | | | | | | | | | | |
Dallas TX Area Rapid Transit Senior Subordinate Lien Series 1 (Tax Revenue) | | | 0.09 | | | | 8-14-2014 | | | | 1,800,000 | | | | 1,800,000 | |
Texas PFA Series 2003 (Miscellaneous Revenue) | | | 0.05 | | | | 8-5-2014 | | | | 3,500,000 | | | | 3,500,000 | |
Texas TRAN Series 2013 (Miscellaneous Revenue) | | | 0.18 | | | | 8-28-2014 | | | | 28,250,000 | | | | 28,287,992 | |
| | | | |
| | | | | | | | | | | | | | | 33,587,992 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 9.04% | | | | | | | | | | | | | | | | |
Austin TX Series 2008-1191 (Housing Revenue, GNMA/FNMA/FHLMC Insured, Bank of America NA LIQ) | | | 0.21 | | | | 7-1-2032 | | | | 2,015,000 | | | | 2,015,000 | |
Calhoun Port Authority Texas Formosa Plastics Corporation Project Series 2011A (Industrial Development Revenue, Sumitomo Mitsui Banking LOC) 144A | | | 0.09 | | | | 9-1-2039 | | | | 21,400,000 | | | | 21,400,000 | |
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificates Trust 2009-52 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 10-1-2018 | | | | 1,460,000 | | | | 1,460,000 | |
Deutsche Bank Spears Lifers Trust Series DBE-1172X (Airport Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-1-2037 | | | | 10,245,000 | | | | 10,245,000 | |
Gulf Coast TX IDA ExxonMobil Project Series 2012 (Industrial Development Revenue) | | | 0.06 | | | | 11-1-2041 | | | | 9,885,000 | | | | 9,885,000 | |
Houston TX Water & Sewer System Revenue Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA LIQ) 144A | | | 0.12 | | | | 12-1-2023 | | | | 3,600,000 | | | | 3,600,000 | |
North TX Tollway Authority Series 2008A Morgan Stanley Series 3356 (Miscellaneous Revenue, BHAC Insured, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 1-1-2048 | | | | 2,000,000 | | | | 2,000,000 | |
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project (Industrial Development Revenue) | | | 0.22 | | | | 4-1-2033 | | | | 6,000,000 | | | | 6,000,000 | |
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project Class A (Industrial Development Revenue) | | | 0.18 | | | | 4-1-2037 | | | | 15,000,000 | | | | 15,000,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue) | | | 0.07 | | | | 3-1-2042 | | | | 21,500,000 | | | | 21,500,000 | |
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial Development Revenue) | | | 0.07 | | | | 4-1-2027 | | | | 3,000,000 | | | | 3,000,000 | |
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue) | | | 0.07 | | | | 4-1-2028 | | | | 5,000,000 | | | | 5,000,000 | |
Texas Municipal Gas Acquisition & Supply Corporation III Series 2012 Deutsche Bank Spears Lifers Trust Series DBE-1193 (Utilities Revenue, Deutsche Bank LIQ) 144A | | | 0.26 | | | | 12-15-2032 | | | | 3,000,000 | | | | 3,000,000 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.36 | | | | 12-15-2026 | | | | 7,041,892 | | | | 7,041,892 | |
Texas Turnpike Authority CAB 1st Tier Revenue Series 2002-A Deutsche Bank Spears Lifers Trust Series DB-329 (Transportation Revenue, Ambac Insured, Deutsche Bank LIQ) 144A | | | 0.15 | | | | 8-15-2029 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 114,146,892 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 18 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Utah: 0.82% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.82% | | | | | | | | | | | | | | | | |
Salt Lake County UT Research Facilities Huntsman Cancer Foundation Series 2013-A-2 Merrill Lynch Series MT-847 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.13 | % | | | 12-1-2033 | | | $ | 4,100,000 | | | $ | 4,100,000 | |
Weber County UT Hospital IHC Health Services Series 2000C (Health Revenue, Bank of New York Mellon SPA) | | | 0.06 | | | | 2-15-2035 | | | | 6,200,000 | | | | 6,200,000 | |
| | | | |
| | | | | | | | | | | | | | | 10,300,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Vermont: 0.77% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.77% | | | | | | | | | | | | | | | | |
Vermont HFA Series A (Housing Revenue, AGM Insured, Bank of New York Mellon SPA) | | | 0.09 | | | | 5-1-2037 | | | | 4,200,000 | | | | 4,200,000 | |
Vermont HFA Series C (Housing Revenue, AGM Insured, Bank of New York Mellon SPA) | | | 0.09 | | | | 11-1-2037 | | | | 5,500,000 | | | | 5,500,000 | |
| | | | |
| | | | | | | | | | | | | | | 9,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Virginia: 1.21% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.21% | | | | | | | | | | | | | | | | |
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial Development Revenue, Marshall & Ilsley Bank LOC) | | | 0.11 | | | | 4-1-2026 | | | | 2,500,000 | | | | 2,500,000 | |
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) | | | 0.14 | | | | 5-15-2042 | | | | 6,870,000 | | | | 6,870,000 | |
Norfolk VA EDA Sentara Healthcare Series 2010B (Health Revenue) | | | 0.18 | | | | 11-1-2034 | | | | 5,850,000 | | | | 5,850,000 | |
| | | | |
| | | | | | | | | | | | | | | 15,220,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 0.53% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.53% | | | | | | | | | | | | | | | | |
Squaxin Island Tribe Washington Tribal Infrastructure Revenue Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.14 | | | | 5-1-2028 | | | | 1,440,000 | | | | 1,440,000 | |
Washington Housing Finance Commission Deer Run West Apartment Project A (Housing Revenue, Mizuho Corporate Bank LOC) | | | 0.09 | | | | 6-15-2037 | | | | 5,200,000 | | | | 5,200,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,640,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
West Virginia: 0.53% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.53% | | | | | | | | | | | | | | | | |
West Virginia EDA Collins Hardwood Company LLC (Miscellaneous Revenue, CoBank LOC) | | | 0.10 | | | | 10-1-2017 | | | | 4,000,000 | | | | 4,000,000 | |
West Virginia EDA Collins Hardwood Company LLC (Industrial Development Revenue, American AgCredit LOC) | | | 0.10 | | | | 10-1-2031 | | | | 2,700,000 | | | | 2,700,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,700,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wisconsin: 2.42% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.60% | | | | | | | | | | | | | | | | |
Milwaukee WI Cash Flow Promissory Notes Series 2014-R1 (GO) | | | 0.10 | | | | 12-23-2014 | | | | 6,500,000 | | | | 6,522,828 | |
Wisconsin Rural Water Construction Loan Program BAN Series 2013 (Water & Sewer Revenue) | | | 0.27 | | | | 9-1-2014 | | | | 1,000,000 | | | | 1,000,608 | |
| | | | |
| | | | | | | | | | | | | | | 7,523,436 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 19 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.82% | | | | | | | | | | | | | | | | |
West Bend WI Bestech Tool Corporation Project Series A (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.39 | % | | | 9-1-2019 | | | $ | 535,000 | | | $ | 535,000 | |
Wisconsin HEFA Aurora Health Care Incorporated Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1191 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 4-15-2035 | | | | 3,500,000 | | | | 3,500,000 | |
Wisconsin HEFA Wheaton Franciscan Healthcare System Morgan Stanley Series 2006-2113 (Health Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.26 | | | | 8-15-2034 | | | | 9,000,000 | | | | 9,000,000 | |
Wisconsin Housing & EDA Series E (Housing Revenue) | | | 0.27 | | | | 9-1-2038 | | | | 10,000,000 | | | | 10,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 23,035,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $1,237,082,713) | | | | | | | | | | | | | | | 1,237,082,713 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 1.04% | | | | | | | | | | | | | | | | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) §144A± | | | 0.15 | | | | 3-1-2040 | | | | 3,000,000 | | | | 3,000,000 | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ) §144A± | | | 0.13 | | | | 8-1-2040 | | | | 3,700,000 | | | | 3,700,000 | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ) §144A± | | | 0.13 | | | | 8-1-2040 | | | | 2,400,000 | | | | 2,400,000 | |
Nuveen New York AMT-Free Municipal Income Fund Variable Rate Demand Preferred Shares Series 2190-1 (Deutsche Bank Trust Company LIQ) §144A± | | | 0.15 | | | | 6-1-2040 | | | | 4,000,000 | | | | 4,000,000 | |
| | | | |
Total Other (Cost $13,100,000) | | | | | | | | | | | | | | | 13,100,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
Total investments in securities | | | | | | | | |
| (Cost $1,250,182,713) * | | | 99.04 | % | | | 1,250,182,713 | |
Other assets and liabilities, net | | | 0.96 | | | | 12,169,752 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,262,352,465 | |
| | | | | | | | |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| %% | The security is issued on a when-issued basis. |
| ## | All or a portion of this security has been segregated for when-issued securities. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| § | The security is 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.
| | | | |
| 20 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Statement of assets and liabilities—July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 1,250,182,713 | |
Cash | | | 2,140,598 | |
Receivable for investments sold | | | 15,710,133 | |
Receivable for interest | | | 964,671 | |
Receivable from adviser | | | 69,897 | |
Prepaid expenses and other assets | | | 17,812 | |
| | | | |
Total assets | | | 1,269,085,824 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 8,442 | |
Payable for investments purchased | | | 6,330,608 | |
Payable for Fund shares redeemed | | | 294 | |
Administration fees payable | | | 142,249 | |
Accrued expenses and other liabilities | | | 251,766 | |
| | | | |
Total liabilities | | | 6,733,359 | |
| | | | |
Total net assets | | $ | 1,262,352,465 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 1,262,261,042 | |
Overdistributed net investment income | | | (18,929 | ) |
Accumulated net realized gains on investments | | | 110,352 | |
| | | | |
Total net assets | | $ | 1,262,352,465 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Administrator Class | | $ | 3,535,856 | |
Shares outstanding – Administrator Class1 | | | 3,535,624 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 1,107,136,965 | |
Shares outstanding – Institutional Class1 | | | 1,107,025,828 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Service Class | | $ | 151,679,644 | |
Shares outstanding – Service Class1 | | | 151,677,653 | |
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, 2014 (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 21 | |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 744,004 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 566,941 | |
Administration fees | | | | |
Fund level | | | 283,471 | |
Administrator Class | | | 1,735 | |
Institutional Class | | | 393,357 | |
Service Class | | | 88,213 | |
Shareholder servicing fees | | | | |
Administrator Class | | | 1,735 | |
Service Class | | | 118,927 | |
Custody and accounting fees | | | 41,840 | |
Professional fees | | | 17,680 | |
Registration fees | | | 25,397 | |
Shareholder report expenses | | | 10,659 | |
Trustees’ fees and expenses | | | 102 | |
Other fees and expenses | | | 20,352 | |
| | | | |
Total expenses | | | 1,570,409 | |
Less: Fee waivers and/or expense reimbursements | | | (883,100 | ) |
| | | | |
Net expenses | | | 687,309 | |
| | | | |
Net investment income | | | 56,695 | |
| | | | |
Net realized gains on investments | | | 27,539 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 84,234 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 22 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Statement of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended
January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 56,695 | | | | | | | $ | 193,393 | |
Net realized gains on investments | | | | | | | 27,539 | | | | | | | | 417,035 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | | | | | 84,234 | | | | | | | | 610,428 | |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Administrator Class | | | | | | | (174 | ) | | | | | | | (356 | ) |
Institutional Class | | | | | | | (49,170 | ) | | | | | | | (178,941 | ) |
Service Class | | | | | | | (7,351 | ) | | | | | | | (14,096 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Administrator Class | | | | | | | 0 | | | | | | | | (909 | ) |
Institutional Class | | | | | | | 0 | | | | | | | | (296,035 | ) |
Service Class | | | | | | | 0 | | | | | | | | (43,486 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | | | | | (56,695 | ) | | | | | | | (533,823 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Institutional Class | | | 2,798,536,097 | | | | 2,798,536,097 | | | | 5,788,869,270 | | | | 5,788,869,270 | |
Service Class | | | 143,276,392 | | | | 143,276,392 | | | | 704,924,434 | | | | 704,924,434 | |
| | | | | | | | | | | | | | | | |
| | | | | | | 2,941,812,489 | | | | | | | | 6,493,793,704 | |
| | | | | | | | | | | | | | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Administrator Class | | | 174 | | | | 174 | | | | 1,265 | | | | 1,265 | |
Institutional Class | | | 8,515 | | | | 8,515 | | | | 65,337 | | | | 65,337 | |
Service Class | | | 3,288 | | | | 3,288 | | | | 26,625 | | | | 26,625 | |
| | | | | | | | | | | | | | | | |
| | | | | | | 11,977 | | | | | | | | 93,227 | |
| | | | | | | | | | | | | | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Institutional Class | | | (2,796,117,241 | ) | | | (2,796,117,241 | ) | | | (6,251,043,334 | ) | | | (6,251,043,334 | ) |
Service Class | | | (166,961,343 | ) | | | (166,961,343 | ) | | | (669,903,578 | ) | | | (669,903,578 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | (2,963,078,584 | ) | | | | | | | (6,920,946,912 | ) |
| | | | | | | | | | | | | | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (21,254,118 | ) | | | | | | | (427,059,981 | ) |
| | | | | | | | | | | | | | | | |
Total decrease in net assets | | | | | | | (21,226,579 | ) | | | | | | | (426,983,376 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 1,283,579,044 | | | | | | | | 1,710,562,420 | |
| | | | | | | | | | | | | | | | |
End of period | | | | | | $ | 1,262,352,465 | | | | | | | $ | 1,283,579,044 | |
| | | | | | | | | | | | | | | | |
Overdistributed net investment income | | | | | | $ | (18,929 | ) | | | | | | $ | (18,929 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 23 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended January 31 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.04 | % | | | 0.05 | % | | | 0.02 | % | | | 0.03 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.37 | % | | | 0.36 | % | | | 0.36 | % | | | 0.36 | % | | | 0.38 | % |
Net expenses | | | 0.12 | % | | | 0.15 | % | | | 0.22 | % | | | 0.24 | % | | | 0.30 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.07 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $3,536 | | | | $3,536 | | | | $3,534 | | | | $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.
| | | | |
| 24 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111,2 | | | 20101 | | | 20091 | |
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 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.02 | |
Net realized gains (losses) on investments | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | (0.00 | )3 | | | 0.00 | 3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (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 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (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 | % | | | 0.04 | % | | | 0.08 | % | | | 0.05 | % | | | 0.16 | % | | | 0.40 | % | | | 2.20 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.25 | % | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.23 | % | | | 0.22 | % |
Net expenses | | | 0.12 | % | | | 0.15 | % | | | 0.19 | % | | | 0.19 | % | | | 0.21 | % | | | 0.23 | % | | | 0.22 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.04 | % | | | 0.06 | % | | | 0.18 | % | | | 0.40 | % | | | 2.10 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,107,137 | | | | $1,104,686 | | | | $1,566,716 | | | | $2,337,778 | | | | $4,115,192 | | | | $4,580,024 | | | | $6,154,387 | |
| 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.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 25 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111,2 | | | 20101 | | | 20091 | |
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 | | | (0.00 | )3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.02 | |
Net realized gains (losses) on investments | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | (0.00 | )3 | | | 0.00 | 3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (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 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (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 | % | | | 0.04 | % | | | 0.05 | % | | | 0.01 | % | | | 0.01 | % | | | 0.20 | % | | | 1.95 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.45 | % | | | 0.48 | % | | | 0.48 | % | | | 0.50 | % | | | 0.50 | % | | | 0.48 | % | | | 0.47 | % |
Net expenses | | | 0.12 | % | | | 0.15 | % | | | 0.22 | % | | | 0.25 | % | | | 0.37 | % | | | 0.44 | % | | | 0.47 | % |
Net investment income (loss) | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | (0.01 | )% | | | 0.01 | % | | | 0.21 | % | | | 1.85 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $151,680 | | | | $175,358 | | | | $140,313 | | | | $213,380 | | | | $312,671 | | | | $564,325 | | | | $830,779 | |
| 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.
| | | | |
| 26 | | Wells Fargo Advantage Municipal Cash Management 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 27 | |
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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of January 31, 2014, the Fund had $2,739 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.
Class allocations
The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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 has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management 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 Municipal Cash Management Money Market Fund | | Notes to financial statements (unaudited) |
Administration 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.30% for Administrator Class shares, 0.20% for Institutional Class shares and 0.45% for Service Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 Trustees 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 29 | |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | |
| 30 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during
past five years |
| Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
| Judith M. Johnson (Born 1949) | | Trustee, since 2008;
Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
| 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 |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 31 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Other directorships during
past five years |
| Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
| 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. | | |
Nancy Wiser1
(Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
| C. David Messman (Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001. | | |
Debra Ann Early
(Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1 (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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | |
| 32 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Other information (unaudited) |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Municipal Cash Management Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison 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 performance Universe. The Board noted that the performance of the Fund (Institutional Class) was higher than or in range of the average performance of the Universe for all periods under review.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 33 | |
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except for the Institutional Class, the net operating expense ratio for which was in range of the median net operating expense ratio of its expense Group. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rate for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
| | | | |
| 34 | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | Other information (unaudited) |
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
| | | | | | |
| List of abbreviations | | Wells Fargo Advantage Municipal Cash Management Money Market Fund | | | 35 | |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 227178 09-14 SA307/SAR307 07-14 |
Wells Fargo Advantage
Municipal Money Market Fund
Semi-Annual Report
July 31, 2014
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Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage Municipal Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
| | | | | | |
| Letter to shareholders (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 3 | |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
| | | | |
| 4 | | Wells Fargo Advantage Municipal Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
James Randazzo
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (WMUXX) | | 1-5-1995 | | | 0.04% | | | | 0.02% | | | | 0.99% | | | | 0.83 | | | | 0.65 | |
| Institutional Class (WMTXX)* | | 7-9-2010 | | | 0.04% | | | | 0.05% | | | | 1.15% | | | | 0.44 | | | | 0.20 | |
| Investor Class (WMVXX) | | 7-9-2010 | | | 0.04% | | | | 0.02% | | | | 1.13% | | | | 0.86 | | | | 0.64 | |
| Service Class (WMSXX) | | 11-2-1988 | | | 0.04% | | | | 0.02% | | | | 1.13% | | | | 0.73 | | | | 0.45 | |
| Sweep Class | | 6-30-2000 | | | 0.04% | | | | 0.02% | | | | 0.85% | | | | 1.18 | | | | 1.00 | |
| * | | Institutional Class shares are closed to new investors. |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | |
| | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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).
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 5 | |
| | | | |
| Revenue source distribution as of July 31, 20144 |
|
 |
| | | | |
| Effective maturity distribution as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
18 days | | |
| | |
| Weighted average life6 as of July 31, 2014 |
18 days | | |
| 1. | Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Service Class shares, and includes the higher expenses applicable to Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to include the higher expenses applicable to 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. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.70)%, (0.31)%, (0.73)%, (0.60)%, and (1.05)% for Class A, Institutional Class, Investor Class, Service Class, and Sweep Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage Municipal Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning account value 2-1-2014 | | | Ending account value 7-31-2014 | | | Expenses paid during the period¹ | | | Net annualized expense ratio | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
Investor Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
Service Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
Sweep Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.05 | | | $ | 0.60 | | | | 0.12 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.20 | | | $ | 0.60 | | | | 0.12 | % |
| 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). |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 98.29% | | | | | | | | | | | | | | | | |
| | | | |
Alabama: 0.85% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.85% | | | | | | | | | | | | | | | | |
Chatom AL Industrial Development Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue) | | | 0.21 | % | | | 8-1-2041 | | | $ | 2,600,000 | | | $ | 2,600,000 | |
Mobile AL Industrial Development Board High Providence LLC Project Series 2006 (Industrial Development Revenue, Whitney National Bank LOC) | | | 0.09 | | | | 8-1-2031 | | | | 1,950,000 | | | | 1,950,000 | |
| | | | |
| | | | | | | | | | | | | | | 4,550,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Arizona: 1.60% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.60% | | | | | | | | | | | | | | | | |
Maricopa County AZ IDA Solid Waste Disposal Ambian Dairy LLC Project Series 2008 (Resource Recovery Revenue, Farm Credit Services America LOC) | | | 0.10 | | | | 11-1-2033 | | | | 3,600,000 | | | | 3,600,000 | |
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC) | | | 0.10 | | | | 8-1-2026 | | | | 2,500,000 | | | | 2,500,000 | |
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC) | | | 0.10 | | | | 8-1-2027 | | | | 1,250,000 | | | | 1,250,000 | |
Pinal County AZ IDA Solid Waste Disposal Rio Bravo Dairy Farm LLC Series 2002 (Industrial Development Revenue, Farm Credit Services America LOC) | | | 0.10 | | | | 5-1-2027 | | | | 1,250,000 | | | | 1,250,000 | |
| | | | |
| | | | | | | | | | | | | | | 8,600,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
California: 4.53% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.73% | | | | | | | | | | | | | | | | |
Los Angeles County CA School Pooled Financing Program Series 2013-14 (Miscellaneous Revenue) | | | 0.14 | | | | 12-31-2014 | | | | 1,150,000 | | | | 1,158,859 | |
Los Angeles County CA TRAN Series 2014 (GO) | | | 0.11 | | | | 6-25-2015 | | | | 700,000 | | | | 708,725 | |
Los Angeles County CA TRAN Series 2014-15 (Miscellaneous Revenue) | | | 0.12 | | | | 6-30-2015 | | | | 700,000 | | | | 708,799 | |
Riverside County CA TRAN Series 2014 (Tax Revenue) | | | 0.11 | | | | 6-30-2015 | | | | 1,300,000 | | | | 1,316,400 | |
| | | | |
| | | | | | | | | | | | | | | 3,892,783 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.80% | | | | | | | | | | | | | | | | |
California CDA Gas Supply (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.06 | | | | 11-1-2040 | | | | 4,500,000 | | | | 4,500,000 | |
California CDA MFHR Glen Haven Apartments Series 2002 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 4-15-2035 | | | | 3,000,000 | | | | 3,000,000 | |
California CDA Olympus Park Apartments Series Y (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 10-15-2030 | | | | 8,640,000 | | | | 8,640,000 | |
Eastern Municipal Water District of Southern California Certificate of Participation Series D (Water & Sewer Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 7-1-2023 | | | | 1,800,000 | | | | 1,800,000 | |
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 9-15-2032 | | | | 2,500,000 | | | | 2,500,000 | |
| | | | |
| | | | | | | | | | | | | | | 20,440,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado: 2.35% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.35% | | | | | | | | | | | | | | | | |
Colorado Health Facilities Authority Catholic Health Initiatives Series 2008-D2 Morgan Stanley Series 2008-3364 (Health Revenue, Morgan Stanley Bank LOC) 144A | | | 0.12 | | | | 10-1-2037 | | | | 1,000,000 | | | | 1,000,000 | |
Colorado HFA Ready Foods Incorporated Project Series A (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.11 | | | | 1-1-2032 | | | | 3,290,000 | | | | 3,290,000 | |
Colorado HFA Worldwest LLP Project Series 1999-A (Industrial Development Revenue, UMB Bank Colorado LOC) 144A | | | 0.31 | | | | 9-1-2023 | | | | 2,960,000 | | | | 2,960,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
|
| Variable Rate Demand Notes ø (continued) | |
Colorado MidCities Metropolitan District #1 Colorado Series 2004-B (Tax Revenue, BNP Paribas LOC) | | | 0.16 | % | | | 12-1-2031 | | | $ | 1,500,000 | | | $ | 1,500,000 | |
Denver CO City & County Airport System Series 2006-A (Airport Revenue, FGIC Insured, Morgan Stanley Bank LIQ) 144A | | | 0.21 | | | | 11-15-2025 | | | | 2,600,000 | | | | 2,600,000 | |
Town of Hudson CO Series A (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.19 | | | | 11-1-2020 | | | | 1,285,000 | | | | 1,285,000 | |
| | | | |
| | | | | | | | | | | | | | | 12,635,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Connecticut: 0.17% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.17% | | | | | | | | | | | | | | | | |
Connecticut GO Series 2011-E (Miscellaneous Revenue) | | | 0.09 | | | | 11-1-2014 | | | | 900,000 | | | | 911,011 | |
| | | | | | | | | | | | | | | | |
| | | | |
District of Columbia: 0.36% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.36% | | | | | | | | | | | | | | | | |
District of Columbia Fiscal Year 2014 TRAN (Miscellaneous Revenue) | | | 0.16 | | | | 9-30-2014 | | | | 1,945,000 | | | | 1,950,872 | |
| | | | | | | | | | | | | | | | |
| | | | |
Florida: 5.32% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.89% | | | | | | | | | | | | | | | | |
JEA Florida Electric System Series 2000 A (Utilities Revenue) | | | 0.08 | | | | 8-21-2014 | | | | 1,600,000 | | | | 1,600,000 | |
JEA Florida Electric System Series 2000 F-1 (Utilities Revenue) | | | 0.08 | | | | 8-14-2014 | | | | 1,800,000 | | | | 1,800,000 | |
JEA Florida Electric System Series 2000 F-2 (Utilities Revenue) | | | 0.07 | | | | 8-6-2014 | | | | 1,400,000 | | | | 1,400,000 | |
| | | | |
| | | | | | | | | | | | | | | 4,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.43% | | | | | | | | | | | | | | | | |
Alachua County FL Florida Rock Project (Industrial Development Revenue, Bank of America NA LOC) | | | 0.18 | | | | 11-1-2022 | | | | 1,850,000 | | | | 1,850,000 | |
Florida Housing Finance Corporation MFHR Mariner’s Cay Apartments Series 2008-M (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 12-15-2041 | | | | 1,760,000 | | | | 1,760,000 | |
Hillsborough County FL School Board Master Lease Program JPMorgan Chase PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.13 | | | | 8-22-2014 | | | | 600,000 | | | | 600,000 | |
JEA Florida Electric System Series D (Utilities Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 10-1-2038 | | | | 2,500,000 | | | | 2,500,000 | |
Lee County FL HFA SFHR Series 2908-Z (Housing Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company LIQ) | | | 0.12 | | | | 9-1-2015 | | | | 1,260,000 | | | | 1,260,000 | |
Lee County FL HFA SFHR Series 2909-Z (Housing Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company LIQ) | | | 0.12 | | | | 9-1-2015 | | | | 1,205,000 | | | | 1,205,000 | �� |
Miami-Dade County FL Expressway Authority Toll System Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1156 (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 7-1-2025 | | | | 1,000,000 | | | | 1,000,000 | |
Sarasota County FL Planned Parenthood Incorporated Project (Health Revenue, BMO Harris Bank NA LOC) | | | 0.08 | | | | 10-1-2041 | | | | 1,700,000 | | | | 1,700,000 | |
Tampa FL Baycare Health System Series 2012-B (Health Revenue) (i) | | | 0.14 | | | | 11-15-2033 | | | | 1,900,000 | | | | 1,900,000 | |
West Palm Beach FL Utilities Systems Series 2008-C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.23 | | | | 10-1-2038 | | | | 10,000,000 | | | | 10,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 23,775,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 4.52% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.52% | | | | | | | | | | | | | | | | |
Chicago IL 2nd Lien Water Revenue Series 2001 JPMorgan Chase PUTTER Series 4017 (Water & Sewer Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.36 | | | | 11-1-2023 | | | | 1,000,000 | | | | 1,000,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Chicago IL Board of Education Unlimited Tax Series 2011-A Deutsche Bank Spears Lifers Trust Series DBE-1210 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.11 | % | | | 12-1-2039 | | | $ | 3,000,000 | | | $ | 3,000,000 | |
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial Development Revenue, Harris NA LOC) | | | 0.10 | | | | 7-1-2033 | | | | 1,890,000 | | | | 1,890,000 | |
Chicago IL Midway Airport 2nd Lien Series C-1 (Airport Revenue, Bank of Montreal LOC) | | | 0.09 | | | | 1-1-2035 | | | | 5,265,000 | | | | 5,265,000 | |
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 4,000,000 | | | | 4,000,000 | |
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 2,250,000 | | | | 2,250,000 | |
Illinois Finance Authority Merug LLC Series B (Industrial Development Revenue, JPMorgan Chase & Company LOC) | | | 0.32 | | | | 12-1-2018 | | | | 645,000 | | | | 645,000 | |
Illinois Housing Development Authority Larkin Village Project Series A (Housing Revenue, FHLB SPA) | | | 0.09 | | | | 1-1-2027 | | | | 1,000,000 | | | | 1,000,000 | |
Lake County IL Brown Paper Goods Project (Industrial Development Revenue, JPMorgan Chase & Company LOC) | | | 0.52 | | | | 10-1-2021 | | | | 805,000 | | | | 805,000 | |
Lake County IL Northpoint Association (Industrial Development Revenue, Northern Trust Company LOC) | | | 0.12 | | | | 7-1-2029 | | | | 2,600,000 | | | | 2,600,000 | |
Skokie IL Economic Development Revenue Skokie Fashion Square Project Series 1984 (Industrial Development Revenue, Bank of America NA LOC) | | | 0.17 | | | | 12-1-2014 | | | | 1,850,000 | | | | 1,850,000 | |
| | | | |
| | | | | | | | | | | | | | | 24,305,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Indiana: 2.00% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.26% | | | | | | | | | | | | | | | | |
Indiana Bond Bank Revenue Advance Funding Program Series 2014-A (Miscellaneous Revenue) | | | 0.25 | | | | 1-6-2015 | | | | 1,400,000 | | | | 1,406,039 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.74% | | | | | | | | | | | | | | | | |
Indiana Finance Authority First Lien Wastewater Utility Series 2014-A Deutsche Bank Spears Lifers Trust Series DBE-1343 (Water & Sewer Revenue, Deutsche Bank LIQ) 144A | | | 0.13 | | | | 10-1-2044 | | | | 3,200,000 | | | | 3,200,000 | |
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC) | | | 0.08 | | | | 3-1-2041 | | | | 1,460,000 | | | | 1,460,000 | |
St. Joseph County IN Midcorr Land Development LLC Project (Industrial Development Revenue, PNC Bank NA LOC) | | | 0.11 | | | | 10-1-2023 | | | | 2,000,000 | | | | 2,000,000 | |
Wabash IN Economic Development Revenue Martin Yale Industries Project Series 1998 (Industrial Development Revenue, JPMorgan Chase & Company LOC) | | | 0.32 | | | | 9-1-2028 | | | | 2,700,000 | | | | 2,700,000 | |
| | | | |
| | | | | | | | | | | | | | | 9,360,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Iowa: 2.05% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.05% | | | | | | | | | | | | | | | | |
Iowa Finance Authority Interwest Project Series 2001 (Industrial Development Revenue, CoBank LOC) | | | 0.10 | | | | 11-1-2016 | | | | 1,020,000 | | | | 1,020,000 | |
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue) | | | 0.08 | | | | 6-1-2039 | | | | 8,400,000 | | | | 8,400,000 | |
Iowa Finance Authority Powerfilm Incorporated Project (Industrial Development Revenue, Bank of America NA LOC) | | | 0.23 | | | | 6-1-2028 | | | | 1,600,000 | | | | 1,600,000 | |
| | | | |
| | | | | | | | | | | | | | | 11,020,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Kansas: 0.61% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.61% | | | | | | | | | | | | | | | | |
Olathe KS Insulite Glass Company Incorporated Project Series 2000 (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.16 | % | | | 6-1-2020 | | | $ | 645,000 | | | $ | 645,000 | |
Olathe KS Integral Senior Living LLC Project (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.16 | | | | 8-1-2027 | | | | 2,610,000 | | | | 2,610,000 | |
| | | | |
| | | | | | | | | | | | | | | 3,255,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Kentucky: 1.31% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.28% | | | | | | | | | | | | | | | | |
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2013-D-1 (Miscellaneous Revenue) | | | 0.28 | | | | 9-1-2014 | | | | 1,000,000 | | | | 1,000,608 | |
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2014 D-1 (Miscellaneous
Revenue) %% | | | 1.00 | | | | 8-1-2015 | | | | 500,000 | | | | 503,840 | |
| | | | |
| | | | | | | | | | | | | | | 1,504,448 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.03% | | | | | | | | | | | | | | | | |
Bardstown KY Industrial Building Linpac Materials Handling Project (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.18 | | | | 10-1-2019 | | | | 2,170,000 | | | | 2,170,000 | |
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial Development Revenue, Stock Yards Bank & Trust LOC) | | | 0.11 | | | | 9-1-2022 | | | | 2,050,000 | | | | 2,050,000 | |
Kentucky EDA Hospital Revenue Bonds Series 2011 Baptist Healthcare System Obligated Group Deutsche Bank Spears Lifers Trust Series DBE-1275 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-15-2042 | | | | 1,300,000 | | | | 1,300,000 | |
| | | | |
| | | | | | | | | | | | | | | 5,520,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Louisiana: 2.20% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.20% | | | | | | | | | | | | | | | | |
Louisiana HFA Arbor Place Apartments Project Series 2008 (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 3-1-2043 | | | | 7,800,000 | | | | 7,800,000 | |
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial Development Revenue) | | | 0.18 | | | | 12-1-2036 | | | | 4,000,000 | | | | 4,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 11,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maryland: 0.56% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.56% | | | | | | | | | | | | | | | | |
Maryland GO Series 2013-B Merrill Lynch Joint Venture Trust Series JVI-1001 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.16 | | | | 3-1-2019 | | | | 1,000,000 | | | | 1,000,000 | |
Maryland GO Series 2013-B Merrill Lynch Joint Venture Trust Series JVI-1003 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.16 | | | | 3-1-2019 | | | | 1,000,000 | | | | 1,000,000 | |
Maryland Transportation Authority Austin Trust Series 1152 (Transportation Revenue, AGM Insured, Bank of America NA LIQ) 144A | | | 0.11 | | | | 7-1-2041 | | | | 1,000,000 | | | | 1,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 3,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts: 1.51% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.56% | | | | | | | | | | | | | | | | |
University of Massachusetts Building Authority Series 2013 B-1 (Education Revenue) | | | 0.12 | | | | 1-8-2015 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.95% | | | | | | | | | | | | | | | | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-32 (Tax Revenue, Royal Bank of Canada LOC) 144A | | | 0.13 | | | | 8-1-2014 | | | | 5,100,000 | | | | 5,100,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Michigan: 6.38% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 6.38% | | | | | | | | | | | | | | | | |
Green Lake Township MI Economic Development Corporation (Miscellaneous Revenue, BMO Harris Bank NA LOC) | | | 0.07 | % | | | 6-1-2034 | | | $ | 500,000 | | | $ | 500,000 | |
Michigan Higher Education Authority Student Loan Royal Bank of Canada Municipal Products Incorporated Trust Certificate Series L-33 (Education Revenue, Royal Bank of Canada LOC) 144A | | | 0.10 | | | | 9-1-2026 | | | | 15,495,000 | | | | 15,495,000 | |
Michigan Hospital Finance Authority Ascension Health Group Series 2010-8 (Health Revenue) | | | 0.12 | | | | 11-15-2049 | | | | 1,000,000 | | | | 1,000,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) | | | 0.12 | | | | 11-15-2049 | | | | 1,100,000 | | | | 1,100,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-7 (Health Revenue) (i) | | | 0.12 | | | | 11-15-2047 | | | | 1,265,000 | | | | 1,265,000 | |
Michigan Hospital Finance Authority Henry Ford Health System Series 2006-A Deutsche Bank Spears Lifers Trust Series DBE-1281 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-15-2046 | | | | 2,500,000 | | | | 2,500,000 | |
Michigan Housing Development Authority Series A (Housing Revenue, JPMorgan Chase & Company SPA) | | | 0.09 | | | | 10-1-2037 | | | | 3,230,000 | | | | 3,230,000 | |
Michigan Housing Development Authority Series A (Housing Revenue, AGM Insured) | | | 0.19 | | | | 4-1-2042 | | | | 9,210,000 | | | | 9,210,000 | |
| | | | |
| | | | | | | | | | | | | | | 34,300,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Minnesota: 4.18% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.19% | | | | | | | | | | | | | | | | |
Minnesota Rural Water Finance Authority Public Project Construction Series 2013-B (Water & Sewer Revenue) | | | 0.24 | | | | 1-1-2015 | | | | 1,000,000 | | | | 1,003,129 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.99% | | | | | | | | | | | | | | | | |
Becker MN Plymouth Foam Incorporated Project (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.28 | | | | 5-1-2019 | | | | 1,185,000 | | | | 1,185,000 | |
Bloomington MN Refunding MFHR Norlan Partnership Series 2000-A-1 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 7-15-2032 | | | | 5,090,000 | | | | 5,090,000 | |
Coon Rapids MN Drake Apartments Project A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 6-15-2038 | | | | 2,755,000 | | | | 2,755,000 | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 8-15-2038 | | | | 400,000 | | | | 400,000 | |
Hennepin County MN Housing & RDA Stone Arch Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.11 | | | | 4-15-2035 | | | | 2,800,000 | | | | 2,800,000 | |
Mahtomedi MN Briarcliff Manor Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 6-15-2038 | | | | 3,645,000 | | | | 3,645,000 | |
Minneapolis MN MacPhail Center for Music Project (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.08 | | | | 8-1-2036 | | | | 850,000 | | | | 850,000 | |
Minneapolis MN Minnehaha Academy Project (Education Revenue, U.S. Bank NA LOC) | | | 0.08 | | | | 5-1-2026 | | | | 551,000 | | | | 551,000 | |
Minnesota Agriculture & EDA Como Partnership Project Series 1996 (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.19 | | | | 5-1-2016 | | | | 690,000 | | | | 690,000 | |
Minnesota Bond Securitization Trust Certificate Series S-1 (Miscellaneous Revenue, PNC Bank NA LOC) | | | 0.21 | | | | 2-1-2027 | | | | 1,325,000 | | | | 1,325,000 | |
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.09 | | | | 6-1-2032 | | | | 2,140,000 | | | | 2,140,000 | |
| | | | |
| | | | | | | | | | | | | | | 21,431,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
Mississippi: 0.35% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.35% | | | | | | | | | | | | | | | | |
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | % | | | 2-1-2016 | | | $ | 1,900,000 | | | $ | 1,900,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Missouri: 1.62% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.49% | | | | | | | | | | | | | | | | |
Missouri HEFA Health Care Series 2014-E (GO) ## | | | 0.11 | | | | 8-1-2014 | | | | 1,600,000 | | | | 1,600,000 | |
Saint Louis County MO Special Obligation Series 2013-1 (Miscellaneous Revenue) ## | | | 0.20 | | | | 8-1-2014 | | | | 1,000,000 | | | | 1,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 2,600,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.13% | | | | | | | | | | | | | | | | |
Missouri Environmental Improvement & Energy Resources Authority (Water & Sewer Revenue, Credit Suisse LIQ) 144A | | | 0.10 | | | | 12-1-2036 | | | | 4,400,000 | | | | 4,400,000 | |
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.21 | | | | 4-1-2026 | | | | 1,685,000 | | | | 1,685,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,085,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nebraska: 0.80% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.80% | | | | | | | | | | | | | | | | |
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC) | | | 0.10 | | | | 9-1-2031 | | | | 4,310,000 | | | | 4,310,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nevada: 0.28% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.28% | | | | | | | | | | | | | | | | |
Clark County NV Deutsche Bank Spears Lifers Series DBE-643 (Airport Revenue, Ambac Insured, Deutsche Bank LIQ) 144A | | | 0.14 | | | | 7-1-2025 | | | | 1,500,000 | | | | 1,500,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Hampshire: 0.35% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.35% | | | | | | | | | | | | | | | | |
New Hampshire HFA SFHR (Housing Revenue, Bank of America NA LIQ) 144A | | | 0.14 | | | | 1-1-2037 | | | | 1,880,000 | | | | 1,880,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Jersey: 2.04% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.04% | | | | | | | | | | | | | | | | |
New Jersey EDA School Facilities Construction Series NN Deutsche Bank Spears Lifers Trust Series DBE-1143X (Miscellaneous Revenue, Deutsche Bank LIQ) 144A | | | 0.12 | | | | 3-1-2029 | | | | 660,000 | | | | 660,000 | |
New Jersey TRAN JPMorgan PUTTER Series 4462 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 4,800,000 | | | | 4,800,000 | |
New Jersey TRAN JPMorgan PUTTER Series 4464 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 3,500,000 | | | | 3,500,000 | |
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ) | | | 0.07 | | | | 12-15-2023 | | | | 550,000 | | | | 550,000 | |
New Jersey Turnpike Authority Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1153X (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 1-1-2038 | | | | 1,425,000 | | | | 1,425,000 | |
| | | | |
| | | | | | | | | | | | | | | 10,935,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New York: 3.33% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.28% | | | | | | | | | | | | | | | | |
Metropolitan Transportation Authority New York BAN Series 2 Sub Series A (Transportation Revenue) | | | 0.10 | | | | 8-5-2014 | | | | 1,500,000 | | | | 1,500,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.05% | | | | | | | | | | | | | | | | |
New York City NY Transitional Finance Authority Building Aid Series 2007-S1 Citigroup Eagle Series 2014-0041-A (Miscellaneous Revenue, AGM/FGIC Insured, Citibank NA LIQ) 144A | | | 0.07 | % | | | 7-15-2036 | | | $ | 1,800,000 | | | $ | 1,800,000 | |
New York Convention Center Development Corporation Series 2005 Citigroup Eagle Series 2014-0044-A (Tax Revenue, Citibank NA LIQ) 144A | | | 0.07 | | | | 11-15-2044 | | | | 1,900,000 | | | | 1,900,000 | |
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.09 | | | | 11-15-2026 | | | | 1,700,000 | | | | 1,700,000 | |
New York Housing Finance Agency Series 2014-A (Housing Revenue) | | | 0.35 | | | | 5-1-2048 | | | | 3,400,000 | | | | 3,400,000 | |
New York NY Transitional Finance Authority Series C (Tax Revenue, Morgan Stanley Bank LOC) | | | 0.05 | | | | 5-1-2028 | | | | 4,000,000 | | | | 4,000,000 | |
New York NY Transitional Finance Authority Sub Series 2003A-4 (Tax Revenue, TD Bank NA SPA) | | | 0.05 | | | | 11-1-2029 | | | | 1,400,000 | | | | 1,400,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-A (Health Revenue) | | | 0.09 | | | | 7-1-2031 | | | | 1,280,000 | | | | 1,280,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-B (Health Revenue) | | | 0.09 | | | | 7-1-2031 | | | | 930,000 | | | | 930,000 | |
| | | | |
| | | | | | | | | | | | | | | 16,410,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Carolina: 0.55% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.09% | | | | | | | | | | | | | | | | |
Wake County NC GO 2007 (Tax Revenue) | | | 0.05 | | | | 3-1-2015 | | | | 500,000 | | | | 514,154 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.46% | | | | | | | | | | | | | | | | |
North Carolina Housing Finance Agency Home Ownership Series 15-C (Housing Revenue, AGM Insured, TD Bank NA SPA) | | | 0.08 | | | | 7-1-2032 | | | | 200,000 | | | | 200,000 | |
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC) | | | 0.09 | | | | 12-1-2026 | | | | 2,250,000 | | | | 2,250,000 | |
| | | | |
| | | | | | | | | | | | | | | 2,450,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Dakota: 3.06% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.38% | | | | | | | | | | | | | | | | |
Mercer County ND PCR Antelope Valley Unit 1 & Common Facilities Series 2009 (Miscellaneous Revenue) | | | 0.14 | | | | 9-11-2014 | | | | 6,900,000 | | | | 6,900,000 | |
North Dakota Water Finance Corporation Public Projects Construction Series B-3 (Miscellaneous Revenue) | | | 0.26 | | | | 5-1-2015 | | | | 500,000 | | | | 502,723 | |
| | | | |
| | | | | | | | | | | | | | | 7,402,723 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 1.68% | | | | | | | | | | | | | | | | |
Traill County ND American Crystal Project (Resource Recovery Revenue, CoBank LOC) | | | 0.11 | | | | 9-1-2017 | | | | 9,030,000 | | | | 9,030,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio: 5.00% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.19% | | | | | | | | | | | | | | | | |
Ohio Common Schools Series 2009-C (GO) | | | 0.04 | | | | 9-15-2014 | | | | 1,000,000 | | | | 1,006,063 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.81% | | | | | | | | | | | | | | | | |
Franklin County OH Lifeline Shelter Systems Project (Industrial Development Revenue, Bank One NA LOC) | | | 0.47 | | | | 10-1-2021 | | | | 815,000 | | | | 815,000 | |
JobsOhio Beverage Systems Statewide Liquor Profits Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1157 (Miscellaneous Revenue, Deutsche Bank LIQ) 144A | | | 0.09 | | | | 1-1-2038 | | | | 8,750,000 | | | | 8,750,000 | |
Montgomery County OH Cambridge Commons Apartments Series A (Housing Revenue, FHLB LOC) | | | 0.09 | | | | 4-1-2038 | | | | 1,130,000 | | | | 1,130,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 14 | | Wells Fargo Advantage Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
|
| Variable Rate Demand Notes ø (continued) | |
Ohio Air Quality Development Authority Andersons Marathon Ethanol LLC Project Series 2007 (Resource Recovery Revenue, CoBank LOC) | | | 0.09 | % | | | 3-1-2032 | | | $ | 7,800,000 | | | $ | 7,800,000 | |
Ohio Higher Education Facilities University of Dayton Series 2013 Deutsche Bank Spears Lifers Trust Series DBE-1144 (Education Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 12-1-2043 | | | | 550,000 | | | | 550,000 | |
Ohio Turnpike Commission Junior Lien Revenue Bond Series 2013A-2 Deutsche Bank Spears Lifers Trust Series DBE-1280 (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 2-15-2043 | | | | 2,200,000 | | | | 2,200,000 | |
Tuscarawas County OH Port Authority Plymouth Incorporated Project (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.13 | | | | 8-1-2038 | | | | 4,625,000 | | | | 4,625,000 | |
| |
| | | | 25,870,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Oklahoma: 0.13% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.13% | | | | | | | | | | | | | | | | |
Oklahoma Development Finance Authority Industrial Development Tracker Marine Project (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.28 | | | | 3-1-2018 | | | | 675,000 | | | | 675,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 12.54% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 12.54% | | | | | | | | | | | | | | | | |
Branch Banking & Trust Series 2040 (Airport Revenue, FGIC Insured, Branch Banking & Trust LIQ) | | | 0.10 | | | | 10-1-2030 | | | | 2,900,000 | | | | 2,900,000 | |
Branch Banking & Trust Series 2054 (Miscellaneous Revenue, Ambac Insured, Branch Banking & Trust LIQ) | | | 0.10 | | | | 10-1-2015 | | | | 2,990,000 | | | | 2,990,000 | |
Clipper Tax-Exempt Certificate Trust Certificate of Participation Multi State Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 5-1-2017 | | | | 11,765,000 | | | | 11,765,000 | |
Clipper Tax-Exempt Certificate Trust Series 2007-19 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 9-1-2039 | | | | 3,742,000 | | | | 3,742,000 | |
Clipper Tax-Exempt Certificate Trust Series 2009-26 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.21 | | | | 7-1-2037 | | | | 515,000 | | | | 515,000 | |
Clipper Tax-Exempt Certified Trust Series 2009-32 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 1-1-2018 | | | | 7,650,000 | | | | 7,650,000 | |
FHLMC MFHR Series M019 Class A (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 5-1-2017 | | | | 15,082,000 | | | | 15,082,000 | |
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ) | | | 0.09 | | | | 6-15-2036 | | | | 15,500,000 | | | | 15,500,000 | |
FHLMC Multi-Class Mortgage Certificates (Housing Revenue, FHLMC LIQ) | | | 0.12 | | | | 8-15-2045 | | | | 6,143,298 | | | | 6,143,298 | |
FHLMC Multi-Family Municipal Securities Series M031 Class A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 12-15-2045 | | | | 1,100,000 | | | | 1,100,000 | |
| |
| | | | 67,387,298 | |
| | | | | | | | | | | | | | | | |
| | | | |
Pennsylvania: 4.74% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.74% | | | | | | | | | | | | | | | | |
Allegheny County PA Residential Finance Authority Mortgage SFHR Series 2005-SS (Housing Revenue, GNMA/FNMA Insured, PNC Bank NA SPA) | | | 0.11 | | | | 5-1-2036 | | | | 1,575,000 | | | | 1,575,000 | |
Beaver County PA IDA Daily Corporation Project (Industrial Development Revenue) | | | 0.22 | | | | 9-1-2032 | | | | 5,400,000 | | | | 5,400,000 | |
Manheim Township PA School District Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-E-28 (GO, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 12-12-2014 | | | | 1,860,000 | | | | 1,860,000 | |
Montgomery County PA IDA ROC R-II-R-11856 (Health Revenue, FHA Insured, Citibank NA LIQ) 144A | | | 0.10 | | | | 2-1-2018 | | | | 995,000 | | | | 995,000 | |
Pennsylvania EDFA Series D-7 (Industrial Development Revenue, PNC Bank NA LOC) | | | 0.11 | | | | 8-1-2022 | | | | 1,000,000 | | | | 1,000,000 | |
Pennsylvania HEFAR Thomas Jefferson University System Series 2014-A Merrill Lynch Joint Venture Trust Receipts Series JVI-1004 (Education Revenue, Bank of America NA LIQ) 144A | | | 0.26 | | | | 5-31-2015 | | | | 9,500,000 | | | | 9,500,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 (Miscellaneous Revenue, AGM Insured, Credit Suisse LIQ) 144A | | | 0.23 | % | | | 6-1-2028 | | | $ | 1,000,000 | | | $ | 1,000,000 | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006-B (Miscellaneous Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.18 | | | | 6-1-2015 | | | | 3,465,000 | | | | 3,465,000 | |
Philadelphia PA School District Series A Branch Banking & Trust Municipal Trust Series 2004 (GO, Branch Banking & Trust LIQ) 144A | | | 0.07 | | | | 1-4-2029 | | | | 680,000 | | | | 680,000 | |
| | | | |
| | | | | | | | | | | | | | | 25,475,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Rhode Island: 0.26% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.26% | | | | | | | | | | | | | | | | |
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013-O-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A | | | 0.11 | | | | 9-1-2020 | | | | 1,400,000 | | | | 1,400,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Carolina: 3.29% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.60% | | | | | | | | | | | | | | | | |
South Carolina Public Service Authority Sub Series D (Utilities Revenue) | | | 0.13 | | | | 8-13-2014 | | | | 1,400,000 | | | | 1,400,000 | |
South Carolina Public Service Authority Sub Series D (Utilities Revenue) | | | 0.13 | | | | 8-14-2014 | | | | 1,800,000 | | | | 1,800,000 | |
York County SC PCR Series 2000-B1 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 1,800,000 | | | | 1,800,000 | |
York County SC PCR Series 2000-B2 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 3,600,000 | | | | 3,600,000 | |
| | | | |
| | | | | | | | | | | | | | | 8,600,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.69% | | | | | | | | | | | | | | | | |
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC) | | | 0.07 | | | | 8-1-2025 | | | | 3,245,000 | | | | 3,245,000 | |
South Carolina Jobs EDA Blue Ridge Log Cabins LLC Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC) | | | 0.09 | | | | 3-1-2032 | | | | 4,815,000 | | | | 4,815,000 | |
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-1-2029 | | | | 1,045,000 | | | | 1,045,000 | |
| | | | |
| | | | | | | | | | | | | | | 9,105,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee: 0.14% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.14% | | | | | | | | | | | | | | | | |
Pulaski & Giles County TN Lomar Development Company Project (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.14 | | | | 1-1-2017 | | | | 775,000 | | | | 775,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas: 9.73% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 3.17% | | | | | | | | | | | | | | | | |
Dallas TX Area Rapid Transit (GO) | | | 0.09 | | | | 8-14-2014 | | | | 1,000,000 | | | | 1,000,000 | |
Texas Public Finance Authority Series 2003 (Miscellaneous Revenue) | | | 0.05 | | | | 8-5-2014 | | | | 1,900,000 | | | | 1,900,000 | |
Texas TRAN Series 2013 (Miscellaneous Revenue) | | | 0.18 | | | | 8-28-2014 | | | | 14,100,000 | | | | 14,118,907 | |
| | | | |
| | | | | | | | | | | | | | | 17,018,907 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 6.56% | | | | | | | | | | | | | | | | |
Brazos River Harbor TX Naval District BASF Corporation Project (Industrial Development Revenue) | | | 0.18 | | | | 5-1-2036 | | | | 500,000 | | | | 500,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 16 | | Wells Fargo Advantage Municipal Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Dallam County TX Industrial Development Corporation Economic Development Revenue Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue) | | | 0.09 | % | | | 8-1-2039 | | | $ | 1,700,000 | | | $ | 1,700,000 | |
Houston TX Water & Sewer System Revenue Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA LIQ) 144A | | | 0.12 | | | | 12-1-2023 | | | | 1,800,000 | | | | 1,800,000 | |
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project (Industrial Development Revenue) | | | 0.22 | | | | 4-1-2033 | | | | 9,000,000 | | | | 9,000,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue) | | | 0.07 | | | | 3-1-2042 | | | | 11,000,000 | | | | 11,000,000 | |
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue) | | | 0.07 | | | | 4-1-2028 | | | | 5,500,000 | | | | 5,500,000 | |
Texas Municipal Gas Acquisition & Supply Corporation III Series 2012 Deutsche Bank Spears Lifers Trust Series DBE-1193 (Utilities Revenue, Deutsche Bank LIQ) 144A%% | | | 0.25 | | | | 12-15-2032 | | | | 1,330,000 | | | | 1,330,000 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.36 | | | | 12-15-2026 | | | | 3,286,548 | | | | 3,286,548 | |
Texas Turnpike Authority CAB 1st Tier Revenue Series 2002-A Deutsche Bank Spears Lifers Trust Series DB-329 (Transportation Revenue, Ambac Insured, Deutsche Bank LIQ) 144A | | | 0.15 | | | | 8-15-2029 | | | | 1,155,000 | | | | 1,155,000 | |
| | | | |
| | | | | | | | | | | | | | | 35,271,548 | |
| | | | | | | | | | | | | | | | |
| | | | |
Utah: 2.21% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.21% | | | | | | | | | | | | | | | | |
Juab County UT Intermountain Farmers Association Project (Industrial Development Revenue, CoBank LOC) | | | 0.10 | | | | 10-1-2021 | | | | 1,200,000 | | | | 1,200,000 | |
Salt Lake County UT Research Facilities Huntsman Cancer Foundation Series 2013-A-2 Merrill Lynch Series MT-847 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.13 | | | | 12-1-2033 | | | | 2,150,000 | | | | 2,150,000 | |
Weber County UT Hospital IHC Health Services Series 2000-C (Health Revenue, Bank of New York Mellon SPA) | | | 0.06 | | | | 2-15-2035 | | | | 8,500,000 | | | | 8,500,000 | |
| | | | |
| | | | | | | | | | | | | | | 11,850,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Vermont: 0.19% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.19% | | | | | | | | | | | | | | | | |
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007-A (Health Revenue, TD Bank NA LOC) | | | 0.05 | | | | 10-1-2034 | | | | 1,030,000 | | | | 1,030,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Virginia: 1.71% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.71% | | | | | | | | | | | | | | | | |
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i) | | | 0.14 | | | | 5-15-2042 | | | | 1,960,000 | | | | 1,960,000 | |
Norfolk VA EDA Sentara Healthcare Series 2010-C (Health
Revenue) (i) | | | 0.18 | | | | 11-1-2034 | | | | 4,465,000 | | | | 4,465,000 | |
Salem VA IDA MFHR Oak Park Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 8-15-2043 | | | | 2,745,000 | | | | 2,745,000 | |
| | | | |
| | | | | | | | | | | | | | | 9,170,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 1.51% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.51% | | | | | | | | | | | | | | | | |
Squaxin Island Tribe Washington Tribal Infrastructure Revenue Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.14 | | | | 5-1-2028 | | | | 960,000 | | | | 960,000 | |
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial Development Revenue, Northwest Farm Credit LOC) | | | 0.10 | | | | 9-1-2021 | | | | 3,300,000 | | | | 3,300,000 | |
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 5-15-2035 | | | | 1,590,000 | | | | 1,590,000 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 17 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC) | | | 0.10 | % | | | 8-1-2026 | | | $ | 2,280,000 | | | $ | 2,280,000 | |
| | | | |
| | | | | | | | | | | | | | | 8,130,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wisconsin: 3.96% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.65% | | | | | | | | | | | | | | | | |
Milwaukee WI Cash Flow Promissory Notes Series 2014-R1 (GO) | | | 0.10 | | | | 12-23-2014 | | | | 3,500,000 | | | | 3,512,292 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.31% | | | | | | | | | | | | | | | | |
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC) | | | 0.18 | | | | 11-1-2020 | | | | 1,225,000 | | | | 1,225,000 | |
Sheboygan WI Alaark Manufacturing Corporation Project Series 2000 (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.12 | | | | 12-1-2021 | | | | 1,265,000 | | | | 1,265,000 | |
Sheboygan WI Vortex Liquid Color Project (Industrial Development Revenue, Bank First National LOC) | | | 0.09 | | | | 11-1-2020 | | | | 1,140,000 | | | | 1,140,000 | |
Two Rivers WI Riverside Foods Incorporated Project (Industrial Development Revenue, Bank First National LOC) | | | 0.12 | | | | 12-1-2022 | | | | 1,410,000 | | | | 1,410,000 | |
Wisconsin HEFA Wheaton Franciscan Healthcare System Morgan Stanley Series 2006-2113 (Health Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.26 | | | | 8-15-2034 | | | | 3,900,000 | | | | 3,900,000 | |
Wisconsin Housing & EDA Series E (Housing Revenue) | | | 0.27 | | | | 9-1-2038 | | | | 5,000,000 | | | | 5,000,000 | |
Wisconsin Housing & EDFA Series 2879 (Housing Revenue, JPMorgan Chase & Company LIQ) | | | 0.07 | | | | 3-1-2015 | | | | 425,000 | | | | 425,000 | |
Wisconsin Housing & EDFA Zero Zone Incorporated Project Series 1999 (Industrial Development Revenue, U.S. Bank NA LOC) | | | 0.18 | | | | 8-1-2019 | | | | 3,420,000 | | | | 3,420,000 | |
| | | | |
| | | | | | | | | | | | | | | 17,785,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $528,137,267) | | | | | | | | | | | | | | | 528,137,267 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 1.45% | | | | | | | | | | | | | | | | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) 144A±§ | | | 0.15 | | | | 3-1-2040 | | | | 3,000,000 | | | | 3,000,000 | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ) 144A±§ | | | 0.13 | | | | 8-1-2040 | | | | 1,800,000 | | | | 1,800,000 | |
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ) 144A±§ | | | 0.13 | | | | 8-1-2040 | | | | 1,000,000 | | | | 1,000,000 | |
Nuveen New York AMT-Free Municipal Income Fund Variable Rate Demand Preferred Shares Series 2190-1 (Deutsche Bank Trust Company LIQ) 144A±§ | | | 0.15 | | | | 6-1-2040 | | | | 2,000,000 | | | | 2,000,000 | |
| | | | |
Total Other (Cost $7,800,000) | | | | | | | | | | | | | | | 7,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $535,937,267) * | | | 99.74 | % | | | 535,937,267 | |
Other assets and liabilities, net | | | 0.26 | | | | 1,422,627 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 537,359,894 | |
| | | | | | | | |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| %% | The security is issued on a when-issued basis. |
| ## | All or a portion of this security has been segregated for when-issued securities. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| § | The security is 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 Municipal Money Market Fund | | Statement of assets and liabilities—July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Assets | | | | |
Investments in unaffiliated securities, at amortized cost | | $ | 535,937,267 | |
Cash | | | 84,315 | |
Receivable for investments sold | | | 3,010,030 | |
Receivable for Fund shares sold | | | 46,774 | |
Receivable for interest | | | 464,945 | |
Receivable from adviser | | | 249,959 | |
Prepaid expenses and other assets | | | 59,561 | |
| | | | |
Total assets | | | 539,852,851 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 6,054 | |
Payable for investments purchased | | | 1,834,139 | |
Payable for Fund shares redeemed | | | 133,796 | |
Distribution fees payable | | | 68,654 | |
Administration fees payable | | | 114,919 | |
Accrued expenses and other liabilities | | | 335,395 | |
| | | | |
Total liabilities | | | 2,492,957 | |
| | | | |
Total net assets | | $ | 537,359,894 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 537,411,783 | |
Overdistributed net investment income | | | (115,842 | ) |
Accumulated net realized gains on investments | | | 63,953 | |
| | | | |
Total net assets | | $ | 537,359,894 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 13,057,978 | |
Shares outstanding – Class A1 | | | 13,075,425 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Institutional Class | | $ | 22,834,937 | |
Shares outstanding – Institutional Class1 | | | 22,839,980 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Investor Class | | $ | 143,995,492 | |
Shares outstanding – Investor Class1 | | | 144,007,167 | |
Net asset value per share – Investor Class | | | $1.00 | |
Net assets – Service Class | | $ | 129,456,553 | |
Shares outstanding – Service Class1 | | | 129,467,448 | |
Net asset value per share – Service Class | | | $1.00 | |
Net assets – Sweep Class | | $ | 228,014,934 | |
Shares outstanding – Sweep Class1 | | | 228,054,181 | |
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, 2014 (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 19 | |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest income | | $ | 379,599 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 849,434 | |
Administration fees | | | | |
Fund level | | | 141,572 | |
Class A | | | 14,497 | |
Institutional Class | | | 9,353 | |
Investor Class | | | 181,553 | |
Service Class | | | 80,555 | |
Sweep Class | | | 275,250 | |
Shareholder servicing fees | | | | |
Class A | | | 16,473 | |
Investor Class | | | 180,749 | |
Service Class | | | 167,310 | |
Sweep Class | | | 312,784 | |
Distribution fees | | | | |
Sweep Class | | | 437,898 | |
Custody and accounting fees | | | 15,171 | |
Professional fees | | | 12,001 | |
Registration fees | | | 5,248 | |
Shareholder report expenses | | | 7,282 | |
Trustees’ fees and expenses | | | 3,832 | |
Other fees and expenses | | | 5,418 | |
| | | | |
Total expenses | | | 2,716,380 | |
Less: Fee waivers and/or expense reimbursements | | | (2,365,101 | ) |
| | | | |
Net expenses | | | 351,279 | |
| | | | |
Net investment income | | | 28,320 | |
| | | | |
Net realized gains on investments | | | 20,778 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 49,098 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 20 | | Wells Fargo Advantage Municipal Money Market Fund | | Statement of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014
(unaudited) | | | Year ended
January 31, 2014 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 28,320 | | | | | | | $ | 81,317 | |
Net realized gains on investments | | | | | | | 20,778 | | | | | | | | 239,289 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 49,098 | | | | | | | | 320,606 | |
| | | | |
| | | |
Distributions to shareholders from | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (660 | ) | | | | | | | (5,340 | ) |
Institutional Class | | | | | | | (1,169 | ) | | | | | | | (4,423 | ) |
Investor Class | | | | | | | (7,263 | ) | | | | | | | (15,586 | ) |
Service Class | | | | | | | (6,714 | ) | | | | | | | (15,085 | ) |
Sweep Class | | | | | | | (12,514 | ) | | | | | | | (35,404 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | 0 | | | | | | | | (4,339 | ) |
Institutional Class | | | | | | | 0 | | | | | | | | (15,583 | ) |
Investor Class | | | | | | | 0 | | | | | | | | (43,902 | ) |
Service Class | | | | | | | 0 | | | | | | | | (42,889 | ) |
Sweep Class | | | | | | | 0 | | | | | | | | (88,517 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (28,320 | ) | | | | | | | (271,068 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 4,492,162 | | | | 4,492,162 | | | | 138,265,284 | | | | 138,265,284 | |
Institutional Class | | | 160,100,440 | | | | 160,100,440 | | | | 684,213,299 | | | | 684,213,299 | |
Investor Class | | | 23,679,720 | | | | 23,679,720 | | | | 55,126,333 | | | | 55,126,333 | |
Service Class | | | 47,803,700 | | | | 47,803,700 | | | | 94,245,295 | | | | 94,245,295 | |
Sweep Class | | | 168,657 | | | | 168,657 | | | | 1,186,007 | | | | 1,186,007 | |
| | | | |
| | | | | | | 236,244,679 | | | | | | | | 973,036,218 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 562 | | | | 562 | | | | 8,671 | | | | 8,671 | |
Institutional Class | | | 1,169 | | | | 1,169 | | | | 19,996 | | | | 19,996 | |
Investor Class | | | 6,994 | | | | 6,994 | | | | 57,953 | | | | 57,953 | |
Service Class | | | 1,401 | | | | 1,401 | | | | 12,046 | | | | 12,046 | |
Sweep Class | | | 12,514 | | | | 12,514 | | | | 123,769 | | | | 123,769 | |
| | | | |
| | | | | | | 22,640 | | | | | | | | 222,435 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (5,846,636 | ) | | | (5,846,636 | ) | | | (282,270,580 | ) | | | (282,270,580 | ) |
Institutional Class | | | (157,081,229 | ) | | | (157,081,229 | ) | | | (684,126,329 | ) | | | (684,126,329 | ) |
Investor Class | | | (29,939,001 | ) | | | (29,939,001 | ) | | | (63,763,604 | ) | | | (63,763,604 | ) |
Service Class | | | (68,302,859 | ) | | | (68,302,859 | ) | | | (93,212,666 | ) | | | (93,212,666 | ) |
Sweep Class | | | (55,467,416 | ) | | | (55,467,416 | ) | | | (162,423,256 | ) | | | (162,423,256 | ) |
| | | | |
| | | | | | | (316,637,141 | ) | | | | | | | (1,285,796,435 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (80,369,822 | ) | | | | | | | (312,537,782 | ) |
| | | | |
Total decrease in net assets | | | | | | | (80,349,044 | ) | | | | | | | (312,488,244 | ) |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 617,708,938 | | | | | | | | 930,197,182 | |
| | | | |
End of period | | | | | | $ | 537,359,894 | | | | | | | $ | 617,708,938 | |
| | | | |
Overdistributed net investment income | | | | | | $ | (115,842 | ) | | | | | | $ | (115,842 | ) |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage Municipal Money Market Fund | | | 21 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 20101 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.04 | % | | | 0.03 | % | | | 0.02 | % | | | 0.01 | % | | | 0.08 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.82 | % | | | 0.84 | % | | | 0.86 | % |
Net expenses | | | 0.12 | % | | | 0.18 | % | | | 0.21 | % | | | 0.22 | % | | | 0.35 | % | | | 0.61 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.09 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $13,058 | | | | $14,410 | | | | $158,400 | | | | $102,082 | | | | $130,539 | | | | $149,162 | |
| 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 of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 22 | | Wells Fargo Advantage Municipal Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.04 | % | | | 0.07 | % | | | 0.05 | % | | | 0.09 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.45 | % | | | 0.44 | % | | | 0.44 | % | | | 0.44 | % | | | 0.45 | % |
Net expenses | | | 0.12 | % | | | 0.14 | % | | | 0.19 | % | | | 0.19 | % | | | 0.20 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.04 | % | | | 0.06 | % | | | 0.16 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $22,835 | | | | $19,814 | | | | $19,709 | | | | $17,896 | | | | $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 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 Money Market Fund | | | 23 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| INVESTOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.04 | % | | | 0.03 | % | | | 0.02 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.87 | % | | | 0.86 | % | | | 0.86 | % | | | 0.85 | % | | | 0.89 | % |
Net expenses | | | 0.12 | % | | | 0.15 | % | | | 0.22 | % | | | 0.22 | % | | | 0.35 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $143,995 | | | | $150,242 | | | | $158,812 | | | | $179,884 | | | | $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 of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 24 | | Wells Fargo Advantage Municipal Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 20101 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.04 | % | | | 0.03 | % | | | 0.02 | % | | | 0.01 | % | | | 0.20 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.74 | % | | | 0.73 | % | | | 0.73 | % | | | 0.72 | % | | | 0.64 | % | | | 0.56 | % |
Net expenses | | | 0.12 | % | | | 0.15 | % | | | 0.22 | % | | | 0.21 | % | | | 0.35 | % | | | 0.46 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.23 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $129,457 | | | | $149,950 | | | | $148,896 | | | | $119,313 | | | | $96,341 | | | | $154,410 | |
| 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 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 Money Market Fund | | | 25 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SWEEP CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 20101 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.04 | % | | | 0.03 | % | | | 0.02 | % | | | 0.01 | % | | | 0.03 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 1.19 | % | | | 1.18 | % | | | 1.18 | % | | | 1.18 | % | | | 1.17 | % | | | 1.15 | % |
Net expenses | | | 0.12 | % | | | 0.15 | % | | | 0.23 | % | | | 0.23 | % | | | 0.35 | % | | | 0.63 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.03 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $228,015 | | | | $283,293 | | | | $444,380 | | | | $920,116 | | | | $3,233,532 | | | | $3,527,022 | |
| 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 of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 26 | | Wells Fargo Advantage 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 27 | |
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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of January 31, 2014, the Fund had $1,316 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.
Class allocations
The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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, 2014, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management 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 Municipal Money Market Fund | | Notes to financial statements (unaudited) |
Administration 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 | |
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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.20% for Institutional Class shares, 0.64% for Investor Class shares, 0.45% for Service Class shares and 1.00% for Sweep Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
Distribution fees
The Trust has adopted a Distribution Plan for Sweep 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, Investor Class, 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. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 29 | |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | |
| 30 | | Wells Fargo Advantage Municipal Money Market Fund | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other directorships during
past five years |
| Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
| Judith M. Johnson (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
| 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 |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 31 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Other directorships during
past five years |
| Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
| 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. | | |
| Nancy Wiser1 (Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
| C. David Messman (Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. | | |
| Debra Ann Early (Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
| 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 DePalma1 (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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | |
| 32 | | Wells Fargo Advantage Municipal Money Market Fund | | Other information (unaudited) |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Municipal Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Municipal Money Market Fund | | | 33 | |
to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except for the Institutional Class, the net operating expense ratio for which was in range of the median net operating expense ratio of its expense Group. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the average rates for the Fund’s expense Groups for all share classes except for the Service Class. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
| | | | |
| 34 | | Wells Fargo Advantage Municipal Money Market Fund | | Other information (unaudited) |
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
| | | | | | |
| List of abbreviations | | Wells Fargo Advantage Municipal Money Market Fund | | | 35 | |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
| | |
 | | 227179 09-14 SA308/SAR308 07-14 |
Wells Fargo Advantage
National Tax-Free Money Market Fund
Semi-Annual Report
July 31, 2014
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Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
| | | | | | |
| Letter to shareholders (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 3 | |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
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| 4 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
James Randazzo
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (NWMXX) | | 7-28-2003 | | | 0.02 | | | | 0.02 | | | | 0.98 | | | | 0.63 | | | | 0.63 | |
| Administrator Class (WNTXX) | | 4-8-2005 | | | 0.02 | | | | 0.03 | | | | 1.14 | | | | 0.36 | | | | 0.30 | |
| Institutional Class (WFNXX) | | 11-8-1999 | | | 0.02 | | | | 0.06 | | | | 1.22 | | | | 0.24 | | | | 0.20 | |
| Service Class (MMIXX) | | 8-3-1993 | | | 0.02 | | | | 0.02 | | | | 1.08 | | | | 0.53 | | | | 0.45 | |
| Sweep Class | | 6-30-2010 | | | 0.02 | | | | 0.02 | | | | 0.98 | | | | 0.98 | | | | 0.98 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | |
| | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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).
Please see footnotes on page 5.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 5 | |
| | |
| Revenue source distribution as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
19 days | | |
| | |
| Weighted average life6 as of July 31, 2014 |
19 days | | |
| | |
| Effective maturity distribution as of July 31, 20144 |
|
 |
| 1. | Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Service Class shares, and includes the higher expenses applicable to Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Class A shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns would be lower. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 1.00% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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 (0.53)%, (0.26)%, (0.14)%, (0.43)%, and (0.88)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
| | | | |
| 6 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period¹ | | | Net annualized
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 | | | $ | 0.45 | | | | 0.09 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.35 | | | $ | 0.45 | | | | 0.09 | % |
Institutional 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 | % |
Service 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 | % |
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). |
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 7 | |
The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website:
http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/nationaltaxfreemoneymarket.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSRS, is also available on the SEC’s website at sec.gov.
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Municipal Obligations: 98.00% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Alabama: 2.34% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 2.34% | | | | | | | | | | | | | | | | | | | | |
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series C (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.07 | % | | | 11-15-2046 | | | $ | 23,625,000 | | | $ | 23,625,000 | | | | 0.65 | % |
Other securities | | | | | | | | | | | | | | | 60,770,000 | | | | 1.69 | |
| | | | | |
| | | | | | | | | | | | | | | 84,395,000 | | | | 2.34 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Arizona: 1.57% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.57% | | | | | | | | | | | | | | | | | | | | |
Mesa AZ Utility System Clipper Tax-Exempt Certificates Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 7-1-2024 | | | | 35,055,000 | | | | 35,055,000 | | | | 0.97 | |
Other securities | | | | | | | | | | | | | | | 21,635,000 | | | | 0.60 | |
| | | | | |
| | | | | | | | | | | | | | | 56,690,000 | | | | 1.57 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
California: 9.74% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.81% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 29,511,210 | | | | 0.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 8.93% | | | | | | | | | | | | | | | | | | | | |
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.06 | | | | 11-1-2040 | | | | 86,775,000 | | | | 86,775,000 | | | | 2.40 | |
California CDA Motion Picture & Television Fund Series 2001A (Health Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 3-1-2031 | | | | 22,375,000 | | | | 22,375,000 | | | | 0.62 | |
California CDA Sutter Health ROC RR-II-R-11621 (Health Revenue, AGM Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 8-15-2032 | | | | 10,200,000 | | | | 10,200,000 | | | | 0.28 | |
San Francisco CA City & County RDA Community Facilities District #4 (Tax Revenue, Bank of America NA LOC) | | | 0.07 | | | | 8-1-2032 | | | | 19,000,000 | | | | 19,000,000 | | | | 0.53 | |
Other securities | | | | | | | | | | | | | | | 184,120,000 | | | | 5.10 | |
| | | | | |
| | | | | | | | | | | | | | | 322,470,000 | | | | 8.93 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Colorado: 2.04% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 2.04% | | | | | | | | | | | | | | | | | | | | |
Colorado Springs CO Utilities System Subordinate Lien Improvement Revenue Bonds Series 2005A (Utilities Revenue) | | | 0.07 | | | | 11-1-2035 | | | | 16,700,000 | | | | 16,700,000 | | | | 0.46 | |
Other securities | | | | | | | | | | | | | | | 57,155,000 | | | | 1.58 | |
| | | | | |
| | | | | | | | | | | | | | | 73,855,000 | | | | 2.04 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Connecticut: 0.34% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.18% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | $ | 6,478,303 | | | | 0.18 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.16% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 6,000,000 | | | | 0.16 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Delaware: 0.22% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.22% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 8,000,000 | | | | 0.22 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
District of Columbia: 0.48% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.26% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 9,328,077 | | | | 0.26 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.22% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 7,850,000 | | | | 0.22 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Florida: 9.28% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.95% | | | | | | | | | | | | | | | | | | | | |
JEA Florida Electric System (Utilities Revenue) | | | 0.07-0.08 | % | | | 8-6-2014 to 8-21-2014 | | | $ | 34,400,000 | | | | 34,400,000 | | | | 0.95 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 8.33% | | | | | | | | | | | | | | | | | | | | |
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue) | | | 0.05 | | | | 11-15-2032 | | | | 17,900,000 | | | | 17,900,000 | | | | 0.50 | |
Hillsborough County FL School Board Master Lease Program JPMorgan Chase PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.13 | | | | 8-22-2014 | | | | 92,970,000 | | | | 92,970,000 | | | | 2.58 | |
JEA Florida Electric System Series D (Utilities Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 10-1-2038 | | | | 14,155,000 | | | | 14,155,000 | | | | 0.39 | |
Orlando & Orange County FL Expressway Authority Sub Series B-2 (Transportation Revenue, TD Bank NA LOC) | | | 0.05 | | | | 7-1-2040 | | | | 22,735,000 | | | | 22,735,000 | | | | 0.63 | |
West Palm Beach FL Utilities Systems Series 2008C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.23 | | | | 10-1-2038 | | | | 43,990,000 | | | | 43,990,000 | | | | 1.22 | |
Other securities | | | | | | | | | | | | | | | 109,070,000 | | | | 3.01 | |
| | | | | |
| | | | | | | | | | | | | | | 300,820,000 | | | | 8.33 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Georgia: 1.41% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.41% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 50,880,000 | | | | 1.41 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Hawaii: 0.18% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.18% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 6,665,000 | | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Illinois: 5.32% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 5.32% | | | | | | | | | | | | | | | | | | | | |
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | % | | | 11-1-2030 | | | $ | 28,800,000 | | | $ | 28,800,000 | | | | 0.80 | % |
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 14,350,000 | | | | 14,350,000 | | | | 0.40 | |
Illinois Finance Authority (Various Revenue) µ | | | 0.05-0.18 | | | | 4-1-2033 to 4-1-2051 | | | | 25,135,000 | | | | 25,135,000 | | | | 0.69 | |
Illinois Finance Authority Presbyterian Homes Lake Forest Place Project Series 2006 (Health Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 9-1-2024 | | | | 18,655,000 | | | | 18,655,000 | | | | 0.52 | |
University of Illinois Utility Infrastructure Projects Series 2004 (Education Revenue, Bank of New York Mellon SPA) | | | 0.09 | | | | 8-15-2021 | | | | 20,080,000 | | | | 20,080,000 | | | | 0.56 | |
Other securities | | | | | | | | | | | | | | | 85,135,000 | | | | 2.35 | |
| | | | | |
| | | | | | | | | | | | | | | 192,155,000 | | | | 5.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Indiana: 1.80% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.32% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 11,550,207 | | | | 0.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.48% | | | | | | | | | | | | | | | | | | | | |
Indiana COP Clipper Tax-Exempt Certified Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.09 | | | | 7-1-2023 | | | | 26,140,000 | | | | 26,140,000 | | | | 0.72 | |
Other securities | | | | | | | | | | | | | | | 27,315,000 | | | | 0.76 | |
| | | | | |
| | | | | | | | | | | | | | | 53,455,000 | | | | 1.48 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Iowa: 2.72% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 2.72% | | | | | | | | | | | | | | | | | | | | |
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue) | | | 0.08 | | | | 6-1-2039 | | | | 52,000,000 | | | | 52,000,000 | | | | 1.44 | |
Iowa Finance Authority Student Housing Des Moines LLC Project A (Miscellaneous Revenue, Citibank NA LOC) | | | 0.08 | | | | 6-1-2039 | | | | 35,170,000 | | | | 35,170,000 | | | | 0.97 | |
Other securities | | | | | | | | | | | | | | | 11,035,000 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | 98,205,000 | | | | 2.72 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Kansas: 0.25% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.25% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 9,000,000 | | | | 0.25 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Kentucky: 0.91% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.20% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 7,081,514 | | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.71% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 25,660,000 | | | | 0.71 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 10 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Louisiana: 0.55% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.55% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | $ | 19,865,000 | | | | 0.55 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Maryland: 1.91% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.91% | | | | | | | | | | | | | | | | | | | | |
Maryland Department of Housing & Community Development Residential Series 2007M (Housing Revenue, TD Bank NA SPA) | | | 0.05 | % | | | 9-1-2043 | | | $ | 19,400,000 | | | | 19,400,000 | | | | 0.54 | |
Other securities | | | | | | | | | | | | | | | 49,750,000 | | | | 1.37 | |
| | | | | |
| | | | | | | | | | | | | | | 69,150,000 | | | | 1.91 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Massachusetts: 2.21% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.58% | | | | | | | | | | | | | | | | | | | | |
University of Massachusetts Building Authority Series 2013 B-1 (Education Revenue) | | | 0.12 | | | | 1-8-2015 | | | | 21,000,000 | | | | 21,000,000 | | | | 0.58 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.63% | | | | | | | | | | | | | | | | | | | | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-32 (Tax Revenue, Royal Bank of Canada LOC) 144A | | | 0.13 | | | | 8-1-2014 | | | | 33,900,000 | | | | 33,900,000 | | | | 0.94 | |
Other securities | | | | | | | | | | | | | | | 24,970,000 | | | | 0.69 | |
| | | | | |
| | | | | | | | | | | | | | | 58,870,000 | | | | 1.63 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Michigan: 1.48% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.48% | | | | | | | | | | | | | | | | | | | | |
Michigan Hospital Finance Authority Henry Ford Health System Series 2006-A Deutsche Bank Spears Lifers Trust Series DBE-1281 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-15-2046 | | | | 32,275,000 | | | | 32,275,000 | | | | 0.89 | |
Other securities | | | | | | | | | | | | | | | 21,215,000 | | | | 0.59 | |
| | | | | |
| | | | | | | | | | | | | | | 53,490,000 | | | | 1.48 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Minnesota: 2.50% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.06% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 2,407,509 | | | | 0.06 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 2.44% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 88,020,000 | | | | 2.44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mississippi: 1.27% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.27% | | | | | | | | | | | | | | | | | | | | |
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 11-1-2018 | | | | 31,560,000 | | | | 31,560,000 | | | | 0.87 | |
Other securities | | | | | | | | | | | | | | | 14,500,000 | | | | 0.40 | |
| | | | | |
| | | | | | | | | | | | | | | 46,060,000 | | | | 1.27 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Missouri: 0.60% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.40% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | $ | 14,400,000 | | | | 0.40 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.20% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 7,175,000 | | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nevada: 0.68% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.68% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 24,475,000 | | | | 0.68 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
New Hampshire: 1.08% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.08% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 38,935,000 | | | | 1.08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
New Jersey: 2.15% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 2.15% | | | | | | | | | | | | | | | | | | | | |
New Jersey TRAN JPMorgan PUTTER Series 4462 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | % | | | 6-26-2015 | | | $ | 34,000,000 | | | | 34,000,000 | | | | 0.94 | |
New Jersey TRAN JPMorgan PUTTER Series 4464 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 23,700,000 | | | | 23,700,000 | | | | 0.66 | |
Other securities | | | | | | | | | | | | | | | 19,830,000 | | | | 0.55 | |
| | | | | |
| | | | | | | | | | | | | | | 77,530,000 | | | | 2.15 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
New York: 6.62% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.31% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 11,325,000 | | | | 0.31 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 6.31% | | | | | | | | | | | | | | | | | | | | |
New York Dormitory Authority Debt City University Consolidated 5th General Resolution Series E (Education Revenue, TD Bank NA LOC) | | | 0.05 | | | | 7-1-2031 | | | | 43,255,000 | | | | 43,255,000 | | | | 1.20 | |
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.09 | | | | 11-15-2026 | | | | 23,300,000 | | | | 23,300,000 | | | | 0.65 | |
New York Housing Finance Agency Series 2014-A (Housing Revenue) | | | 0.35 | | | | 5-1-2048 | | | | 23,100,000 | | | | 23,100,000 | | | | 0.64 | |
New York NY GO Fiscal 2004 Sub Series H-4 (GO, Bank of New York Mellon LOC) | | | 0.06 | | | | 3-1-2034 | | | | 30,340,000 | | | | 30,340,000 | | | | 0.84 | |
New York NY Municipal Water Finance Authority Sub Series B-1 (Water & Sewer Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 6-15-2045 | | | | 20,570,000 | | | | 20,570,000 | | | | 0.57 | |
New York NY Transitional Finance Authority Building Aid Series 2007-S1 Citigroup Eagle Series 2014-0041-A (Miscellaneous Revenue, AGM/FGIC Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 7-15-2036 | | | | 12,200,000 | | | | 12,200,000 | | | | 0.34 | |
New York NY Transitional Finance Authority Sub Series 2003A-4 (Tax Revenue, TD Bank NA SPA) | | | 0.05 | | | | 11-1-2029 | | | | 27,100,000 | | | | 27,100,000 | | | | 0.75 | |
Other securities | | | | | | | | | | | | | | | 47,970,000 | | | | 1.32 | |
| | | | | |
| | | | | | | | | | | | | | | 227,835,000 | | | | 6.31 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
North Carolina: 1.37% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.10% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | $ | 3,599,080 | | | | 0.10 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.27% | | | | | | | | | | | | | | | | | | | | |
Charlotte Mecklenburg NC Hospital Authority Carolinas Health Care System Series 2007E (Health Revenue, TD Bank NA LOC, AGM Insured) | | | 0.05 | % | | | 1-15-2044 | | | $ | 27,020,000 | | | | 27,020,000 | | | | 0.75 | |
Other securities | | | | | | | | | | | | | | | 18,930,000 | | | | 0.52 | |
| | | | | |
| | | | | | | | | | | | | | | 45,950,000 | | | | 1.27 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
North Dakota: 1.58% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 1.34% | | | | | | | | | | | | | | | | | | | | |
Mercer County ND PCR Antelope Valley Unit 1 & Common Facilities Series 2009 (Miscellaneous Revenue) | | | 0.14 | | | | 9-11-2014 | | | | 45,200,000 | | | | 45,200,000 | | | | 1.25 | |
Other securities | | | | | | | | | | | | | | | 3,016,335 | | | | 0.09 | |
| | | | | |
| | | | | | | | | | | | | | | 48,216,335 | | | | 1.34 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.24% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 8,815,000 | | | | 0.24 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ohio: 2.62% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.17% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 6,036,381 | | | | 0.17 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 2.45% | | | | | | | | | | | | | | | | | | | | |
JobsOhio Beverage Systems Statewide Liquor Profits Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1157 (Miscellaneous Revenue, Deutsche Bank LIQ) 144A | | | 0.09 | | | | 1-1-2038 | | | | 56,660,000 | | | | 56,660,000 | | | | 1.57 | |
Deutsche Bank Spears Lifers Trust (Various Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 2-15-2043 to 12-1-2043 | | | | 17,100,000 | | | | 17,100,000 | | | | 0.47 | |
Other securities | | | | | | | | | | | | | | | 14,810,000 | | | | 0.41 | |
| | | | | |
| | | | | | | | | | | | | | | 88,570,000 | | | | 2.45 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Oklahoma: 0.45% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.45% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 16,200,000 | | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Other: 4.08% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 4.08% | | | | | | | | | | | | | | | | | | | | |
Clipper Tax-Exempt Certificate Trust Certificate of Participation Multi State Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 2-15-2028 | | | | 94,466,000 | | | | 94,466,000 | | | | 2.61 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | | | | | |
Clipper Tax-Exempt Certificate Trust Certificate of Participation Multi State Series 2009-72 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | % | | | 4-1-2019 | | | $ | 28,780,000 | | | $ | 28,780,000 | | | | 0.80 | % |
Other securities | | | | | | | | | | | | | | | 24,115,000 | | | | 0.67 | |
| | | | | |
| | | | | | | | | | | | | | | 147,361,000 | | | | 4.08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Pennsylvania: 5.21% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 5.21% | | | | | | | | | | | | | | | | | | | | |
Pennsylvania Royal Bank of Canada Municipal Products Incorporated Trust Certificates (Various Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 12-12-2014 to 11-1-2035 | | | | 45,845,000 | | | | 45,845,000 | | | | 1.08 | |
Pennsylvania HEFAR Thomas Jefferson University System Series 2014-A Merrill Lynch Joint Venture Trust Receipts Series JVI-1004 (Education Revenue, Bank of America NA LIQ) 144A | | | 0.26 | | | | 5-31-2015 | | | | 64,895,000 | | | | 64,895,000 | | | | 1.80 | |
Other securities | | | | | | | | | | | | | | | 77,385,000 | | | | 2.33 | |
| | | | | |
| | | | | | | | | | | | | | | 188,125,000 | | | | 5.21 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Rhode Island: 0.16% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.16% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 5,800,000 | | | | 0.16 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
South Carolina: 2.29% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 1.79% | | | | | | | | | | | | | | | | | | | | |
York County SC PCR (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 15,100,000 | | | | 15,100,000 | | | | 0.42 | |
York County SC PCR Series 2000-B2 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 24,300,000 | | | | 24,300,000 | | | | 0.67 | |
Other securities | | | | | | | | | | | | | | | 25,151,000 | | | | 0.70 | |
| | | | | |
| | | | | | | | | | | | | | | 64,551,000 | | | | 1.79 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.50% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 18,130,000 | | | | 0.50 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
South Dakota: 0.18% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.18% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 6,495,000 | | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Tennessee: 1.82% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.82% | | | | | | | | | | | | | | | | | | | | |
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.08 | | | | 7-1-2034 | | | | 28,540,000 | | | | 28,540,000 | | | | 0.79 | |
Other securities | | | | | | | | | | | | | | | 37,315,000 | | | | 1.03 | |
| | | | | |
| | | | | | | | | | | | | | | 65,855,000 | | | | 1.82 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 14 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Texas: 10.13% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 3.40% | | | | | | | | | | | | | | | | | | | | |
Texas TRAN Series 2013 (Miscellaneous Revenue) | | | 0.17 | % | | | 8-28-2014 | | | $ | 93,430,000 | | | $ | 93,556,030 | | | | 2.59 | % |
Other securities | | | | | | | | | | | | | | | 29,345,000 | | | | 0.81 | |
| | | | | |
| | | | | | | | | | | | | | | 122,901,030 | | | | 3.40 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 6.73% | | | | | | | | | | | | | | | | | | | | |
Mission TX Economic Development Corporation Solid Waste Disposal Project Series 2007 (Solid Waste Revenue, Bank of America NA LOC) | | | 0.10 | | | | 4-1-2022 | | | | 18,500,000 | | | | 18,500,000 | | | | 0.51 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2011 (Industrial Development Revenue) | | | 0.07 | | | | 6-1-2041 | | | | 50,000,000 | | | | 50,000,000 | | | | 1.38 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue) | | | 0.07 | | | | 3-1-2042 | | | | 32,500,000 | | | | 32,500,000 | | | | 0.90 | |
Other securities | | | | | | | | | | | | | | | 141,930,138 | | | | 3.94 | |
| | | | | |
| | | | | | | | | | | | | | | 242,930,138 | | | | 6.73 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Utah: 1.61% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.61% | | | | | | | | | | | | | | | | | | | | |
Weber County UT Hospital IHC Health Services Series 2000C (Health Revenue, Bank of New York Mellon SPA) | | | 0.06 | | | | 2-15-2035 | | | | 16,800,000 | | | | 16,800,000 | | | | 0.47 | |
Weber County UT Hospital IHC Health Services Series 2000A (Health Revenue, Bank of New York Mellon SPA) | | | 0.06 | | | | 2-15-2031 | | | | 16,300,000 | | | | 16,300,000 | | | | 0.45 | |
Other securities | | | | | | | | | | | | | | | 24,975,000 | | | | 0.69 | |
| | | | | |
| | | | | | | | | | | | | | | 58,075,000 | | | | 1.61 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Vermont: 0.45% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.45% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 16,205,000 | | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Virginia: 0.86% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.86% | | | | | | | | | | | | | | | | | | | | |
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i) | | | 0.14 | | | | 5-15-2042 | | | | 18,170,000 | | | | 18,170,000 | | | | 0.50 | |
Other securities | | | | | | | | | | | | | | | 12,990,000 | | | | 0.36 | |
| | | | | |
| | | | | | | | | | | | | | | 31,160,000 | | | | 0.86 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Washington: 1.68% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 1.68% | | | | | | | | | | | | | | | | | | | | |
King County WA Sewer Revenue Bonds 2007 Morgan Stanley Series 3090 (Water & Sewer Revenue, AGM Insured, Credit Suisse LIQ) 144A | | | 0.06 | | | | 1-1-2039 | | | | 17,890,000 | | | | 17,890,000 | | | | 0.50 | |
Washington EDFA Solid Waste Disposal Cleanscapes Incorporated Project Series 2009 (Resource Recovery Revenue, Bank of America NA LOC) | | | 0.11 | | | | 2-12-2019 | | | | 26,450,000 | | | | 26,450,000 | | | | 0.73 | |
Other securities | | | | | | | | | | | | | | | 16,445,000 | | | | 0.45 | |
| | | | | |
| | | | | | | | | | | | | | | 60,785,000 | | | | 1.68 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | | | Percent of
net assets | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Wisconsin: 3.81% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Municipal Debt: 0.76% | | | | | | | | | | | | | | | | | | | | |
Milwaukee WI Cash Flow Promissory Notes Series 2014-R1 (GO) | | | 1.00 | % | | | 12-23-2014 | | | $ | 25,000,000 | | | $ | 25,087,805 | | | | 0.70 | % |
Other securities | | | | | | | | | | | | | | | 2,251,368 | | | | 0.06 | |
| | | | | |
| | | | | | | | | | | | | | | 27,339,173 | | | | 0.76 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 3.05% | | | | | | | | | | | | | | | | | | | | |
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank LOC) | | | 0.07 | | | | 5-1-2037 | | | | 30,000,000 | | | | 30,000,000 | | | | 0.83 | |
Wisconsin Clipper Tax-Exempt Certificate Trust Series 2009-36 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 5-1-2020 | | | | 26,755,000 | | | | 26,755,000 | | | | 0.74 | |
Wisconsin HEFA Wheaton Franciscan Healthcare System Morgan Stanley Series 2006-2113 (Health Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.26 | | | | 8-15-2034 | | | | 20,310,740 | | | | 20,310,740 | | | | 0.56 | |
Other securities | | | | | | | | | | | | | | | 33,090,000 | | | | 0.92 | |
| | | | | |
| | | | | | | | | | | | | | | 110,155,740 | | | | 3.05 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Wyoming: 0.05% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Variable Rate Demand Notes ø: 0.05% | | | | | | | | | | | | | | | | | | | | |
Other securities | | | | | | | | | | | | | | | 1,800,000 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Municipal Obligations (Cost $3,540,041,697) | | | | | | | | | | | | | | | 3,540,041,697 | | | | 98.00 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other: 0.17% | | | | | | | | | | | | | | | | | | | | |
Other securities (Cost $6,000,000) | | | | | | | | | | | | | | | 6,000,000 | | | | 0.17 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total investments in securities
(Cost $3,546,041,697) * | | | | | | | | | | | | | | | 3,546,041,697 | | | | 98.17 | |
Other assets and liabilities, net | | | | | | | | | | | | | | | 66,072,793 | | | | 1.83 | |
| | | | | | | | | | | | | | | | | | | | |
| Total net assets | | | | | | | | | | | | | | $ | 3,612,114,490 | | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| µ | All or some of these obligations have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest. |
| * | 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.
| | | | |
| 16 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Statement of assets and liabilities—July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Assets | | | | |
Investments In unaffiliated securities, at amortized cost | | $ | 3,546,041,697 | |
Cash | | | 14,585,464 | |
Receivable for investments sold | | | 120,261,523 | |
Receivable for Fund shares sold | | | 22,729 | |
Receivable for interest | | | 2,991,594 | |
Receivable from adviser | | | 662,104 | |
Prepaid expenses and other assets | | | 33,963 | |
| | | | |
Total assets | | | 3,684,599,074 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 16,737 | |
Payable for investments purchased | | | 71,483,317 | |
Payable for Fund shares redeemed | | | 40,053 | |
Distribution fees payable | | | 167,256 | |
Administration fees payable | | | 511,080 | |
Accrued expenses and other liabilities | | | 266,141 | |
| | | | |
Total liabilities | | | 72,484,584 | |
| | | | |
Total net assets | | $ | 3,612,114,490 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 3,611,936,954 | |
Overdistributed net investment income | | | (277 | ) |
Accumulated net realized gains on investments | | | 177,813 | |
| | | | |
Total net assets | | $ | 3,612,114,490 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 143,789,947 | |
Shares outstanding – Class A1 | | | 143,763,318 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Administrator Class | | $ | 201,719,502 | |
Shares outstanding – Administrator Class1 | | | 201,696,487 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 2,590,303,820 | |
Shares outstanding – Institutional Class1 | | | 2,590,054,186 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Service Class | | $ | 131,604,181 | |
Shares outstanding – Service Class1 | | | 131,580,253 | |
Net asset value per share – Service Class | | | $1.00 | |
Net assets – Sweep Class | | $ | 544,697,040 | |
Shares outstanding – Sweep Class1 | | | 544,635,150 | |
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, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 17 | |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 1,818,900 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 1,909,766 | |
Administration fees | | | | |
Fund level | | | 954,883 | |
Class A | | | 195,925 | |
Administrator Class | | | 102,748 | |
Institutional Class | | | 1,086,017 | |
Service Class | | | 89,394 | |
Sweep Class | | | 629,079 | |
Shareholder servicing fees | | | | |
Class A | | | 222,642 | |
Administrator Class | | | 99,936 | |
Service Class | | | 179,560 | |
Sweep Class | | | 714,862 | |
Distribution fees | | | | |
Sweep Class | | | 1,000,806 | |
Custody and accounting fees | | | 96,062 | |
Professional fees | | | 17,594 | |
Registration fees | | | 30,267 | |
Shareholder report expenses | | | 11,723 | |
Trustees’ fees and expenses | | | 5,483 | |
Other fees and expenses | | | 27,651 | |
| | | | |
Total expenses | | | 7,374,398 | |
Less: Fee waivers and/or expense reimbursements | | | (5,746,163 | ) |
| | | | |
Net expenses | | | 1,628,235 | |
| | | | |
Net investment income | | | 190,665 | |
| | | | |
Net realized gains on investments | | | 117,353 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 308,018 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 18 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Statement of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014
(unaudited) | | | Year ended January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 190,665 | | | | | | | $ | 359,548 | |
Net realized gains on investments | | | | | | | 117,353 | | | | | | | | 237,201 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 308,018 | | | | | | | | 596,749 | |
| | | | |
| | | |
Distributions to shareholders from | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (8,942 | ) | | | | | | | (24,460 | ) |
Administrator Class | | | | | | | (10,237 | ) | | | | | | | (21,880 | ) |
Institutional Class | | | | | | | (135,415 | ) | | | | | | | (233,694 | ) |
Service Class | | | | | | | (7,448 | ) | | | | | | | (21,051 | ) |
Sweep Class | | | | | | | (28,918 | ) | | | | | | | (58,463 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | 0 | | | | | | | | (11,484 | ) |
Administrator Class | | | | | | | 0 | | | | | | | | (11,127 | ) |
Institutional Class | | | | | | | 0 | | | | | | | | (115,540 | ) |
Service Class | | | | | | | 0 | | | | | | | | (9,109 | ) |
Sweep Class | | | | | | | 0 | | | | | | | | (31,099 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (190,960 | ) | | | | | | | (537,907 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 207,033,194 | | | | 207,033,194 | | | | 373,675,495 | | | | 373,675,495 | |
Administrator Class | | | 50,161,018 | | | | 50,161,018 | | | | 140,800,710 | | | | 140,800,710 | |
Institutional Class | | | 4,207,290,434 | | | | 4,207,290,434 | | | | 9,329,657,161 | | | | 9,329,657,161 | |
Service Class | | | 132,295,063 | | | | 132,295,063 | | | | 307,622,873 | | | | 307,622,873 | |
Sweep Class | | | 809,041,426 | | | | 809,041,426 | | | | 2,079,638,849 | | | | 2,079,638,849 | |
| | | | |
| | | | | | | 5,405,821,135 | | | | | | | | 12,231,395,088 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 8,942 | | | | 8,942 | | | | 35,562 | | | | 35,562 | |
Administrator Class | | | 9,258 | | | | 9,258 | | | | 29,303 | | | | 29,303 | |
Institutional Class | | | 46,937 | | | | 46,937 | | | | 59,678 | | | | 59,678 | |
Service Class | | | 2,392 | | | | 2,392 | | | | 9,561 | | | | 9,561 | |
Sweep Class | | | 28,918 | | | | 28,918 | | | | 89,241 | | | | 89,241 | |
| | | | |
| | | | | | | 96,447 | | | | | | | | 223,345 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (266,866,989 | ) | | | (266,866,989 | ) | | | (454,147,788 | ) | | | (454,147,788 | ) |
Administrator Class | | | (63,244,612 | ) | | | (63,244,612 | ) | | | (152,129,499 | ) | | | (152,129,499 | ) |
Institutional Class | | | (3,909,278,095 | ) | | | (3,909,278,095 | ) | | | (9,149,773,982 | ) | | | (9,149,773,982 | ) |
Service Class | | | (166,875,607 | ) | | | (166,875,607 | ) | | | (405,521,815 | ) | | | (405,521,815 | ) |
Sweep Class | | | (854,908,414 | ) | | | (854,908,414 | ) | | | (2,088,743,165 | ) | | | (2,088,743,165 | ) |
| | | | |
| | | | | | | (5,261,173,717 | ) | | | | | | | (12,250,316,249 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | 144,743,865 | | | | | | | | (18,697,816 | ) |
| | | | |
Total increase (decrease) in net assets | | | | | | | 144,860,923 | | | | | | | | (18,638,974 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 3,467,253,567 | | | | | | | | 3,485,892,541 | |
| | | | |
End of period | | | | | | $ | 3,612,114,490 | | | | | | | $ | 3,467,253,567 | |
| | | | |
Undistributed (overdistributed) net investment income | | | | | | $ | (277 | ) | | | | | | $ | 18 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 19 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.02 | % | | | 0.02 | % | | | 0.02 | % | | | 0.01 | % | | | 0.05 | % | | | 1.32 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.63 | % | | | 0.63 | % | | | 0.63 | % | | | 0.62 | % | | | 0.61 | % | | | 0.67 | % | | | 0.67 | % |
Net expenses | | | 0.09 | % | | | 0.12 | % | | | 0.18 | % | | | 0.19 | % | | | 0.32 | % | | | 0.46 | % | | | 0.67 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.05 | % | | | 1.27 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $143,790 | | | | $203,609 | | | | $284,041 | | | | $518,949 | | | | $945,917 | | | | $1,018,470 | | | | $1,568,362 | |
| 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 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.
| | | | |
| 20 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.02 | % | | | 0.02 | % | | | 0.02 | % | | | 0.04 | % | | | 0.18 | % | | | 1.68 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.36 | % | | | 0.36 | % | | | 0.36 | % | | | 0.36 | % | | | 0.36 | % | | | 0.40 | % | | | 0.40 | % |
Net expenses | | | 0.09 | % | | | 0.11 | % | | | 0.18 | % | | | 0.18 | % | | | 0.29 | % | | | 0.31 | % | | | 0.32 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.04 | % | | | 0.18 | % | | | 1.63 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $201,720 | | | | $214,788 | | | | $226,083 | | | | $281,128 | | | | $361,735 | | | | $419,954 | | | | $517,520 | |
| 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 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 National Tax-Free Money Market Fund | | | 21 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.02 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.02 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (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 | % | | | 0.02 | % | | | 0.03 | % | | | 0.04 | % | | | 0.12 | % | | | 0.27 | % | | | 1.78 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.25 | % | | | 0.29 | % | | | 0.28 | % |
Net expenses | | | 0.09 | % | | | 0.11 | % | | | 0.17 | % | | | 0.16 | % | | | 0.20 | % | | | 0.23 | % | | | 0.22 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.02 | % | | | 0.03 | % | | | 0.13 | % | | | 0.28 | % | | | 1.77 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $2,590,304 | | | | $2,292,160 | | | | $2,112,183 | | | | $3,036,275 | | | | $2,888,542 | | | | $2,048,774 | | | | $2,381,083 | |
| 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 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.
| | | | |
| 22 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.02 | % | | | 0.02 | % | | | 0.02 | % | | | 0.01 | % | | | 0.10 | % | | | 1.52 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.52 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.58 | % | | | 0.57 | % |
Net expenses | | | 0.09 | % | | | 0.12 | % | | | 0.18 | % | | | 0.18 | % | | | 0.32 | % | | | 0.40 | % | | | 0.47 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.12 | % | | | 1.47 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $131,604 | | | | $166,178 | | | | $264,063 | | | | $673,405 | | | | $651,984 | | | | $1,055,420 | | | | $1,875,018 | |
| 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 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 National Tax-Free Money Market Fund | | | 23 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SWEEP CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.02 | % | | | 0.02 | % | | | 0.02 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.98 | % | | | 0.98 | % | | | 0.98 | % | | | 0.98 | % | | | 0.98 | % |
Net expenses | | | 0.09 | % | | | 0.11 | % | | | 0.18 | % | | | 0.14 | % | | | 0.32 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $544,697 | | | | $590,518 | | | | $599,523 | | | | $566,501 | | | | $4,992 | |
| 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.
| | | | |
| 24 | | 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 25 | |
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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of January 31, 2014, the Fund had $4,032 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.
Class allocations
The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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 has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
| | | | |
| 26 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Notes to financial statements (unaudited) |
Administration 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 1.00% for Sweep Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 its 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. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 27 | |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | |
| 28 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other
directorships during
past five years |
| Peter G. Gordon (Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
| Judith M. Johnson (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
| 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 |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 29 | |
| | | | | | |
Name and
year of birth | | Position held and
length of service* | | Principal occupations during past five years or longer | | Other
directorships during
past five years |
| Michael S. Scofield (Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and
year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
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. | | |
Nancy Wiser1 (Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
C. David Messman (Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. | | |
Debra Ann Early (Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1 (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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
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| 30 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Other information (unaudited) |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo National Tax-Free Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 31 | |
independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except for the Institutional Class, the net operating expense ratio for which was in range of the median net operating expense ratio of its expense Group. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on
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| 32 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Other information (unaudited) |
factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
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| List of abbreviations | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 33 | |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
| | |
 | | 227180 09-14 SA309/SAR309 07-14 |
Wells Fargo Advantage
Treasury Plus Money Market Fund
Semi-Annual Report
July 31, 2014
Reduce clutter. Save trees.
Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of July 31, 2014, 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 and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
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| 2 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Letter to shareholders (unaudited) |
Karla M. Rabusch
President
Wells Fargo Advantage Funds
Despite the challenges of low yields, limited supply, and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.
Dear Valued Shareholder:
We are 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, 2014. The past six months were marked by an accommodative monetary policy that kept short-term yields low and significant changes to the regulation of money market funds adopted by the Securities and Exchange Commission (SEC) that will be implemented over a two-year time frame. Despite the challenges of low yields and regulatory changes, investor enthusiasm for high-quality, liquid investments remained strong.
Low interest rates remained a challenge for investors.
Short-term interest rates remained anchored near zero over the past six months, mainly because the U.S. Federal Reserve (Fed) continued its near-zero interest-rate policy. Although the quantitative easing program is being scaled back and will likely soon cease, monetary policy still remains extremely accommodative. Further, Fed officials have said that “even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.”
Less supply of short-term investment securities also held down yields. Banks have been curtailing their issuance of shorter maturities as they move into compliance with the Basel liquidity coverage ratio, while others are trimming the size of their repurchase agreement (repo) books to fit the requirements of the supplementary leverage ratio.
The SEC approved amendments to money market fund regulations.
On July 23, 2014, the SEC voted to approve significant changes to regulations governing money market funds. The most significant of these changes are scheduled to take place over a two-year period with final implementation required by late 2016.
There are several structural changes to money market funds included in the new rules. Institutional prime and institutional municipal money market funds will be required to transact at a market-based, or variable, net asset value (NAV), as opposed to a stable NAV of $1.00 per share. Meanwhile, government and retail money market funds will be exempt from the floating NAV requirement. The SEC has also provided funds with two new measures intended to protect investors and the broader financial system in the rare event that a money market fund’s liquidity becomes materially impaired. Namely, a distressed fund may impose a fee on all redemptions of up to 2% (referred to as a “liquidity fee”) or prevent shareholder redemptions for a limited period of time (referred to as a “redemption gate”). The rule also includes additional requirements, including increased disclosure and reporting, immediate reporting of fund portfolio holdings, tighter portfolio diversification requirements, and enhanced stress-testing measures. As we gain further clarity on the impacts of these additional money market fund regulations, we will continue to provide updates and information.
Despite the structural and operational changes ahead, we do not anticipate broad changes to the way we manage our funds at this time in order to meet the new rules because we have always emphasized stability of principal and liquidity.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
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| Letter to shareholders (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 3 | |
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
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| 4 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Performance highlights (unaudited) |
Investment objective
The Fund seeks current income, while preserving capital and liquidity.
Adviser
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
David D. Sylvester
Laurie White
Average annual total returns1 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net3 | |
| Class A (PIVXX) | | 7-28-2003 | | | 0.01 | | | | 0.01 | | | | 1.28 | | | | 0.62 | | | | 0.62 | |
| Administrator Class (WTPXX) | | 3-31-2008 | | | 0.01 | | | | 0.01 | | | | 1.40 | | | | 0.35 | | | | 0.35 | |
| Institutional Class (PISXX) | | 8-1-1995 | | | 0.01 | | | | 0.01 | | | | 1.47 | | | | 0.23 | | | | 0.20 | |
| Service Class (PRVXX) | | 10-1-1985 | | | 0.01 | | | | 0.01 | | | | 1.34 | | | | 0.52 | | | | 0.45 | |
| Sweep Class | | 6-30-2010 | | | 0.01 | | | | 0.01 | | | | 1.28 | | | | 0.97 | | | | 0.97 | |
Yield summary3 (%) as of July 31, 2014
| | | | | | | | | | | | | | | | | | |
| | | 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 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the Fund’s website – wellsfargoadvantagefunds.com.
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 prospectuses.
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 underlying securities and not to shares of the Fund.
Please see footnotes on page 5.
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| Performance highlights (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 5 | |
|
| Portfolio composition as of July 31, 20144 |
|
 |
|
| Effective maturity distribution as of July 31, 20144 |
|
 |
| | |
| Weighted average maturity5 as of July 31, 2014 |
27 days | | |
| | |
| Weighted average life6 as of July 31, 2014 |
43 days | | |
| 1. | Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Class A shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns would be lower. |
| 2. | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3. | The Adviser has committed through May 31, 2015, 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 1.00% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. 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)%, (0.27)%, (0.15)%, (0.44)%, and (0.89)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. |
| 4. | Amounts are subject to change and are calculated based on the total investments of the Fund. |
| 5. | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. |
| 6. | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average final maturity of 120 calendar days or less. |
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| 6 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Fund expenses (unaudited) |
As a shareholder of the Fund, you incur 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, 2014 to July 31, 2014.
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. 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.
| | | | | | | | | | | | | | | | |
| | | Beginning
account value
2-1-2014 | | | Ending
account value
7-31-2014 | | | Expenses
paid during
the period¹ | | | Net annualized
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
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 | % |
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 | % |
Institutional 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 | | | $ | 0.35 | | | | 0.07 | % |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.45 | | | $ | 0.35 | | | | 0.07 | % |
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). |
| | | | | | |
| Summary portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Repurchase Agreements ^^: 77.04% | | | | | | | | | | | | | | | | |
Bank of Nova Scotia, dated 7-31-2014, maturity value $800,001,556 (1) | | | 0.07 | % | | | 8-1-2014 | | | $ | 800,000,000 | | | $ | 800,000,000 | |
Barclays Capital Incorporated, dated 7-1-2014, maturity value $100,005,167 (2)¢±§ | | | 0.06 | | | | 8-1-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Barclays Capital Incorporated, dated 7-1-2014, maturity value $200,016,722 (3)¢±§(i) | | | 0.06 | | | | 8-13-2014 | | | | 200,000,000 | | | | 200,000,000 | |
Barclays Capital Incorporated, dated 7-28-2014, maturity value $250,002,917 (4) | | | 0.06 | | | | 8-4-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Barclays Capital Incorporated, dated 7-31-2014, maturity value $900,001,545 (5) | | | 0.06 | | | | 8-1-2014 | | | | 900,000,000 | | | | 900,000,000 | |
BNP Paribas Securities Corporation, dated 7-31-2014, maturity value $100,000,194 (6) | | | 0.07 | | | | 8-1-2014 | | | | 100,000,000 | | | | 100,000,000 | |
Credit Agricole, dated 7-31-2014, maturity value $1,166,552,268 (7) | | | 0.07 | | | | 8-1-2014 | | | | 1,166,550,000 | | | | 1,166,550,000 | |
Credit Suisse Securities USA, dated, 7-31-2014, maturity value $250,000,417 (8) | | | 0.06 | | | | 8-1-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Deutsche Bank Securities, dated 7-31-2014, maturity value $2,250,005,625 (9) | | | 0.09 | | | | 8-1-2014 | | | | 2,250,000,000 | | | | 2,250,000,000 | |
Goldman Sachs & Company, dated 7-31-2014, maturity value $100,000,083 (10) | | | 0.03 | | | | 8-1-2014 | | | | 100,000,000 | | | | 100,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $550,037,889 (11)¢±§ | | | 0.08 | | | | 8-1-2014 | | | | 550,000,000 | | | | 550,000,000 | |
JPMorgan Securities, dated 7-31-2014, maturity value $500,000,972 (12) | | | 0.07 | | | | 8-1-2014 | | | | 500,000,000 | | | | 500,000,000 | |
Merrill Pierce Fenner Smith Incorporated, dated 7-31-2014, maturity value $125,000,278 (13) | | | 0.08 | | | | 8-1-2014 | | | | 125,000,000 | | | | 125,000,000 | |
Societe Generale NY, dated 7-25-2014, maturity value $250,002,917 (14) | | | 0.06 | | | | 8-1-2014 | | | | 250,000,000 | | | | 250,000,000 | |
Societe Generale NY, dated 7-31-2014, maturity value $2,000,004,444 (15) | | | 0.08 | | | | 8-1-2014 | | | | 2,000,000,000 | | | | 2,000,000,000 | |
Societe Generale NY, dated 7-31-2014, maturity value $250,003,403 (16) | | | 0.07 | | | | 8-7-2014 | | | | 250,000,000 | | | | 250,000,000 | |
| | | | |
Total Repurchase Agreements (Cost $9,791,550,000) | | | | | | | | | | | | | | | 9,791,550,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Treasury Debt: 22.52% | | | | | | | | | | | | | | | | |
U.S. Treasury Bond | | | 11.25 | | | | 2-15-2015 | | | | 749,700,000 | | | | 794,827,860 | |
U.S. Treasury Note ± | | | 0.07 | | | | 1-31-2016 | | | | 170,000,000 | | | | 169,942,286 | |
U.S. Treasury Note ± | | | 0.09 | | | | 4-30-2016 | | | | 170,000,000 | | | | 170,000,976 | |
U.S. Treasury Note | | | 2.25 | | | | 1-31-2015 | | | | 90,000,000 | | | | 90,944,932 | |
U.S. Treasury Note | | | 2.38 | | | | 8-31-2014 | | | | 839,000,000 | | | | 840,524,654 | |
U.S. Treasury Note | | | 2.63 | | | | 12-31-2014 | | | | 100,000,000 | | | | 101,035,700 | |
U.S. Treasury Note | | | 4.00 | | | | 2-15-2015 | | | | 349,000,000 | | | | 356,308,784 | |
U.S. Treasury Note | | | 4.25 | | | | 11-15-2014 | | | | 334,000,000 | | | | 337,967,714 | |
| | | | |
Total Treasury Debt (Cost $2,861,552,906) | | | | | | | | | | | | | | | 2,861,552,906 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities | | | | | | | | |
| (Cost $12,653,102,906) * | | | 99.56 | % | | | 12,653,102,906 | |
Other assets and liabilities, net | | | 0.44 | | | | 55,777,382 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 12,708,880,288 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 8 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Summary portfolio of investments—July 31, 2014 (unaudited) |
| | (1) | U.S. government securities, 0.13% to 7.88%, 7-31-2016 to 5-15-2043, fair value including accrued interest is $816,000,026. |
| | (2) | U.S. government securities, 1.63%, 4-30-2019, fair value including accrued interest is $102,000,025. |
| | (3) | U.S. government securities, 1.38% to 2.38%, 7-31-2017 to 9-30-2018, fair value including accrued interest is $204,000,098. |
| | (4) | U.S. government securities, 3.38%, 5-15-2044, fair value including accrued interest is $255,000,099. |
| | (5) | U.S. government securities, 0.00% to 2.63%, 8-15-2014 to 8-15-2023, fair value including accrued interest is $918,000,038. |
| | (6) | U.S. government securities, 0.38% to 1.63%, 3-31-2019 to 7-15-2023, fair value including accrued interest is $102,000,005. |
| | (7) | U.S. government securities, 0.00% to 9.25%, 8-7-2014 to 2-15-2044, fair value including accrued interest is $1,189,881,040. |
| | (8) | U.S. government securities, 1.88% to 2.50%, 7-15-2016 to 7-15-2019, fair value including accrued interest is $255,002,242. |
| | (9) | U.S. government securities, 0.00% to 11.25%, 8-14-2014 to 2-15-2044, fair value including accrued interest is $2,295,000,123. |
| | (10) | U.S. government securities, 0.00% to 1.88%, 11-6-2014 to 9-30-2017, fair value including accrued interest is $102,000,067. |
| | (11) | U.S. government securities, 0.75% to 3.88%, 4-15-2029 to 2-15-2044, fair value including accrued interest is $561,003,562. |
| | (12) | U.S. government securities, 2.13% to 2.13%, 2-15-2040 to 2-15-2041, fair value including accrued interest is $510,006,680. |
| | (13) | U.S. government securities, 0.88% to 1.75%, 7-31-2015 to 9-15-2016, fair value including accrued interest is $127,500,057. |
| | (14) | U.S. government securities, 0.00% to 8.75%, 9-18-2014 to 8-15-2042, fair value including accrued interest is $255,000,019. |
| | (15) | U.S. government securities, 0.13% to 3.88%, 1-15-2015 to 2-15-2044, fair value including accrued interest is $2,040,000,062. |
| | (16) | U.S. government securities, 0.13% to 3.13%, 10-15-2014 to 2-15-2042, fair value including accrued interest is $255,000,094. |
| ¢ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| § | The security is 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, 2014 (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 9 | |
| | | | |
| | | | |
| |
Assets | | | | |
Investments | | | | |
In unaffiliated securities, at amortized cost | | $ | 2,861,552,906 | |
In repurchase agreements, at amortized cost | | | 9,791,550,000 | |
| | | | |
Total investments, at amortized cost | | | 12,653,102,906 | |
Cash | | | 35,686 | |
Receivable for Fund shares sold | | | 907,836 | |
Receivable for interest | | | 56,991,572 | |
Receivable from adviser | | | 1,712,550 | |
Prepaid expenses and other assets | | | 10,679 | |
| | | | |
Total assets | | | 12,712,761,229 | |
| | | | |
| |
Liabilities | | | | |
Dividends payable | | | 70,868 | |
Payable for Fund shares redeemed | | | 998,341 | |
Distribution fees payable | | | 5,245 | |
Administration fees payable | | | 1,624,771 | |
Trustees’ fees and expenses payable | | | 287,974 | |
Shareholder servicing fees payable | | | 751,862 | |
Accrued expenses and other liabilities | | | 141,880 | |
| | | | |
Total liabilities | | | 3,880,941 | |
| | | | |
Total net assets | | $ | 12,708,880,288 | |
| | | | |
| |
NET ASSETS CONSIST OF | | | | |
Paid-in capital | | $ | 12,709,188,802 | |
Overdistributed net investment income | | | (336,130 | ) |
Accumulated net realized gains on investments | | | 27,616 | |
| | | | |
Total net assets | | $ | 12,708,880,288 | |
| | | | |
| |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | |
Net assets – Class A | | $ | 1,918,855,028 | |
Shares outstanding – Class A1 | | | 1,918,598,399 | |
Net asset value per share – Class A | | | $1.00 | |
Net assets – Administrator Class | | $ | 70,617,306 | |
Shares outstanding – Administrator Class1 | | | 70,580,745 | |
Net asset value per share – Administrator Class | | | $1.00 | |
Net assets – Institutional Class | | $ | 9,241,927,234 | |
Shares outstanding – Institutional Class1 | | | 9,240,734,189 | |
Net asset value per share – Institutional Class | | | $1.00 | |
Net assets – Service Class | | $ | 1,459,826,905 | |
Shares outstanding – Service Class1 | | | 1,459,508,139 | |
Net asset value per share – Service Class | | | $1.00 | |
Net assets – Sweep Class | | $ | 17,653,815 | |
Shares outstanding – Sweep Class1 | | | 17,648,732 | |
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 Treasury Plus Money Market Fund | | Statement of operations—six months ended July 31, 2014 (unaudited) |
| | | | |
| | | | |
| |
Investment income | | | | |
Interest | | $ | 4,955,083 | |
| | | | |
| |
Expenses | | | | |
Advisory fee | | | 6,466,583 | |
Administration fees | | | | |
Fund level | | | 2,675,591 | |
Class A | | | 2,101,106 | |
Administrator Class | | | 58,790 | |
Institutional Class | | | 3,727,015 | |
Service Class | | | 941,695 | |
Sweep Class | | | 20,307 | |
Shareholder servicing fees | | | | |
Class A | | | 2,387,621 | |
Administrator Class | | | 55,540 | |
Service Class | | | 1,939,563 | |
Sweep Class | | | 23,076 | |
Distribution fees | | | | |
Sweep Class | | | 32,307 | |
Custody and accounting fees | | | 331,633 | |
Professional fees | | | 25,892 | |
Registration fees | | | 65,120 | |
Shareholder report expenses | | | 30,247 | |
Trustees’ fees and expenses | | | 5,721 | |
Other fees and expenses | | | 134,376 | |
| | | | |
Total expenses | | | 21,022,183 | |
Less: Fee waivers and/or expense reimbursements | | | (16,713,670 | ) |
| | | | |
Net expenses | | | 4,308,513 | |
| | | | |
Net investment income | | | 646,570 | |
| | | | |
Net realized gains on investments | | | 25,359 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 671,929 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statement of changes in net assets | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014 (unaudited) | | | Year ended January 31, 2014 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 646,570 | | | | | | | $ | 1,382,851 | |
Net realized gains on investments | | | | | | | 25,359 | | | | | | | | 334,371 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 671,929 | | | | | | | | 1,717,222 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | |
Class A | | | | | | | (95,492 | ) | | | | | | | (172,315 | ) |
Administrator Class | | | | | | | (5,877 | ) | | | | | | | (12,788 | ) |
Institutional Class | | | | | | | (465,819 | ) | | | | | | | (961,283 | ) |
Service Class | | | | | | | (78,459 | ) | | | | | | | (188,872 | ) |
Sweep Class | | | | | | | (923 | ) | | | | | | | (2,411 | ) |
Net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | 0 | | | | | | | | (39,027 | ) |
Administrator Class | | | | | | | 0 | | | | | | | | (1,529 | ) |
Institutional Class | | | | | | | 0 | | | | | | | | (230,824 | ) |
Service Class | | | | | | | 0 | | | | | | | | (40,747 | ) |
Sweep Class | | | | | | | 0 | | | | | | | | (417 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (646,570 | ) | | | | | | | (1,650,213 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 6,057,484,740 | | | | 6,057,484,740 | | | | 8,671,834,881 | | | | 8,671,834,881 | |
Administrator Class | | | 621,872,216 | | | | 621,872,216 | | | | 1,049,245,359 | | | | 1,049,245,359 | |
Institutional Class | | | 38,032,704,385 | | | | 38,032,704,385 | | | | 71,197,332,537 | | | | 71,197,332,537 | |
Service Class | | | 3,546,288,723 | | | | 3,546,288,723 | | | | 7,513,096,987 | | | | 7,513,096,987 | |
Sweep Class | | | 2,960,320 | | | | 2,960,320 | | | | 23,784,885 | | | | 23,784,885 | |
| | | | |
| | | | | | | 48,261,310,384 | | | | | | | | 88,455,294,649 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 36,642 | | | | 36,642 | | | | 73,996 | | | | 73,996 | |
Administrator Class | | | 5,267 | | | | 5,267 | | | | 13,881 | | | | 13,881 | |
Institutional Class | | | 187,057 | | | | 187,057 | | | | 513,647 | | | | 513,647 | |
Service Class | | | 6,690 | | | | 6,690 | | | | 16,336 | | | | 16,336 | |
Sweep Class | | | 923 | | | | 923 | | | | 2,817 | | | | 2,817 | |
| | | | |
| | | | | | | 236,579 | | | | | | | | 620,677 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (6,136,680,010 | ) | | | (6,136,680,010 | ) | | | (8,263,643,788 | ) | | | (8,263,643,788 | ) |
Administrator Class | | | (649,893,358 | ) | | | (649,893,358 | ) | | | (1,154,894,197 | ) | | | (1,154,894,197 | ) |
Institutional Class | | | (38,313,192,584 | ) | | | (38,313,192,584 | ) | | | (69,232,797,645 | ) | | | (69,232,797,645 | ) |
Service Class | | | (3,676,423,006 | ) | | | (3,676,423,006 | ) | | | (7,855,865,131 | ) | | | (7,855,865,131 | ) |
Sweep Class | | | (5,429,308 | ) | | | (5,429,308 | ) | | | (30,818,623 | ) | | | (30,818,623 | ) |
| | | | |
| | | | | | | (48,781,618,266 | ) | | | | | | | (86,538,019,384 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | (520,071,303 | ) | | | | | | | 1,917,895,942 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (520,045,944 | ) | | | | | | | 1,917,962,951 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 13,228,926,232 | | | | | | | | 11,310,963,281 | |
| | | | |
End of period | | | | | | $ | 12,708,880,288 | | | | | | | $ | 13,228,926,232 | |
| | | | |
Overdistributed net investment income | | | | | | $ | (336,130 | ) | | | | | | $ | (336,130 | ) |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 12 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| CLASS A | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.79 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.62 | % | | | 0.62 | % | | | 0.62 | % | | | 0.62 | % | | | 0.62 | % | | | 0.65 | % | | | 0.66 | % |
Net expenses | | | 0.07 | % | | | 0.06 | % | | | 0.12 | % | | | 0.06 | % | | | 0.18 | % | | | 0.17 | % | | | 0.48 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.75 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,918,855 | | | | $1,998,010 | | | | $1,589,730 | | | | $1,692,131 | | | | $1,906,066 | | | | $1,600,619 | | | | $2,482,147 | |
| 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 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 Treasury Plus Money Market Fund | | | 13 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| ADMINISTRATOR CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 20092 | |
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 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.00 | 3 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 3 | | | 0.00 | 3 | | | 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 | | | 0.00 | 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 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )3 | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )3 | | | (0.00 | )3 | | | (0.00 | )3 | | | (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 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return4 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.84 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.35 | % | | | 0.34 | % | | | 0.35 | % | | | 0.35 | % | | | 0.36 | % | | | 0.38 | % | | | 0.39 | % |
Net expenses | | | 0.07 | % | | | 0.07 | % | | | 0.13 | % | | | 0.05 | % | | | 0.18 | % | | | 0.16 | % | | | 0.30 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.73 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $70,617 | | | | $98,633 | | | | $204,264 | | | | $209,513 | | | | $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 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 Treasury Plus Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| INSTITUTIONAL CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.00 | 2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | 0.00 | 2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.02 | % | | | 1.08 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.24 | % | | | 0.26 | % | | | 0.28 | % |
Net expenses | | | 0.07 | % | | | 0.06 | % | | | 0.12 | % | | | 0.06 | % | | | 0.18 | % | | | 0.15 | % | | | 0.20 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.02 | % | | | 0.81 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $9,241,927 | | | | $9,522,210 | | | | $7,557,137 | | | | $6,393,891 | | | | $5,307,359 | | | | $4,091,490 | | | | $5,092,437 | |
| 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 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 Treasury Plus Money Market Fund | | | 15 | |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | | | Year ended February 28 | |
| SERVICE CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | | | 2010 | | | 2009 | |
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 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.01 | |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.01 | ) |
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 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.88 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.55 | % | | | 0.56 | % |
Net expenses | | | 0.07 | % | | | 0.06 | % | | | 0.12 | % | | | 0.06 | % | | | 0.19 | % | | | 0.17 | % | | | 0.41 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.93 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $1,459,827 | | | | $1,589,951 | | | | $1,932,680 | | | | $1,885,503 | | | | $2,226,264 | | | | $702,363 | | | | $862,686 | |
| 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 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 Treasury Plus Money Market Fund | | Financial highlights |
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | | Six months ended
July 31, 2014 (unaudited) | | | Year ended January 31 | |
| SWEEP CLASS | | | 2014 | | | 2013 | | | 2012 | | | 20111 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Net investment income | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Net realized gains (losses) on investments | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 | | | 0.00 | 2 |
Distributions to shareholders from | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net realized gains | | | 0.00 | | | | (0.00 | )2 | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 | | | (0.00 | )2 |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total return3 | | | 0.00 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Ratios to average net assets (annualized) | | | | | | | | | | | | | | | | | | | | |
Gross expenses | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % |
Net expenses | | | 0.07 | % | | | 0.06 | % | | | 0.12 | % | | | 0.07 | % | | | 0.19 | % |
Net investment income | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Supplemental data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s omitted) | | | $17,654 | | | | $20,122 | | | | $27,152 | | | | $42,861 | | | | $91,299 | |
| 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 Treasury Plus 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 the 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, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.
Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Repurchase agreements
The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. 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 recorded on the basis of identified cost.
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.
| | | | |
| 18 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Notes to financial statements (unaudited) |
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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Class allocations
The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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 significant 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, use of amortized cost, 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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2014, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.
Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with 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 subadviser, 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.
| | | | | | |
| Notes to financial statements (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 19 | |
Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
Administration 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. Funds Management has committed through May 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 1.00% for Sweep Class shares. For the six months ended July 31, 2014, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.
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 its 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. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees 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.
| | | | |
| 20 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Other information (unaudited) |
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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at 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 website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-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 website at 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.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 21 | |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. 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 or longer | | Other
directorships during
past five years |
Peter G. Gordon
(Born 1942) | | Trustee, since 1998; Chairman, since 2005 | | Co-Founder, Retired 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. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant. | | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust |
Judith M. Johnson
(Born 1949) | | Trustee, since 2008; Audit Committee Chairman, 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 50 portfolios as of 12/16/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty 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, 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 |
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 |
| | | | |
| 22 | | 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 or longer | | Other
directorships during
past five years |
Michael S. Scofield
(Born 1943) | | Trustee, since 2010 | | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield. | | 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. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | | Asset Allocation Trust |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Officers
| | | | | | |
Name and
year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
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. | | |
Nancy Wiser1
(Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007. | | |
C. David Messman
(Born 1960) | | Secretary, since 2000; Chief Legal Officer, since 2003 | | Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001. | | |
Debra Ann Early
(Born 1964) | | Chief Compliance Officer, since 2007 | | Senior Vice President and 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. | | |
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 DePalma1
(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. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1. | Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex. |
| 2. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com. |
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 23 | |
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
Under 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”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Treasury Plus Money Market Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”
At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.
At the Meetings, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. 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.
In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent and quality of services
The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and the Sub-Adviser 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 the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.
Fund performance and expenses
The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper
| | | | |
| 24 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | Other information (unaudited) |
to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Investor Class) was in range of the average performance of the Universe for all periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except for the Institutional Class, the net operating expense ratio for which was in range of the median net operating expense ratio of its expense Group. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for all share classes.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.
Investment advisory and sub-advisory fee rates
The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).
Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.
Profitability
The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because its profitability information was subsumed in the collective Wells Fargo profitability analysis.
Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
| | | | | | |
| Other information (unaudited) | | Wells Fargo Advantage Treasury Plus Money Market Fund | | | 25 | |
Economies of scale
With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.
The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.
The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
Conclusion
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.
| | | | |
| 26 | | Wells Fargo Advantage Treasury Plus Money Market Fund | | List of abbreviations |
The following is a list of common abbreviations for terms and entities that may have appeared in this report.
| ACA | — ACA Financial Guaranty Corporation |
| ADR | — American depositary receipt |
| ADS | — American depositary shares |
| AGC | — Assured Guaranty Corporation |
| AGM | — Assured Guaranty Municipal |
| Ambac | — Ambac Financial Group Incorporated |
| AMT | — Alternative minimum tax |
| BAN | — Bond anticipation notes |
| BHAC | — Berkshire Hathaway Assurance Corporation |
| CAB | — Capital appreciation bond |
| CCAB | — Convertible capital appreciation bond |
| CDA | — Community Development Authority |
| CDO | — Collateralized debt obligation |
| 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 |
| ETF | — Exchange-traded fund |
| FDIC | — Federal Deposit Insurance Corporation |
| FFCB | — Federal Farm Credit Banks |
| FGIC | — Financial Guaranty Insurance Corporation |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FICO | — The Financing Corporation |
| FNMA | — Federal National Mortgage Association |
| GDR | — Global depositary receipt |
| GNMA | — Government National Mortgage Association |
| HCFR | — Healthcare facilities revenue |
| HEFA | — Health & Educational Facilities Authority |
| HEFAR | — Higher education facilities authority revenue |
| HFA | — Housing Finance Authority |
| HFFA | — Health Facilities Financing Authority |
| HUD | — Department of Housing and Urban Development |
| IDA | — Industrial Development Authority |
| IDAG | — Industrial Development Agency |
| KRW | — Republic of Korea won |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited liability company |
| LLLP | — Limited liability limited partnership |
| LLP | — Limited liability partnership |
| MBIA | — Municipal Bond Insurance Association |
| MFHR | — Multifamily housing revenue |
| MSTR | — Municipal securities trust receipts |
| MUD | — Municipal Utility District |
| National | — National Public Finance Guarantee Corporation |
| PCFA | — Pollution Control Financing Authority |
| PCL | — Public Company Limited |
| PCR | — Pollution control revenue |
| PFA | — Public Finance Authority |
| PFFA | — Public Facilities Financing Authority |
| PFOTER | — Puttable floating option tax-exempt receipts |
| plc | — Public limited company |
| PUTTER | — Puttable tax-exempt receipts |
| R&D | — Research & development |
| Radian | — Radian Asset Assurance |
| RAN | — Revenue anticipation notes |
| RDA | — Redevelopment Authority |
| RDFA | — Redevelopment Finance Authority |
| REIT | — Real estate investment trust |
| ROC | — Reset option certificates |
| SAVRS | — Select auction variable rate securities |
| SBA | — Small Business Authority |
| SFHR | — Single-family housing revenue |
| SFMR | — Single-family mortgage revenue |
| SPA | — Standby purchase agreement |
| SPDR | — Standard & Poor’s Depositary Receipts |
| STRIPS | — Separate trading of registered interest and
principal securities |
| TAN | — Tax anticipation notes |
| TIPS | — Treasury inflation-protected securities |
| TRAN | — Tax revenue anticipation notes |
| TTFA | — Transportation Trust Fund Authority |
| TVA | — Tennessee Valley Authority |
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For more information
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Email: wfaf@wellsfargo.com
Website: wellsfargoadvantagefunds.com
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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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
© 2014 Wells Fargo Funds Management, LLC. All rights reserved.
| | |
 | | 227189 09-14 SA314/SAR314 07-14 |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
The summary portfolio of investments is included as part of the report to shareholders filed under Item 1 of this Form. The portfolio of investments for Wells Fargo Advantage Money Market Fund and Wells Fargo Advantage National Tax-Free Money Market Fund, are filed under this Item.
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 1 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Certificates of Deposit: 33.98% | | | | | | | | | | | | | | | | |
Abbey National Treasury Services plc | | | 0.08 | % | | | 8-1-2014 | | | $ | 45,000,000 | | | $ | 45,000,000 | |
Abbey National Treasury Services plc ± | | | 0.31 | | | | 3-4-2015 | | | | 15,000,000 | | | | 15,000,000 | |
ABN AMRO Funding LLC | | | 0.10 | | | | 8-1-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Agricultural Bank China | | | 0.26 | | | | 8-1-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Agricultural Bank China | | | 0.26 | | | | 8-4-2014 | | | | 30,000,000 | | | | 29,999,950 | |
Banco del Estado de Chile | | | 0.23 | | | | 9-5-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Banco del Estado de Chile ± | | | 0.29 | | | | 12-10-2014 | | | | 14,000,000 | | | | 14,000,000 | |
Bank of Montreal | | | 0.17 | | | | 9-5-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Bank of Montreal | | | 0.17 | | | | 10-2-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Bank of Montreal | | | 0.18 | | | | 8-26-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Bank of Montreal | | | 0.18 | | | | 9-17-2014 | | | | 25,000,000 | | | | 25,000,000 | |
Bank of Montreal | | | 0.18 | | | | 10-14-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Bank of Montreal | | | 0.18 | | | | 10-15-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Bank of Montreal ± | | | 0.95 | | | | 12-22-2014 | | | | 7,000,000 | | | | 7,020,930 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 3-4-2015 | | | | 15,000,000 | | | | 15,000,000 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 6-29-2015 | | �� | | 15,000,000 | | | | 15,000,000 | |
Bank of Nova Scotia | | | 0.42 | | | | 2-19-2015 | | | | 5,000,000 | | | | 5,004,966 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.11 | | | | 8-6-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.20 | | | | 8-6-2014 | | | | 4,000,000 | | | | 4,000,011 | |
Bank of Tokyo-Mitsubishi LLC | | | 0.25 | | | | 8-19-2014 | | | | 10,000,000 | | | | 10,000,399 | |
BNP Paribas SA | | | 0.07 | | | | 8-1-2014 | | | | 46,000,000 | | | | 46,000,000 | |
China Construction Bank Corporation ± | | | 0.41 | | | | 3-25-2015 | | | | 26,000,000 | | | | 26,000,000 | |
Cooperatieve Centrale ± | | | 0.26 | | | | 8-26-2014 | | | | 3,000,000 | | | | 3,000,071 | |
Cooperatieve Centrale ± | | | 0.26 | | | | 2-3-2015 | | | | 12,000,000 | | | | 12,003,040 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 2-27-2015 | | | | 15,000,000 | | | | 15,000,000 | |
Cooperatieve Centrale ± | | | 0.28 | | | | 4-13-2015 | | | | 14,000,000 | | | | 14,000,000 | |
Credit Agricole Corporate and Investment Banking | | | 0.08 | | | | 8-1-2014 | | | | 45,000,000 | | | | 45,000,000 | |
Credit Industriel et Commercial (New York) | | | 0.10 | | | | 8-1-2014 | | | | 44,000,000 | | | | 44,000,000 | |
Credit Industriel et Commercial (New York) | | | 0.12 | | | | 8-7-2014 | | | | 20,000,000 | | | | 20,000,000 | |
DG Bank (New York) | | | 0.20 | | | | 8-8-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Fortis Funding LLC | | | 0.07 | | | | 8-1-2014 | | | | 58,000,000 | | | | 58,000,000 | |
ING (U.S.) Funding LLC | | | 0.10 | | | | 8-1-2014 | | | | 6,000,000 | | | | 6,000,000 | |
KBC Bank | | | 0.11 | | | | 8-1-2014 | | | | 47,000,000 | | | | 47,000,000 | |
KBC Bank | | | 0.13 | | | | 8-5-2014 | | | | 21,000,000 | | | | 21,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 9-5-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 10-1-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.20 | | | | 10-2-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Mitsubishi UFJ Trust & Banking Corporation | | | 0.21 | | | | 8-15-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Mizuho Bank Limited | | | 0.15 | | | | 8-25-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Mizuho Bank Limited | | | 0.15 | | | | 8-26-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Mizuho Bank Limited | | | 0.20 | | | | 9-5-2014 | | | | 12,000,000 | | | | 12,000,000 | |
Mizuho Bank Limited | | | 0.20 | | | | 10-28-2014 | | | | 10,000,000 | | | | 10,000,000 | |
National Bank of Kuwait | | | 0.10 | | | | 8-1-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Nordea Bank AB | | | 0.20 | | | | 9-29-2014 | | | | 30,000,000 | | | | 30,001,962 | |
Norinchukin Bank | | | 0.19 | | | | 8-29-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 8-19-2014 | | | | 7,000,000 | | | | 7,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 9-5-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 9-29-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 10-3-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Norinchukin Bank | | | 0.20 | | | | 10-31-2014 | | | | 15,000,000 | | | | 15,000,000 | |
| | | | |
| 2 | | Wells Fargo Advantage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Certificates of Deposit (continued) | | | | | | | | | | | | | | | | |
Norinchukin Bank | | | 0.21 | % | | | 8-18-2014 | | | $ | 6,000,000 | | | $ | 6,000,028 | |
Royal Bank of Canada ± | | | 0.25 | | | | 10-17-2014 | | | | 18,000,000 | | | | 18,000,000 | |
Skandinaviska Enskilda Banken AG | | | 0.05 | | | | 8-1-2014 | | | | 11,000,000 | | | | 11,000,000 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-26-2014 | | | | 5,000,000 | | | | 5,000,242 | |
Skandinaviska Enskilda Banken AG | | | 0.25 | | | | 8-27-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Societe Generale | | | 0.10 | | | | 8-1-2014 | | | | 49,000,000 | | | | 49,000,000 | |
Societe Generale ± | | | 0.28 | | | | 10-31-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Societe Generale ± | | | 0.36 | | | | 9-12-2014 | | | | 13,000,000 | | | | 13,000,000 | |
Standard Chartered Bank | | | 0.17 | | | | 8-4-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Standard Chartered Bank | | | 0.18 | | | | 10-28-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Standard Chartered Bank | | | 0.22 | | | | 10-16-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Standard Chartered Bank | | | 0.24 | | | | 11-3-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Standard Chartered Bank | | | 0.28 | | | | 12-29-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Sumitomo Mitsui Banking Corporation | | | 0.21 | | | | 9-2-2014 | | | | 3,000,000 | | | | 3,000,000 | |
Sumitomo Mitsui Banking Corporation ± | | | 0.22 | | | | 9-19-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Sumitomo Mitsui Banking Corporation | | | 0.22 | | | | 8-4-2014 | | | | 3,000,000 | | | | 3,000,007 | |
Sumitomo Trust & Banking Corporation | | | 0.22 | | | | 8-4-2014 | | | | 4,000,000 | | | | 4,000,030 | |
Swedbank | | | 0.18 | | | | 10-9-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Swedbank | | | 0.20 | | | | 11-10-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Swedbank ± | | | 0.24 | | | | 8-15-2014 | | | | 25,000,000 | | | | 25,000,000 | |
Toronto-Dominion Bank | | | 0.16 | | | | 8-13-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Toronto-Dominion Bank | | | 0.16 | | | | 9-8-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 11-18-2014 | | | | 10,000,000 | | | | 10,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 12-19-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 6-16-2015 | | | | 15,000,000 | | | | 15,000,000 | |
Toronto-Dominion Bank ± | | | 0.22 | | | | 2-6-2015 | | | | 23,000,000 | | | | 23,000,000 | |
Toronto-Dominion Bank ± | | | 0.23 | | | | 4-15-2015 | | | | 10,000,000 | | | | 10,000,000 | |
Westpac Banking Corporation ± | | | 0.23 | | | | 2-18-2015 | | | | 15,000,000 | | | | 15,000,000 | |
| | | | |
Total Certificates of Deposit (Cost $1,175,031,636) | | | | | | | | | | | | | | | 1,175,031,636 | |
| | | | | | | | | | | | | | | | |
| | | | |
Commercial Paper: 47.48% | | | | | | | | | | | | | | | | |
| | | | |
| Asset-Backed Commercial Paper: 22.61% | | | | | | | | | | | | | | | | |
Anglesea Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Anglesea Funding LLC ±144A | | | 0.28 | | | | 11-13-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Anglesea Funding LLC ±144A | | | 0.30 | | | | 9-17-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Antalis US Funding Corporation 144A(z) | | | 0.25 | | | | 9-30-2014 | | | | 27,000,000 | | | | 26,988,750 | |
Aspen Funding Corporation 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Atlantic Asset Securitization LLC 144A(z) | | | 0.20 | | | | 9-10-2014 | | | | 5,000,000 | | | | 4,998,889 | |
Bedford Row Funding Corporation ±144A | | | 0.25 | | | | 4-24-2015 | | | | 9,000,000 | | | | 8,999,449 | |
Bedford Row Funding Corporation ±144A | | | 0.25 | | | | 1-9-2015 | | | | 7,000,000 | | | | 7,000,000 | |
Bennington Stark Capital Company LLC ±144A | | | 0.35 | | | | 11-3-2014 | | | | 10,000,000 | | | | 9,999,616 | |
Ciesco LLC 144A(z) | | | 0.14 | | | | 8-5-2014 | | | | 6,000,000 | | | | 5,999,907 | |
Collateralized Commercial Paper Company LLC 144A(z) | | | 0.41 | | | | 2-27-2015 | | | | 9,000,000 | | | | 8,978,475 | |
Concord Minuteman Capital Company 144A(z) | | | 0.21 | | | | 8-5-2014 | | | | 3,000,000 | | | | 2,999,930 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-11-2014 | | | | 10,000,000 | | | | 9,999,417 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 8,000,000 | | | | 7,999,487 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 17,000,000 | | | | 16,996,728 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-8-2014 | | | | 15,000,000 | | | | 14,996,675 | |
Concord Minutemen Capital Company 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 10,000,000 | | | | 9,997,667 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 3 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | % | | | 8-11-2014 | | | $ | 10,000,000 | | | $ | 9,999,417 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 5,000,000 | | | | 4,999,679 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 17,000,000 | | | | 16,996,728 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-4-2014 | | | | 3,000,000 | | | | 2,999,405 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 10,000,000 | | | | 9,997,667 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-11-2014 | | | | 12,000,000 | | | | 11,997,130 | |
Crown Point Capital Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 15,000,000 | | | | 14,996,063 | |
Gotham Funding Corporation 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 2,000,000 | | | | 2,000,000 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-6-2014 | | | | 5,000,000 | | | | 4,999,889 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-7-2014 | | | | 8,000,000 | | | | 7,999,787 | |
Gotham Funding Corporation 144A(z) | | | 0.16 | | | | 8-19-2014 | | | | 8,000,000 | | | | 7,999,360 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-14-2014 | | | | 5,000,000 | | | | 4,999,693 | |
Gotham Funding Corporation 144A(z) | | | 0.17 | | | | 8-27-2014 | | | | 6,000,000 | | | | 5,999,263 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-11-2014 | | | | 4,000,000 | | | | 3,999,800 | |
Hannover Funding Company LLC 144A(z) | | | 0.18 | | | | 8-12-2014 | | | | 5,000,000 | | | | 4,999,725 | |
Hannover Funding Company LLC 144A(z) | | | 0.19 | | | | 8-18-2014 | | | | 7,000,000 | | | | 6,999,386 | |
Hannover Funding Company LLC 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 5,000,000 | | | | 4,999,500 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-1-2014 | | | | 3,000,000 | | | | 3,000,000 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-29-2014 | | | | 10,000,000 | | | | 9,997,044 | |
Institutional Secured Funding LLC 144A(z) | | | 0.38 | | | | 8-12-2014 | | | | 5,000,000 | | | | 4,999,419 | |
Kells Funding LLC ±144A | | | 0.22 | | | | 10-28-2014 | | | | 20,000,000 | | | | 19,999,440 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 12-11-2014 | | | | 7,000,000 | | | | 7,000,000 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 12-12-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 2-13-2015 | | | | 2,000,000 | | | | 2,000,063 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 10-8-2014 | | | | 4,000,000 | | | | 3,999,924 | |
Kells Funding LLC ±144A | | | 0.23 | | | | 10-20-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 10-10-2014 | | | | 8,000,000 | | | | 8,000,000 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 5-15-2015 | | | | 19,000,000 | | | | 19,000,000 | |
Kells Funding LLC ±144A | | | 0.24 | | | | 2-5-2015 | | | | 5,000,000 | | | | 5,000,548 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 21,000,000 | | | | 20,995,958 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-9-2014 | | | | 10,000,000 | | | | 9,997,725 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-10-2014 | | | | 10,000,000 | | | | 9,997,667 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-11-2014 | | | | 10,000,000 | | | | 9,997,608 | |
Lexington Parker Capital Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 15,000,000 | | | | 14,996,063 | |
Liberty Street Funding LLC 144A(z) | | | 0.15 | | | | 8-19-2014 | | | | 10,000,000 | | | | 9,999,250 | |
Liberty Street Funding LLC 144A(z) | | | 0.17 | | | | 8-5-2014 | | | | 2,000,000 | | | | 1,999,962 | |
Liberty Street Funding LLC 144A(z) | | | 0.17 | | | | 8-12-2014 | | | | 3,000,000 | | | | 2,999,844 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-14-2014 | | | | 6,000,000 | | | | 5,999,610 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-25-2014 | | | | 5,000,000 | | | | 4,999,400 | |
Liberty Street Funding LLC 144A(z) | | | 0.18 | | | | 8-28-2014 | | | | 10,000,000 | | | | 9,998,650 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 9-24-2014 | | | | 4,000,000 | | | | 3,998,860 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 10-1-2014 | | | | 15,000,000 | | | | 14,995,171 | |
Liberty Street Funding LLC 144A(z) | | | 0.19 | | | | 10-3-2014 | | | | 2,000,000 | | | | 1,999,335 | |
LMA Americas LLC 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 2,500,000 | | | | 2,500,000 | |
LMA Americas LLC 144A(z) | | | 0.18 | | | | 8-18-2014 | | | | 4,000,000 | | | | 3,999,660 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-7-2014 | | | | 37,000,000 | | | | 36,982,096 | |
LMA Americas LLC 144A(z) | | | 0.26 | | | | 10-8-2014 | | | | 3,000,000 | | | | 2,998,527 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.18 | | | | 8-18-2014 | | | | 14,000,000 | | | | 13,998,810 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.18 | | | | 8-22-2014 | | | | 2,000,000 | | | | 1,999,790 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.19 | | | | 8-6-2014 | | | | 22,000,000 | | | | 21,999,414 | |
| | | | |
| 4 | | Wells Fargo Advantage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Asset-Backed Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | % | | | 8-5-2014 | | | $ | 6,000,000 | | | $ | 5,999,867 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-4-2014 | | | | 1,000,000 | | | | 999,983 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-7-2014 | | | | 2,000,000 | | | | 1,999,933 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-8-2014 | | | | 3,000,000 | | | | 2,999,883 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-11-2014 | | | | 10,000,000 | | | | 9,999,444 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 5,000,000 | | | | 4,999,500 | |
Manhattan Asset Funding Company LLC 144A(z) | | | 0.20 | | | | 9-17-2014 | | | | 5,000,000 | | | | 4,998,694 | |
Matchpoint Master Trust 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Matchpoint Master Trust 144A(z) | | | 0.25 | | | | 8-27-2014 | | | | 1,000,000 | | | | 999,819 | |
Mountcliff Funding LLC 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Newport Funding Corporation 144A(z) | | | 0.15 | | | | 8-1-2014 | | | | 5,000,000 | | | | 5,000,000 | |
Old Line Funding LLC 144A(z) | | | 0.22 | | | | 12-16-2014 | | | | 2,000,000 | | | | 1,998,326 | �� |
Old Line Funding LLC 144A(z) | | | 0.23 | | | | 9-9-2014 | | | | 4,000,000 | | | | 3,999,003 | |
Regency Markets No.1 LLC 144A(z) | | | 0.14 | | | | 8-18-2014 | | | | 5,000,000 | | | | 4,999,669 | |
Regency Markets No.1 LLC 144A(z) | | | 0.14 | | | | 8-20-2014 | | | | 20,000,000 | | | | 19,998,522 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.22 | | | | 8-6-2014 | | | | 7,000,000 | | | | 6,999,786 | |
Rhein-Main Securitization Limited 144A(z) | | | 0.32 | | | | 8-18-2014 | | | | 4,000,000 | | | | 3,999,396 | |
Ridgefield Funding Company LLC 144A(z) | | | 0.12 | | | | 8-1-2014 | | | | 4,651,000 | | | | 4,651,000 | |
Ridgefield Funding Company LLC ±144A | | | 0.20 | | | | 2-17-2015 | | | | 8,000,000 | | | | 7,998,463 | |
Ridgefield Funding Company LLC 144A(z) | | | 0.21 | | | | 9-15-2014 | | | | 5,000,000 | | | | 4,998,688 | |
Scaldis Capital LLC 144A(z) | | | 0.25 | | | | 9-24-2014 | | | | 3,000,000 | | | | 2,998,875 | |
Starbird Funding Corporation 144A(z) | | | 0.11 | | | | 8-1-2014 | | | | 1,000,000 | | | | 1,000,000 | |
Sydney Capital Corporation 144A(z) | | | 0.20 | | | | 9-24-2014 | | | | 11,000,000 | | | | 10,996,783 | |
Thunder Bay Funding LLC 144A(z) | | | 0.23 | | | | 9-3-2014 | | | | 8,000,000 | | | | 7,998,313 | |
Victory Receivables 144A(z) | | | 0.13 | | | | 8-1-2014 | | | | 4,895,000 | | | | 4,895,000 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-4-2014 | | | | 5,000,000 | | | | 4,999,933 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-6-2014 | | | | 6,000,000 | | | | 5,999,867 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-13-2014 | | | | 5,000,000 | | | | 4,999,733 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-19-2014 | | | | 7,000,000 | | | | 6,999,440 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-25-2014 | | | | 4,000,000 | | | | 3,999,573 | |
Victory Receivables 144A(z) | | | 0.16 | | | | 8-28-2014 | | | | 6,000,000 | | | | 5,999,280 | |
White Plains Capital Company LLC 144A(z) | | | 0.25 | | | | 8-4-2014 | | | | 4,000,000 | | | | 3,999,917 | |
Working Capital Management Company (z) | | | 0.15 | | | | 8-5-2014 | | | | 2,000,000 | | | | 1,999,967 | |
Working Capital Management Company 144A(z) | | | 0.15 | | | | 8-7-2014 | | | | 1,000,000 | | | | 999,975 | |
| | | | |
| | | | | | | | | | | | | | | 781,913,952 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Financial Company Commercial Paper: 17.78% | | | | | | | | | | | | | | | | |
ANZ New Zealand International Limited ±144A | | | 0.23 | | | | 9-16-2014 | | | | 14,000,000 | | | | 14,000,120 | |
Australia & New Zealand Banking Group ±144A | | | 0.23 | | | | 11-18-2014 | | | | 4,000,000 | | | | 4,000,000 | |
Banco de Credito e Inversiones 144A(z) | | | 0.42 | | | | 10-27-2014 | | | | 10,000,000 | | | | 9,989,850 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-3-2014 | | | | 5,000,000 | | | | 4,998,763 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-10-2014 | | | | 2,000,000 | | | | 1,999,400 | |
Banco del Estado de Chile 144A(z) | | | 0.27 | | | | 9-15-2014 | | | | 4,000,000 | | | | 3,998,650 | |
Banco del Estado de Chile 144A(z) | | | 0.28 | | | | 9-26-2014 | | | | 2,000,000 | | | | 1,999,129 | |
Banco del Estado de Chile 144A(z) | | | 0.30 | | | | 10-8-2014 | | | | 1,000,000 | | | | 999,433 | |
Banco Santander Chile 144A(z) | | | 0.32 | | | | 9-12-2014 | | | | 5,000,000 | | | | 4,998,133 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-13-2014 | | | | 2,000,000 | | | | 1,999,773 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-19-2014 | | | | 2,000,000 | | | | 1,999,660 | |
Banco Santander Chile 144A(z) | | | 0.34 | | | | 8-27-2014 | | | | 2,000,000 | | | | 1,999,509 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.16 | | | | 8-11-2014 | | | | 6,000,000 | | | | 5,999,742 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 5 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Financial Company Commercial Paper (continued) | | | | | | | | | | | | | | | | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | % | | | 9-26-2014 | | | $ | 15,000,000 | | | $ | 14,995,800 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-29-2014 | | | | 10,000,000 | | | | 9,997,050 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 9-30-2014 | | | | 4,000,000 | | | | 3,998,800 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 10-6-2014 | | | | 8,000,000 | | | | 7,997,360 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.18 | | | | 10-9-2014 | | | | 5,000,000 | | | | 4,998,275 | |
Caisse Centrale Desjardins du Quebec 144A(z) | | | 0.20 | | | | 10-30-2014 | | | | 4,000,000 | | | | 3,998,000 | |
Caisse Centrale Desjardins du Quebec ±144A | | | 0.25 | | | | 10-23-2014 | | | | 14,000,000 | | | | 14,000,030 | |
CDP Financial Incorporated 144A(z) | | | 0.15 | | | | 9-8-2014 | | | | 5,000,000 | | | | 4,999,208 | |
CDP Financial Incorporated 144A(z) | | | 0.15 | | | | 9-16-2014 | | | | 6,000,000 | | | | 5,998,850 | |
Commonwealth Bank of Australia ±144A | | | 0.23 | | | | 7-2-2015 | | | | 5,000,000 | | | | 5,000,000 | |
Commonwealth Bank of Australia ±144A | | | 0.23 | | | | 5-22-2015 | | | | 5,000,000 | | | | 5,000,000 | |
Commonwealth Bank of Australia ±144A | | | 0.24 | | | | 5-20-2015 | | | | 15,000,000 | | | | 15,000,000 | |
Commonwealth Bank of Australia ±144A | | | 0.24 | | | | 6-18-2015 | | | | 15,000,000 | | | | 14,999,331 | |
CPPIB Capital Incorporated 144A(z) | | | 0.14 | | | | 8-21-2014 | | | | 5,000,000 | | | | 4,999,611 | |
CPPIB Capital Incorporated 144A(z) | | | 0.14 | | | | 8-29-2014 | | | | 15,000,000 | | | | 14,998,367 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-9-2014 | | | | 10,000,000 | | | | 9,992,056 | |
DBS Bank Limited 144A(z) | | | 0.22 | | | | 12-10-2014 | | | | 6,000,000 | | | | 5,995,197 | |
DNB Nor Bank ASA 144A(z) | | | 0.12 | | | | 8-18-2014 | | | | 15,000,000 | | | | 14,999,150 | |
HSBC Bank plc ±144A | | | 0.25 | | | | 10-2-2014 | | | | 10,000,000 | | | | 10,000,000 | |
JPMorgan Securities Incorporated ±144A | | | 0.33 | | | | 9-10-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Lloyds Bank plc (z) | | | 0.06 | | | | 8-1-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Macquarie Bank Limited 144A(z) | | | 0.20 | | | | 8-19-2014 | | | | 2,000,000 | | | | 1,999,800 | |
Macquarie Bank Limited 144A(z) | | | 0.20 | | | | 9-15-2014 | | | | 3,000,000 | | | | 2,999,250 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.17 | | | | 8-4-2014 | | | | 10,000,000 | | | | 9,999,858 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.21 | | | | 8-8-2014 | | | | 8,000,000 | | | | 7,999,681 | |
Mitsubishi UFJ Trust & Banking Corporation 144A(z) | | | 0.21 | | | | 8-12-2014 | | | | 10,000,000 | | | | 9,999,374 | |
N.V. Bank Nederlandse Gemeenten 144A(z) | | | 0.20 | | | | 12-10-2014 | | | | 25,000,000 | | | | 24,981,805 | |
National Australia Funding Incorporated ±144A | | | 0.22 | | | | 3-10-2015 | | | | 15,000,000 | | | | 15,000,000 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.24 | | | | 10-29-2014 | | | | 15,000,000 | | | | 15,000,000 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.24 | | | | 12-23-2014 | | | | 14,000,000 | | | | 14,000,920 | |
Nordea Bank AB 144A(z) | | | 0.22 | | | | 8-26-2014 | | | | 2,000,000 | | | | 1,999,694 | |
NRW Bank 144A(z) | | | 0.09 | | | | 8-7-2014 | | | | 15,000,000 | | | | 14,999,775 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-14-2014 | | | | 20,000,000 | | | | 19,999,080 | |
NRW Bank 144A(z) | | | 0.13 | | | | 8-29-2014 | | | | 10,000,000 | | | | 9,998,989 | |
Oversea-Chinese Banking Corporation (z) | | | 0.20 | | | | 9-9-2014 | | | | 5,000,000 | | | | 4,998,917 | |
Shagang South Asia (z) | | | 0.35 | | | | 8-6-2014 | | | | 5,000,000 | | | | 4,999,757 | |
State Street Bank & Trust Company (z) | | | 0.17 | | | | 9-9-2014 | | | | 12,000,000 | | | | 11,997,790 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 8-5-2014 | | | | 10,000,000 | | | | 9,999,767 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 9-2-2014 | | | | 10,000,000 | | | | 9,998,133 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 9-3-2014 | | | | 10,000,000 | | | | 9,998,075 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 10-2-2014 | | | | 15,000,000 | | | | 14,994,575 | |
Sumitomo Mitsui Banking Corporation 144A(z) | | | 0.21 | | | | 10-3-2014 | | | | 7,000,000 | | | | 6,997,428 | |
Suncorp Group Limited 144A(z) | | | 0.26 | | | | 9-18-2014 | | | | 15,000,000 | | | | 14,994,800 | |
Suncorp Group Limited 144A(z) | | | 0.27 | | | | 8-20-2014 | | | | 4,000,000 | | | | 3,999,430 | |
Suncorp Group Limited 144A(z) | | | 0.29 | | | | 10-15-2014 | | | | 8,000,000 | | | | 7,995,250 | |
Suncorp Group Limited 144A(z) | | | 0.30 | | | | 11-10-2014 | | | | 3,000,000 | | | | 2,997,475 | |
Swedbank (z) | | | 0.17 | | | | 8-21-2014 | | | | 10,000,000 | | | | 9,999,083 | |
United Overseas Bank Limited 144A(z) | | | 0.21 | | | | 10-10-2014 | | | | 5,000,000 | | | | 4,997,958 | |
United Overseas Bank Limited 144A(z) | | | 0.23 | | | | 11-19-2014 | | | | 6,000,000 | | | | 5,995,783 | |
United Overseas Bank Limited 144A(z) | | | 0.23 | | | | 11-21-2014 | | | | 5,000,000 | | | | 4,996,422 | |
| | | | |
| 6 | | Wells Fargo Advantage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Financial Company Commercial Paper (continued) | | | | | | | | | | | | | | | | |
United Overseas Bank Limited 144A(z) | | | 0.28 | % | | | 2-9-2015 | | | $ | 7,000,000 | | | $ | 6,989,547 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-11-2015 | | | | 12,000,000 | | | | 11,981,893 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 2-25-2015 | | | | 6,000,000 | | | | 5,990,293 | |
United Overseas Bank Limited 144A(z) | | | 0.28 | | | | 3-16-2015 | | | | 15,000,000 | | | | 14,973,517 | |
Westpac Banking Corporation ±144A | | | 0.23 | | | | 8-1-2014 | | | | 20,000,000 | | | | 20,000,000 | |
Westpac Securities NZ Limited ±144A | | | 0.23 | | | | 9-4-2014 | | | | 9,000,000 | | | | 9,000,000 | |
Westpac Securities NZ Limited ±144A | | | 0.23 | | | | 8-20-2014 | | | | 6,000,000 | | | | 6,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 614,823,366 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Other Commercial Paper: 7.09% | | | | | | | | | | | | | | | | |
Caisse Des Depots et Consignations 144A(z) | | | 0.15 | | | | 9-8-2014 | | | | 6,000,000 | | | | 5,999,050 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.16 | | | | 8-18-2014 | | | | 10,000,000 | | | | 9,999,268 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.16 | | | | 9-26-2014 | | | | 15,000,000 | | | | 14,996,267 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.17 | | | | 10-6-2014 | | | | 11,000,000 | | | | 10,996,572 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-17-2014 | | | | 25,000,000 | | | | 24,990,375 | |
Caisse Des Depots et Consignations 144A(z) | | | 0.18 | | | | 10-20-2014 | | | | 8,000,000 | | | | 7,996,800 | |
China International Marine Containers Company Limited (z) | | | 0.35 | | | | 8-6-2014 | | | | 11,000,000 | | | | 10,999,465 | |
China International Marine Containers Company Limited (z) | | | 0.35 | | | | 8-7-2014 | | | | 10,000,000 | | | | 9,999,417 | |
China International Marine Containers Company Limited (z) | | | 0.38 | | | | 8-13-2014 | | | | 10,000,000 | | | | 9,998,733 | |
China Shipping Container Lines Company Limited (z) | | | 0.35 | | | | 8-1-2014 | | | | 7,000,000 | | | | 7,000,000 | |
Chinatex Capital Limited (z) | | | 0.35 | | | | 8-4-2014 | | | | 2,000,000 | | | | 1,999,942 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-4-2014 | | | | 20,000,000 | | | | 19,999,367 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-7-2014 | | | | 17,000,000 | | | | 16,998,923 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-18-2014 | | | | 13,000,000 | | | | 12,997,667 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-26-2014 | | | | 7,000,000 | | | | 6,998,153 | |
CNPC Finance 144A(z) | | | 0.38 | | | | 8-28-2014 | | | | 6,000,000 | | | | 5,998,290 | |
COFCO Capital Corporation (z) | | | 0.16 | | | | 8-12-2014 | | | | 3,000,000 | | | | 2,999,853 | |
Erste Abwicklungsanstalt 144A(z) | | | 0.17 | | | | 10-14-2014 | | | | 8,000,000 | | | | 7,997,204 | |
Sinochem Company Limited (z) | | | 0.15 | | | | 8-4-2014 | | | | 4,000,000 | | | | 3,999,950 | |
Sinochem Company Limited (z) | | | 0.18 | | | | 9-5-2014 | | | | 4,000,000 | | | | 3,999,300 | |
Sinochem Company Limited (z) | | | 0.20 | | | | 10-8-2014 | | | | 4,000,000 | | | | 3,998,489 | |
Sinochem Company Limited (z) | | | 0.40 | | | | 8-14-2014 | | | | 4,000,000 | | | | 3,999,422 | |
Toyota Motor Credit Corporation ± | | | 0.22 | | | | 3-6-2015 | | | | 10,000,000 | | | | 10,000,000 | |
Toyota Motor Credit Corporation ± | | | 0.20 | | | | 9-10-2014 | | | | 30,000,000 | | | | 30,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 244,962,507 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Commercial Paper (Cost $1,641,699,825) | | | | | | | | | | | | | | | 1,641,699,825 | |
| | | | | | | | | | | | | | | | |
| | | | |
Government Agency Debt: 0.32% | | | | | | | | | | | | | | | | |
Overseas Private Investment Corporation ±§(i) | | | 0.11 | | | | 7-9-2026 | | | | 11,000,000 | | | | 11,000,000 | |
| | | | |
Total Government Agency Debt (Cost $11,000,000) | | | | | | | | | | | | | | | 11,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Municipal Obligations: 5.43% | | | | | | | | | | | | | | | | |
| | | | |
California: 0.75% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.35% | | | | | | | | | | | | | | | | |
Los Angeles County CA Metropolitan Transportation Authority Series ATSM (Transportation Revenue) | | | 0.17 | | | | 8-14-2014 | | | | 2,000,000 | | | | 2,000,000 | |
Los Angeles County CA Metropolitan Transportation Authority Series ATUB (Transportation Revenue) | | | 0.16 | | | | 8-6-2014 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Other Municipal Debt (continued) | | | | | | | | | | | | | | | | |
San Francisco CA City & County Public Utilities Commission Water Revenue Series A2 (Water & Sewer Revenue) | | | 0.14 | % | | | 8-13-2014 | | | $ | 2,000,000 | | | $ | 1,999,980 | |
San Jose CA International Airport Series C-3 (Airport Revenue) | | | 0.24 | | | | 9-8-2014 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 11,999,980 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.40% | | | | | | | | | | | | | | | | |
California Affordable Housing Class A PFOTER Series MT-846 (Housing Revenue, Bank of America NA LIQ) 144A | | | 0.56 | | | | 3-31-2016 | | | | 13,800,000 | | | | 13,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado: 0.44% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.44% | | | | | | | | | | | | | | | | |
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) | | | 0.10 | | | | 5-1-2050 | | | | 15,060,000 | | | | 15,060,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Connecticut: 0.14% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.14% | | | | | | | | | | | | | | | | |
New Britain CT Taxable Pension Series C (GO, Bank of America NA LOC) | | | 0.19 | | | | 2-1-2026 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia: 0.21% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.06% | | | | | | | | | | | | | | | | |
Georgia Municipal Electric Authority Series TX-B (Utilities Revenue) | | | 0.15 | | | | 8-4-2014 | | | | 2,000,000 | | | | 2,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.15% | | | | | | | | | | | | | | | | |
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A | | | 0.40 | | | | 10-1-2039 | | | | 5,130,000 | | | | 5,130,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 0.12% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.12% | | | | | | | | | | | | | | | | |
Illinois Regional Transportation Authority Series A1 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.14 | | | | 4-1-2016 | | | | 4,180,000 | | | | 4,180,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts: 0.23% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.23% | | | | | | | | | | | | | | | | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-32 (Tax Revenue, Royal Bank of Canada LOC) 144A | | | 0.13 | | | | 8-1-2014 | | | | 8,000,000 | | | | 8,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Michigan: 0.38% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.38% | | | | | | | | | | | | | | | | |
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-28 (Education Revenue, Royal Bank of Canada LOC) 144A | | | 0.10 | | | | 9-1-2033 | | | | 3,000,000 | | | | 3,000,000 | |
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-31 (Education Revenue, Royal Bank of Canada LOC) 144A | | | 0.10 | | | | 9-1-2032 | | | | 10,000,000 | | | | 10,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 13,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Mexico: 0.69% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.69% | | | | | | | | | | | | | | | | |
New Mexico Municipal Energy Acquisition Authority Gas Supply (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.11 | | | | 11-1-2039 | | | | 24,000,000 | | | | 24,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| 8 | | Wells Fargo Advantage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
New York: 0.57% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.57% | | | | | | | | | | | | | | | | |
New York HFA Series B (Housing Revenue) | | | 0.45 | % | | | 5-1-2048 | | | $ | 5,000,000 | | | $ | 5,000,000 | |
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144A | | | 0.12 | | | | 10-1-2031 | | | | 1,800,000 | | | | 1,800,000 | |
Puttable Floating Option Taxable Notes Series TNP-1006 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.45 | | | | 11-1-2039 | | | | 12,940,000 | | | | 12,940,000 | |
| | | | |
| | | | | | | | | | | | | | | 19,740,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Carolina: 0.08% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.08% | | | | | | | | | | | | | | | | |
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC) | | | 0.18 | | | | 7-1-2027 | | | | 2,750,000 | | | | 2,750,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio: 0.18% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.18% | | | | | | | | | | | | | | | | |
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) | | | 0.12 | | | | 9-1-2039 | | | | 6,249,000 | | | | 6,249,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Oregon: 0.14% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.14% | | | | | | | | | | | | | | | | |
Oregon PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.40 | | | | 5-1-2035 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Carolina: 0.40% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.40% | | | | | | | | | | | | | | | | |
South Carolina Public Service Authority Series CC (Utilities Revenue) | | | 0.15 | | | | 8-13-2014 | | | | 10,776,000 | | | | 10,776,000 | |
York County SC PCR Series 2000-B1 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 1,000,000 | | | | 1,000,000 | |
York County SC PCR Series 2000-B3 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 2,000,000 | | | | 2,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 13,776,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee: 0.03% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.03% | | | | | | | | | | | | | | | | |
Baptist Memorial Health Care Corporation (Health Revenue) | | | 0.16 | | | | 9-2-2014 | | | | 1,000,000 | | | | 1,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas: 0.53% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.53% | | | | | | | | | | | | | | | | |
Pasadena TX Independent School District Series B (GO, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.20 | | | | 2-1-2035 | | | | 13,000,000 | | | | 13,000,000 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.36 | | | | 12-15-2026 | | | | 5,487,037 | | | | 5,487,037 | |
| | | | |
| | | | | | | | | | | | | | | 18,487,037 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 0.14% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.14% | | | | | | | | | | | | | | | | |
Port of Seattle WA Series D1 (Airport Revenue) | | | 0.17 | | | | 8-5-2014 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wisconsin: 0.40% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.40% | | | | | | | | | | | | | | | | |
Wisconsin PFA Housing Project (Housing Revenue, Bank of America NA LOC) | | | 0.12 | | | | 1-1-2042 | | | | 13,765,000 | | | | 13,765,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $187,937,017) | | | | | | | | | | | | | | | 187,937,017 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Other Instruments: 4.63% | | | | | | | | | | | | | | | | |
DBS Bank Limited Pooled Bank Deposit Product § | | | 0.16 | % | | | 1-1-2050 | | | $ | 60,000,000 | | | $ | 60,000,000 | |
GBG LLC Custody Receipts ±144A§ | | | 0.09 | | | | 9-1-2027 | | | | 8,809,000 | | | | 8,809,000 | |
Oakland-Alameda County Series A1 Municipal Commercial Paper | | | 0.17 | | | | 8-28-2014 | | | | 2,000,000 | | | | 2,000,000 | |
Oakland-Alameda County Series A2 Municipal Commercial Paper | | | 0.16 | | | | 8-14-2014 | | | | 2,000,000 | | | | 2,000,000 | |
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product § | | | 0.16 | | | | 1-1-2050 | | | | 60,000,000 | | | | 60,000,000 | |
Puttable Floating Option Taxable Receipts Series TNP-004 ±144A§ | | | 0.90 | | | | 5-15-2051 | | | | 4,360,000 | | | | 4,360,000 | |
State Street Bank & Trust Company ± | | | 0.23 | | | | 3-17-2015 | | | | 8,000,000 | | | | 8,000,000 | |
State Street Bank & Trust Company ± | | | 0.23 | | | | 4-10-2015 | | | | 15,000,000 | | | | 15,000,000 | |
| | | | |
Total Other Instruments (Cost $160,169,000) | | | | | | | | | | | | | | | 160,169,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Notes: 1.83% | | | | | | | | | | | | | | | | |
| | | | |
| Corporate Bonds and Notes: 1.83% | | | | | | | | | | | | | | | | |
ACTS Retirement Life Communities Incorporated ±§ | | | 0.11 | | | | 11-15-2029 | | | | 2,615,000 | | | | 2,615,000 | |
Bank of Nova Scotia ± | | | 0.24 | | | | 12-17-2014 | | | | 15,000,000 | | | | 15,000,000 | |
JPMorgan Chase Bank NA ± | | | 0.38 | | | | 7-17-2015 | | | | 5,000,000 | | | | 5,001,151 | |
LTF Real Estate LLC ±144A§ | | | 0.22 | | | | 6-1-2033 | | | | 14,450,000 | | | | 14,450,000 | |
Nederlandse Waterschapsbank NV ±144A | | | 0.29 | | | | 10-27-2014 | | | | 14,000,000 | | | | 14,001,058 | |
Providence Health & Services ±§ | | | 0.12 | | | | 10-1-2042 | | | | 5,950,000 | | | | 5,950,000 | |
Racetrac Capital LLC ±§ | | | 0.12 | | | | 9-1-2020 | | | | 4,250,000 | | | | 4,250,000 | |
Royal Bank of Canada ± | | | 0.94 | | | | 10-30-2014 | | | | 2,000,000 | | | | 2,003,663 | |
| | | | |
Total Other Notes (Cost $63,270,872) | | | | | | | | | | | | | | | 63,270,872 | |
| | | | | | | | | | | | | | | | |
| | | | |
Repurchase Agreements ^^: 6.85% | | | | | | | | | | | | | | | | |
Bank of America Corporation, dated 7-31-2014, maturity value $74,721,587 (1) | | | 0.09 | | | | 8-1-2014 | | | | 74,721,400 | | | | 74,721,400 | |
Barclays Capital Incorporated, dated 7-31-2014, maturity value $12,000,030 (2) | | | 0.09 | | | | 8-1-2014 | | | | 12,000,000 | | | | 12,000,000 | |
Credit Agricole, dated 7-31-2014, maturity value $39,000,108 (3) | | | 0.10 | | | | 8-1-2014 | | | | 39,000,000 | | | | 39,000,000 | |
Credit Suisse Securities, dated 7-31-2014, maturity value $19,000,048 (4) | | | 0.09 | | | | 8-1-2014 | | | | 19,000,000 | | | | 19,000,000 | |
Goldman Sachs & Company, dated 7-1-2014, maturity value $13,003,582 (5)±§¢(i) | | | 0.16 | | | | 9-1-2014 | | | | 13,000,000 | | | | 13,000,000 | |
GX Clarke & Company, dated 7-31-2014, maturity value $12,000,053 (6) | | | 0.16 | | | | 8-1-2014 | | | | 12,000,000 | | | | 12,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $62,031,344 (7)±§¢(i) | | | 0.28 | | | | 9-4-2014 | | | | 62,000,000 | | | | 62,000,000 | |
JPMorgan Securities, dated 7-1-2014, maturity value $5,000,603 (8)±§¢ | | | 0.14 | | | | 8-1-2014 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | |
Total Repurchase Agreements (Cost $236,721,400) | | | | | | | | | | | | | | | 236,721,400 | |
| | | | | | | | | | | | | | | | |
| | | | |
Treasury Debt: 0.35% | | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | 2.38 | | | | 8-31-2014 | | | | 12,000,000 | | | | 12,021,662 | |
| | | | |
Total Treasury Debt (Cost $12,021,662) | | | | | | | | | | | | | | | 12,021,662 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
Total investments in securities (Cost $3,487,851,412) * | | | 100.87 | % | | | 3,487,851,412 | |
Other assets and liabilities, net | | | (0.87 | ) | | | (30,171,938 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 3,457,679,474 | |
| | | | | | | | |
| | | | |
| 10 | | Wells Fargo Advantage Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
| § | The security is subject to a demand feature which reduces the effective maturity. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| | (1) | U.S. government securities, 3.00% to 6.00%, 8-1-2033 to 11-1-2043, fair value including accrued interest is $76,963,042. |
| | (2) | U.S. government securities, 0.00% to 6.75%, 8-1-2014 to 7-15-2037, fair value including accrued interest is $12,240,007. |
| | (3) | U.S. government securities, 0.13% to 8.00%, 1-13-2015 to 9-1-2031, fair value including accrued interest is $40,167,751. |
| | (4) | U.S. government securities, 0.13% to 2.00%, 4-15-2015 to 1-15-2024, fair value including accrued interest is $19,380,048. |
| | (5) | U.S. government securities, 0.00%, 8-4-2014 to 3-6-2015, fair value is $13,260,000. |
| | (6) | U.S. government securities, 0.00% to 7.50%, 8-28-2014 to 7-15-2032, fair value including accrued interest is $12,240,267. |
| | (7) | U.S. government securities, 0.00% to 0.33%, 8-1-2014 to 7-10-2017, fair value including accrued interest is $63,240,174. |
| | (8) | U.S. government securities, 0.00%, 8-28-2014 to 9-10-2016, fair value is $5,100,152. |
| ¢ | Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
| * | Cost for federal income tax purposes is substantially the same as for financial reporting purposes. |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 1 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Municipal Obligations: 98.00% | | | | | | | | | | | | | | | | |
| | | | |
Alabama: 2.34% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.34% | | | | | | | | | | | | | | | | |
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series C (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.07 | % | | | 11-15-2046 | | | $ | 23,625,000 | | | $ | 23,625,000 | |
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue) | | | 0.21 | | | | 8-1-2041 | | | | 7,900,000 | | | | 7,900,000 | |
Columbia AL Industrial Development Board Pollution Control Alabama Power Company Project Series 1995D (Industrial Development Revenue) | | | 0.07 | | | | 10-1-2022 | | | | 11,820,000 | | | | 11,820,000 | |
Mobile AL IDA Board High Providence LLC Project Series 2006 (Industrial Development Revenue, Whitney National Bank LOC) | | | 0.09 | | | | 8-1-2031 | | | | 4,050,000 | | | | 4,050,000 | |
Mobile AL IDA Board Pollution Control Alabama Power Company Project Series 1993C (Industrial Development Revenue) | | | 0.08 | | | | 8-1-2017 | | | | 12,000,000 | | | | 12,000,000 | |
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2008C (Industrial Development Revenue, Bank of Nova Scotia LOC) | | | 0.06 | | | | 12-1-2027 | | | | 10,000,000 | | | | 10,000,000 | |
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2011J (Industrial Development Revenue, Bank of Nova Scotia LOC) | | | 0.06 | | | | 4-1-2028 | | | | 15,000,000 | | | | 15,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 84,395,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Arizona: 1.57% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.57% | | | | | | | | | | | | | | | | |
Mesa AZ Excise Tax Revenue Obligation Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-69 (Tax Revenue, Royal Bank of Canada LIQ) 144A | | | 0.11 | | | | 7-1-2020 | | | | 10,135,000 | | | | 10,135,000 | |
Mesa AZ Utility System Clipper Tax-Exempt Certificates Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 7-1-2024 | | | | 35,055,000 | | | | 35,055,000 | |
Phoenix AZ IDA Del Mar Terrace Series A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 10-1-2029 | | | | 11,500,000 | | | | 11,500,000 | |
| | | | |
| | | | | | | | | | | | | | | 56,690,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
California: 9.74% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.81% | | | | | | | | | | | | | | | | |
Los Angeles County CA School Pooled Financing Program Series 2013-14 (Miscellaneous Revenue) | | | 5.00 | | | | 12-31-2014 | | | | 8,350,000 | | | | 8,414,324 | |
Los Angeles County CA TRAN Series 2014 (GO) | | | 1.50 | | | | 6-25-2015 | | | | 4,700,000 | | | | 4,758,581 | |
Los Angeles County CA TRAN Series 2014-15 (Miscellaneous Revenue) | | | 1.50 | | | | 6-30-2015 | | | | 5,400,000 | | | | 5,467,877 | |
Riverside County CA TRAN Series 2014 (Tax Revenue) | | | 1.50 | | | | 6-30-2015 | | | | 10,735,000 | | | | 10,870,428 | |
| | | | |
| | | | | | | | | | | | | | | 29,511,210 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 8.93% | | | | | | | | | | | | | | | | |
ABAG Finance Authority for Nonprofit Corporation California Branson School Series 2008 (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 7-1-2038 | | | | 14,450,000 | | | | 14,450,000 | |
ABAG Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 4-1-2036 | | | | 6,290,000 | | | | 6,290,000 | |
ABAG Finance Authority for Nonprofit Corporations California Menlo School Series 2003 (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 9-1-2033 | | | | 13,700,000 | | | | 13,700,000 | |
Bay Area Toll Authority California Toll Bridge Series C2 (Transportation Revenue, Union Bank NA LOC) | | | 0.05 | | | | 4-1-2047 | | | | 2,900,000 | | | | 2,900,000 | |
Burbank CA Unified School District Series 2013 ROC RR II R-14055 (GO, Citibank NA LIQ) 144A | | | 0.07 | | | | 2-1-2021 | | | | 5,520,000 | | | | 5,520,000 | |
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA) | | | 0.06 | | | | 11-1-2040 | | | | 86,775,000 | | | | 86,775,000 | |
| | | | |
| 2 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
California CDA Motion Picture & Television Fund Series 2001A (Health Revenue, Northern Trust Company LOC) | | | 0.06 | % | | | 3-1-2031 | | | $ | 22,375,000 | | | $ | 22,375,000 | |
California CDA Sutter Health ROC RR-II-R-11621 (Health Revenue, AGM Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 8-15-2032 | | | | 10,200,000 | | | | 10,200,000 | |
California HFFA Catholic Healthcare West Series B (Health Revenue, Bank of Montreal LOC) | | | 0.04 | | | | 3-1-2047 | | | | 6,725,000 | | | | 6,725,000 | |
California HFFA Memorial Health Services Series A (Health Revenue) | | | 0.05 | | | | 10-1-2043 | | | | 8,310,000 | | | | 8,310,000 | |
California HFFA Scripps Health Services Series C (Health Revenue, Northern Trust Company LOC) | | | 0.04 | | | | 10-1-2040 | | | | 8,000,000 | | | | 8,000,000 | |
California HFFA St. Joseph’s Health System Series A (Health Revenue, Union Bank NA LOC) | | | 0.06 | | | | 7-1-2041 | | | | 2,900,000 | | | | 2,900,000 | |
California Kindergarten University Public Education Facilities Series 2005A Sub Series A-1-2 (Miscellaneous Revenue, Royal Bank of Canada LOC) | | | 0.05 | | | | 5-1-2040 | | | | 15,400,000 | | | | 15,400,000 | |
California Municipal Finance Authority Pacific Institute Series A (Housing Revenue, California Bank & Trust LOC) | | | 0.06 | | | | 8-1-2037 | | | | 4,620,000 | | | | 4,620,000 | |
California University System Series 2005A Citigroup Eagle Trust Series 2014-0001A (Education Revenue, AGM/Ambac Insured, Citibank NA SPA) 144A | | | 0.07 | | | | 11-1-2035 | | | | 2,740,000 | | | | 2,740,000 | |
California University System Series 2005A Citigroup Eagle Trust Series 2014-0030A (Education Revenue, AGM/Ambac Insured, Citibank NA LIQ) 144A | | | 0.08 | | | | 11-1-2035 | | | | 11,500,000 | | | | 11,500,000 | |
Kings County CA Housing Authority Edgewater Apartments Series 2001A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 2-15-2031 | | | | 6,860,000 | | | | 6,860,000 | |
Lancaster CA Redevelopment Agency MFHR 20th Street Apartments Project Series C (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 12-1-2026 | | | | 5,500,000 | | | | 5,500,000 | |
Orange County CA Apartment Development Villas Aliento Issue E (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 8-15-2028 | | | | 3,140,000 | | | | 3,140,000 | |
Sacramento County CA Housing Authority River Terrace Apartments Series 1996C (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 7-15-2029 | | | | 4,720,000 | | | | 4,720,000 | |
Sacramento County CA River Pointe Housing Authority Apartments Series 2007B (Housing Revenue, FNMA LOC, FNMA Insured) | | | 0.06 | | | | 8-15-2027 | | | | 10,000,000 | | | | 10,000,000 | |
San Francisco CA City & County RDA Community Facilities District #4 (Tax Revenue, Bank of America NA LOC) | | | 0.07 | | | | 8-1-2032 | | | | 19,000,000 | | | | 19,000,000 | |
San Francisco CA City & County RDA Fillmore Center 1999 Issue B1 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 12-1-2017 | | | | 15,000,000 | | | | 15,000,000 | |
San Luis Obispo County CA Financing Authority Series 3030 Nacimiento Water Project Series A (Water & Sewer Revenue, BHAC/MBIA Insured, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 9-1-2038 | | | | 12,070,000 | | | | 12,070,000 | |
Vacaville CA MFHR Quail Run Apartments Project Series 1988A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.05 | | | | 7-15-2018 | | | | 7,100,000 | | | | 7,100,000 | |
Vacaville CA MFHR Sycamore Apartments Project Series 1999A (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 5-15-2029 | | | | 2,350,000 | | | | 2,350,000 | |
Walnut Creek CA Multifamily Mortgage Creekside Drive Apartments 1985 Issue A (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 4-1-2027 | | | | 7,120,000 | | | | 7,120,000 | |
Whittier CA Whittier College Series 2008 (Education Revenue, U.S. Bank NA LOC) | | | 0.06 | | | | 12-1-2038 | | | | 7,205,000 | | | | 7,205,000 | |
| | | | |
| | | | | | | | | | | | | | | 322,470,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado: 2.04% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.04% | | | | | | | | | | | | | | | | |
Colorado Health Facilities Authority Catholic Health Initiatives Series 2008-D2 Morgan Stanley Series 2008-3364 (Health Revenue, Morgan Stanley Bank LOC) 144A | | | 0.12 | | | | 10-1-2037 | | | | 3,125,000 | | | | 3,125,000 | |
Colorado Health Facilities Authority Catholic Health Initiatives Series 2011A Deutsche Bank Spears Lifers Trust Series DBE-1278 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 2-1-2041 | | | | 15,350,000 | | | | 15,350,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 3 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Colorado MidCities Metropolitan District #1 Colorado Series 2004-B (Tax Revenue, BNP Paribas LOC) | | | 0.16 | % | | | 12-1-2031 | | | $ | 9,750,000 | | | $ | 9,750,000 | |
Colorado MidCities Metropolitan District #1 Special Refunding and Improvement Bonds Series A (Tax Revenue, BNP Paribas LOC) | | | 0.16 | | | | 12-1-2020 | | | | 4,120,000 | | | | 4,120,000 | |
Colorado Springs CO Utilities System Subordinate Lien Improvement Revenue Bonds Series 2005A (Utilities Revenue) | | | 0.07 | | | | 11-1-2035 | | | | 16,700,000 | | | | 16,700,000 | |
Denver CO City & County Airport System Series 2006-A (Airport Revenue, FGIC Insured, Morgan Stanley Bank LIQ) 144A | | | 0.21 | | | | 11-15-2025 | | | | 13,500,000 | | | | 13,500,000 | |
Denver CO City & County MFHR Garden Court Community Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.08 | | | | 12-15-2038 | | | | 7,795,000 | | | | 7,795,000 | |
Southeast Colorado Public Improvement Metropolitan District Series 2004 (GO, U.S. Bank NA LOC) | | | 0.07 | | | | 11-15-2034 | | | | 3,515,000 | | | | 3,515,000 | |
| | | | |
| | | | | | | | | | | | | | | 73,855,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Connecticut: 0.34% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.18% | | | | | | | | | | | | | | | | |
Connecticut GO Series 2011-E (Miscellaneous Revenue) | | | 5.00 | | | | 11-1-2014 | | | | 6,400,000 | | | | 6,478,303 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.16% | | | | | | | | | | | | | | | | |
Connecticut Municipal Electric Energy Cooperative Power Supply System Series 2013A Deutsche Bank Spears Lifers Trust Series DBE-1164 (Utilities Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 1-1-2038 | | | | 6,000,000 | | | | 6,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Delaware: 0.22% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.22% | | | | | | | | | | | | | | | | |
Delaware EDA St. Andrews School Project Series 2002 (Education Revenue, TD Bank NA SPA) | | | 0.08 | | | | 9-1-2032 | | | | 8,000,000 | | | | 8,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
District of Columbia: 0.48% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.26% | | | | | | | | | | | | | | | | |
District of Columbia Fiscal Year 2014 TRAN (Miscellaneous Revenue) | | | 2.00 | | | | 9-30-2014 | | | | 9,300,000 | | | | 9,328,077 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.22% | | | | | | | | | | | | | | | | |
District of Columbia Community Connection Real Estate Foundation Issue Series 2007A (Miscellaneous Revenue) | | | 0.11 | | | | 7-1-2032 | | | | 3,600,000 | | | | 3,600,000 | |
District of Columbia Housing Finance Agency The Yard D Building Project Series 2012 (Housing Revenue, Capital One NA LOC) | | | 0.09 | | | | 10-1-2047 | | | | 4,250,000 | | | | 4,250,000 | |
| | | | |
| | | | | | | | | | | | | | | 7,850,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Florida: 9.28% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.95% | | | | | | | | | | | | | | | | |
JEA Florida Electric System Series 2000 A (Utilities Revenue) | | | 0.08 | | | | 8-21-2014 | | | | 11,200,000 | | | | 11,200,000 | |
JEA Florida Electric System Series 2000 F-1 (Utilities Revenue) | | | 0.08 | | | | 8-14-2014 | | | | 12,600,000 | | | | 12,600,000 | |
JEA Florida Electric System Series 2000 F-2 (Utilities Revenue) | | | 0.07 | | | | 8-6-2014 | | | | 10,600,000 | | | | 10,600,000 | |
| | | | |
| | | | | | | | | | | | | | | 34,400,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 8.33% | | | | | | | | | | | | | | | | |
Alachua County FL HFA MFHR Santa Fe Apartments Project Series 2008 (Housing Revenue, FNMA LOC) | | | 0.06 | | | | 4-15-2041 | | | | 7,300,000 | | | | 7,300,000 | |
| | | | |
| 4 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Florida Gulf Coast University Financing Corporation Parking Project Series 2009A (Education Revenue, Harris NA LOC) | | | 0.07 | % | | | 2-1-2039 | | | $ | 7,305,000 | | | $ | 7,305,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue) | | | 0.05 | | | | 11-15-2032 | | | | 17,900,000 | | | | 17,900,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2006C (Health Revenue, Bank of America NA LIQ) 144A | | | 0.09 | | | | 11-15-2036 | | | | 8,595,000 | | | | 8,595,000 | |
Hillsborough County FL School Board Master Lease Program JPMorgan Chase PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.13 | | | | 8-22-2014 | | | | 92,970,000 | | | | 92,970,000 | |
Jacksonville FL HFA MFHR St. Augustine Apartments Project Series 2006 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 7-15-2033 | | | | 3,550,000 | | | | 3,550,000 | |
JEA Florida Electric System Series D (Utilities Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 10-1-2038 | | | | 14,155,000 | | | | 14,155,000 | |
Marion County FL HFA Paddock Park Apartments Series 2002 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 10-15-2032 | | | | 4,000,000 | | | | 4,000,000 | |
Miami-Dade County FL Building Better Communities Program Series 2005 US Bank Solar Eclipse Series 2006-0049 (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A | | | 0.06 | | | | 1-1-2015 | | | | 11,050,000 | | | | 11,050,000 | |
Miami-Dade County FL Building Better Communities Program Series 2014A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-50 (GO, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 1-9-2017 | | | | 13,495,000 | | | | 13,495,000 | |
Miami-Dade County FL Expressway Authority Toll System Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1156 (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 7-1-2025 | | | | 9,000,000 | | | | 9,000,000 | |
Orange County FL Sales Tax Revenue Series 2012B Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-43 (Tax Revenue, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 1-1-2020 | | | | 5,115,000 | | | | 5,115,000 | |
Orlando & Orange County FL Expressway Authority Sub Series B-2 (Transportation Revenue, TD Bank NA LOC) | | | 0.05 | | | | 7-1-2040 | | | | 22,735,000 | | | | 22,735,000 | |
Orlando FL Utilities Commission Series 2011A (Utilities Revenue) (i) | | | 0.17 | | | | 10-1-2027 | | | | 13,490,000 | | | | 13,490,000 | |
Palm Beach County FL Children’s Home Project Series 2008 (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.12 | | | | 5-1-2038 | | | | 3,745,000 | | | | 3,745,000 | |
Palm Beach County FL Norton Gallery School of Art Incorporated Series 1995 (Education Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 5-1-2025 | | | | 1,565,000 | | | | 1,565,000 | |
Pinellas County FL IDA Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 8-1-2028 | | | | 4,170,000 | | | | 4,170,000 | |
Sarasota County FL Planned Parenthood Incorporated Project Series 2007 (Health Revenue, BMO Harris Bank NA LOC) | | | 0.08 | | | | 10-1-2041 | | | | 4,290,000 | | | | 4,290,000 | |
Tampa FL Baycare Health System Series 2012-B (Health Revenue) (i) | | | 0.14 | | | | 11-15-2033 | | | | 12,400,000 | | | | 12,400,000 | |
West Palm Beach FL Utilities Systems Series 2008C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.23 | | | | 10-1-2038 | | | | 43,990,000 | | | | 43,990,000 | |
| | | | |
| | | | | | | | | | | | | | | 300,820,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia: 1.41% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.41% | | | | | | | | | | | | | | | | |
Atlanta GA Development Authority Perkins Will Incorporated Project Series 2010 (Industrial Development Revenue, Harris NA LOC) | | | 0.08 | | | | 11-1-2030 | | | | 7,990,000 | | | | 7,990,000 | |
Dekalb County GA Series 2006-B ROC RR-II-R-11900 (Water & Sewer Revenue, AGM Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 4-1-2023 | | | | 6,600,000 | | | | 6,600,000 | |
Gwinnett County GA Development Authority Certificate of Participation Public School Project Series 2006 Clipper Tax-Exempt Certified Trust Series 2009-41 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.07 | | | | 1-1-2016 | | | | 8,795,000 | | | | 8,795,000 | |
Gwinnett County GA Development Authority Goodwill North Georgia Incorporated Project Series 2009 (Miscellaneous Revenue, Branch Banking & Trust LOC) | | | 0.06 | | | | 10-1-2033 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 5 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Metropolitan Atlanta GA Rapid Transit Authority 3rd Indenture Series 2007B JPMorgan Chase PUTTER Series 3755 (Tax Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.08 | % | | | 1-1-2016 | | | $ | 5,000,000 | | | $ | 5,000,000 | |
Metropolitan Atlanta GA Rapid Transit Authority 3rd Indenture Series 2007B JPMorgan Chase PUTTER Series 4016 (Tax Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.08 | | | | 1-1-2016 | | | | 6,500,000 | | | | 6,500,000 | |
Metropolitan Atlanta GA Rapid Transit Authority Trust Class A (Tax Revenue, Societe Generale LOC, Ambac Insured) 144A | | | 0.08 | | | | 7-1-2020 | | | | 10,995,000 | | | | 10,995,000 | |
| | | | |
| | | | | | | | | | | | | | | 50,880,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Hawaii: 0.18% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.18% | | | | | | | | | | | | | | | | |
Honolulu City & County HI Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-62 (GO, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 11-1-2020 | | | | 6,665,000 | | | | 6,665,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois: 5.32% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 5.32% | | | | | | | | | | | | | | | | |
Aurora IL Economic Development Aurora University Series 2004 (Education Revenue, Harris NA LOC) | | | 0.07 | | | | 3-1-2035 | | | | 12,000,000 | | | | 12,000,000 | |
Chicago IL 2nd Lien Water Revenue Series 2001 JPMorgan Chase PUTTER Series 4017 (Water & Sewer Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.36 | | | | 11-1-2023 | | | | 3,875,000 | | | | 3,875,000 | |
Chicago IL Board of Education Unlimited Tax Series 2011-A Deutsche Bank Spears Lifers Trust Series DBE-1210 (GO, AGM Insured, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 12-1-2039 | | | | 14,000,000 | | | | 14,000,000 | |
Chicago IL Education Marine Project Series 1984 (Industrial Development Revenue, FHLB LOC) | | | 0.06 | | | | 7-1-2023 | | | | 4,200,000 | | | | 4,200,000 | |
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 28,800,000 | | | | 28,800,000 | |
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) | | | 0.28 | | | | 11-1-2030 | | | | 14,350,000 | | | | 14,350,000 | |
DuPage & Will Counties IL Community School District #204 Indian Prairie School Building Series A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-26 (GO, Royal Bank of Canada LIQ) 144A | | | 0.07 | | | | 6-30-2016 | | | | 5,765,000 | | | | 5,765,000 | |
Illinois Development Finance Authority Cook Communications Ministries Project Series 2002 (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.18 | | | | 3-1-2017 | | | | 4,500,000 | | | | 4,500,000 | |
Illinois Development Finance Authority Presbyterian Homes Two Arbor Lane Project Series 2001 (Health Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 4-1-2035 | | | | 9,000,000 | | | | 9,000,000 | |
Illinois Educational Facilities Authority Chicago Zoological Society Brookfield Zoo Project Series 1995B (Miscellaneous Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 12-15-2025 | | | | 5,000,000 | | | | 5,000,000 | |
Illinois Finance Authority Advocate Health Care Network Series 2011B (Health Revenue) (i) | | | 0.18 | | | | 4-1-2051 | | | | 6,500,000 | | | | 6,500,000 | |
Illinois Finance Authority Bradley University Series A (Education Revenue, PNC Bank NA LOC) | | | 0.05 | | | | 4-1-2033 | | | | 14,635,000 | | | | 14,635,000 | |
Illinois Finance Authority Presbyterian Homes Lake Forest Place Project Series 2006 (Health Revenue, Northern Trust Company LOC) | | | 0.06 | | | | 9-1-2024 | | | | 18,655,000 | | | | 18,655,000 | |
Illinois Finance Authority Village of Oak Park Residence Corporation Project Series 2006 (Housing Revenue, PNC Bank NA LOC) | | | 0.06 | | | | 9-1-2046 | | | | 4,000,000 | | | | 4,000,000 | |
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project Series 2010-B-2 (Airport Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 6-15-2050 | | | | 15,000,000 | | | | 15,000,000 | |
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project Series 2011 Royal Bank of Canada Municipal Products Incorporated PFOTER Series O-40 (Airport Revenue, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 6-15-2020 | | | | 8,130,000 | | | | 8,130,000 | |
| | | | |
| 6 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
University of Illinois Utility Infrastructure Projects Series 2004 (Education Revenue, Bank of New York Mellon SPA) | | | 0.09 | % | | | 8-15-2021 | | | $ | 20,080,000 | | | $ | 20,080,000 | |
Yorkville Kendall County IL Special Service Area #2003-101 Windett Ridge Project JPMorgan PUTTER Series 4380 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.21 | | | | 3-1-2023 | | | | 3,665,000 | | | | 3,665,000 | |
| | | | |
| | | | | | | | | | | | | | | 192,155,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Indiana: 1.80% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.32% | | | | | | | | | | | | | | | | |
Indiana Bond Bank Revenue Advance Funding Program Series 2014-A (Miscellaneous Revenue) | | | 1.25 | | | | 1-6-2015 | | | | 11,500,000 | | | | 11,550,207 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.48% | | | | | | | | | | | | | | | | |
Indiana COP Clipper Tax-Exempt Certified Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.09 | | | | 7-1-2023 | | | | 26,140,000 | | | | 26,140,000 | |
Indiana Finance Authority First Lien Wastewater Utility Series 2014-A Deutsche Bank Spears Lifers Trust Series DBE-1343 (Water & Sewer Revenue, Deutsche Bank LIQ) 144A | | | 0.13 | | | | 10-1-2044 | | | | 14,315,000 | | | | 14,315,000 | |
Indiana Finance Authority University Health Obligated Group Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011 E-23 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 3-1-2036 | | | | 10,000,000 | | | | 10,000,000 | |
Indiana HEFA ROC RR-11-R-11460 (Health Revenue, AGM Insured, Citibank NA LIQ) | | | 0.07 | | | | 5-1-2016 | | | | 3,000,000 | | | | 3,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 53,455,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Iowa: 2.72% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.72% | | | | | | | | | | | | | | | | |
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue) | | | 0.08 | | | | 6-1-2039 | | | | 52,000,000 | | | | 52,000,000 | |
Iowa Finance Authority Midwestern Disaster Area Chrisbro III Incorporated Project Series 2011 (Industrial Development Revenue, Great Western Bank LOC) | | | 0.07 | | | | 8-1-2041 | | | | 8,530,000 | | | | 8,530,000 | |
Iowa Finance Authority Multifamily Housing Series 2006 Austin Trust Various Certificates Series 2007-1011 (Housing Revenue, Bank of America NA LIQ) 144A | | | 0.11 | | | | 7-1-2041 | | | | 2,505,000 | | | | 2,505,000 | |
Iowa Finance Authority Student Housing Des Moines LLC Project A (Miscellaneous Revenue, Citibank NA LOC) | | | 0.08 | | | | 6-1-2039 | | | | 35,170,000 | | | | 35,170,000 | |
| | | | |
| | | | | | | | | | | | | | | 98,205,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Kansas: 0.25% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.25% | | | | | | | | | | | | | | | | |
Kansas Development Finance Authority Adventist Health Sunbelt Obligated Group Series 2009C Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-11 (Health Revenue, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 11-15-2038 | | | | 9,000,000 | | | | 9,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Kentucky: 0.91% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.20% | | | | | | | | | | | | | | | | |
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2013-D-1 (Miscellaneous Revenue) | | | 1.00 | | | | 9-1-2014 | | | | 3,200,000 | | | | 3,201,946 | |
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2014-D-1 (Miscellaneous Revenue) %% | | | 1.00 | | | | 8-1-2015 | | | | 3,850,000 | | | | 3,879,568 | |
| | | | |
| | | | | | | | | | | | | | | 7,081,514 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 7 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø: 0.71% | | | | | | | | | | | | | | | | |
Fort Mitchell KY League of Cities Funding Trust Program Series 2002-A (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.07 | % | | | 10-1-2032 | | | $ | 6,095,000 | | | $ | 6,095,000 | |
Kentucky EDA Hospital Revenue Bonds Series 2011 Baptist Healthcare System Obligated Group Deutsche Bank Spears Lifers Trust Series DBE-1275 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 8-15-2042 | | | | 7,840,000 | | | | 7,840,000 | |
Mason County KY PCR East Kentucky Power Cooperative Incorporated Project Pooled Series 1984B-2 (Industrial Development Revenue) | | | 0.25 | | | | 10-15-2014 | | | | 1,650,000 | | | | 1,650,000 | |
Williamstown KY League of Cities Funding Trust Lease Series 2008A (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.07 | | | | 7-1-2038 | | | | 5,200,000 | | | | 5,200,000 | |
Williamstown KY League of Cities Funding Trust Lease Series 2008B (Miscellaneous Revenue, U.S. Bank NA LOC) | | | 0.07 | | | | 12-1-2038 | | | | 4,875,000 | | | | 4,875,000 | |
| | | | |
| | | | | | | | | | | | | | | 25,660,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Louisiana: 0.55% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.55% | | | | | | | | | | | | | | | | |
Louisiana HFA The Reserve at Jefferson Crossing Series 2008 (Housing Revenue, FHLMC LOC) | | | 0.07 | | | | 7-1-2040 | | | | 4,095,000 | | | | 4,095,000 | |
Louisiana HFA Woodward Wright Apartments Project Series 2003 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 9-1-2033 | | | | 8,955,000 | | | | 8,955,000 | |
Louisiana PFA Pollution Control Allied Signal Incorporated Project Series 1992 (Industrial Development Revenue) | | | 0.09 | | | | 8-1-2017 | | | | 6,815,000 | | | | 6,815,000 | |
| | | | |
| | | | | | | | | | | | | | | 19,865,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maryland: 1.91% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.91% | | | | | | | | | | | | | | | | |
Baltimore County MD Maryvale Preparatory School Facilities Project Series 2005A (Education Revenue) | | | 0.11 | | | | 12-3-2035 | | | | 1,580,000 | | | | 1,580,000 | |
Maryland CDA MFHR Hopkins Village Apartments Series 2008F (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 11-1-2038 | | | | 3,000,000 | | | | 3,000,000 | |
Maryland Department of Housing & Community Development Residential Series 2007J (Housing Revenue, FHA Insured, TD Bank NA SPA) | | | 0.05 | | | | 9-1-2031 | | | | 12,400,000 | | | | 12,400,000 | |
Maryland Department of Housing & Community Development Residential Series 2007M (Housing Revenue, TD Bank NA SPA) | | | 0.05 | | | | 9-1-2043 | | | | 19,400,000 | | | | 19,400,000 | |
Maryland GO Series 2013-B Merrill Lynch Joint Venture Trust Series JVI-1001 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.16 | | | | 3-1-2019 | | | | 5,945,000 | | | | 5,945,000 | |
Maryland GO Series 2013-B Merrill Lynch Joint Venture Trust Series JVI-1003 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.16 | | | | 3-1-2019 | | | | 5,940,000 | | | | 5,940,000 | |
Maryland HEFA University of Maryland Medical System Issue Series 2008E (Health Revenue, Bank of Montreal LOC) | | | 0.07 | | | | 7-1-2041 | | | | 10,000,000 | | | | 10,000,000 | |
Maryland Transportation Authority Austin Trust Series 1152 (Transportation Revenue, AGM Insured, Bank of America NA LIQ) 144A | | | 0.11 | | | | 7-1-2041 | | | | 5,000,000 | | | | 5,000,000 | |
Montgomery County MD EDA Brooke Grove Foundation Incorporated Series1998 (Health Revenue) | | | 0.11 | | | | 1-1-2024 | | | | 5,885,000 | | | | 5,885,000 | |
| | | | |
| | | | | | | | | | | | | | | 69,150,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts: 2.21% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.58% | | | | | | | | | | | | | | | | |
University of Massachusetts Building Authority Series 2013 B-1 (Education Revenue) | | | 0.12 | | | | 1-8-2015 | | | | 21,000,000 | | | | 21,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| 8 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø: 1.63% | | | | | | | | | | | | | | | | |
Massachusetts Development Finance Agency Cushing Academy Issue Series 2004 (Education Revenue, TD Bank NA LOC) | | | 0.07 | % | | | 3-1-2034 | | | $ | 11,110,000 | | | $ | 11,110,000 | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-32 (Tax Revenue, Royal Bank of Canada LOC) 144A | | | 0.13 | | | | 8-1-2014 | | | | 33,900,000 | | | | 33,900,000 | |
University of Massachusetts Building Authority Series 2011-2 (Education Revenue) (i) | | | 0.15 | | | | 11-1-2034 | | | | 13,860,000 | | | | 13,860,000 | |
| | | | |
| | | | | | | | | | | | | | | 58,870,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Michigan: 1.48% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.48% | | | | | | | | | | | | | | | | |
Green Lake Township MI Economic Development Corporation Interlochen Center Arts Project Series 2004 (Miscellaneous Revenue, BMO Harris Bank NA LOC) | | | 0.07 | | | | 6-1-2034 | | | | 2,000,000 | | | | 2,000,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) (i) | | | 0.12 | | | | 11-15-2049 | | | | 5,250,000 | | | | 5,250,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-7 (Health Revenue) (i) | | | 0.12 | | | | 11-15-2047 | | | | 5,765,000 | | | | 5,765,000 | |
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-8 (Health Revenue) (i) | | | 0.12 | | | | 11-15-2049 | | | | 4,300,000 | | | | 4,300,000 | |
Michigan Hospital Finance Authority Henry Ford Health System Series 2006-A Deutsche Bank Spears Lifers Trust Series DBE-1281 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-15-2046 | | | | 32,275,000 | | | | 32,275,000 | |
Michigan Hospital Finance Authority Trinity Health Credit Group Series 2011 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-32 (Health Revenue, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 6-1-2020 | | | | 3,900,000 | | | | 3,900,000 | |
| | | | |
| | | | | | | | | | | | | | | 53,490,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Minnesota: 2.50% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.06% | | | | | | | | | | | | | | | | |
Minnesota Rural Water Finance Authority Public Project Construction Series 2013-B (Water & Sewer Revenue) | | | 1.00 | | | | 1-1-2015 | | | | 2,400,000 | | | | 2,407,509 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.44% | | | | | | | | | | | | | | | | |
Bloomington MN Bristol Village Apartments Project Series 2002A-1 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 11-15-2032 | | | | 8,580,000 | | | | 8,580,000 | |
Bloomington MN Presbyterian Homes Project Series 2008 (Health Revenue, FHLMC LIQ) | | | 0.07 | | | | 7-1-2038 | | | | 5,555,000 | | | | 5,555,000 | |
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 10-15-2033 | | | | 1,225,000 | | | | 1,225,000 | |
East Grand Forks MN Solid Waste Disposal American Crystal Sugar Company Project Series 2009 (Resource Recovery Revenue, CoBank LOC) | | | 0.08 | | | | 12-1-2021 | | | | 5,000,000 | | | | 5,000,000 | |
Eden Prairie MN Eden Glen Apartments Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-15-2031 | | | | 1,815,000 | | | | 1,815,000 | |
Eden Prairie MN MFHR Park At City West Apartments Project Series 2001 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 9-1-2031 | | | | 300,000 | | | | 300,000 | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 8-15-2038 | | | | 4,100,000 | | | | 4,100,000 | |
Inver Grove Heights MN Inver Grove Incorporated Project Series 2005 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 5-15-2035 | | | | 9,535,000 | | | | 9,535,000 | |
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 3-1-2029 | | | | 1,620,000 | | | | 1,620,000 | |
Minneapolis & St. Paul MN Metropolitan Airport Commission Morgan Stanley Series 3200 (Airport Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 1-1-2035 | | | | 6,000,000 | | | | 6,000,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 9 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Minnesota HEFAR Concordia University Series P-1 (Education Revenue, U.S. Bank NA LOC) | | | 0.06 | % | | | 4-1-2027 | | | $ | 2,255,000 | | | $ | 2,255,000 | |
Minnesota HEFAR MacAlester College Series 3-Z (Education Revenue) | | | 0.10 | | | | 3-1-2024 | | | | 6,310,000 | | | | 6,310,000 | |
Minnesota HEFAR MacAlester College Series 5-Q (Education Revenue) | | | 0.10 | | | | 3-1-2033 | | | | 5,110,000 | | | | 5,110,000 | |
Minnesota HEFAR Olaf College Series 5-M2 (Education Revenue, Harris NA LOC) | | | 0.07 | | | | 10-1-2020 | | | | 1,745,000 | | | | 1,745,000 | |
Oak Park Heights MN Boutwells Landing Project Series 2005 (Housing Revenue, FHLMC Insured) | | | 0.07 | | | | 11-1-2035 | | | | 9,205,000 | | | | 9,205,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.06 | | | | 9-15-2031 | | | | 2,865,000 | | | | 2,865,000 | |
Spring Lake Park MN Senior Housing Oak Crest Apartments Project Series 2003 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-15-2033 | | | | 1,105,000 | | | | 1,105,000 | |
St. Anthony MN Autumn Woods Housing Project Series 2002 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 5-15-2032 | | | | 2,550,000 | | | | 2,550,000 | |
St. Louis Park MN Knollwood Place Apartment Project Series 2005 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 10-1-2035 | | | | 11,800,000 | | | | 11,800,000 | |
St. Louis Park MN MFHR Parkshore Senior Campus Project Series 2004 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 8-1-2034 | | | | 1,345,000 | | | | 1,345,000 | |
| | | | |
| | | | | | | | | | | | | | | 88,020,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Mississippi: 1.27% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.27% | | | | | | | | | | | | | | | | |
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series K (Industrial Development Revenue) | | | 0.05 | | | | 11-1-2035 | | | | 14,500,000 | | | | 14,500,000 | |
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 11-1-2018 | | | | 31,560,000 | | | | 31,560,000 | |
| | | | |
| | | | | | | | | | | | | | | 46,060,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Missouri: 0.60% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.40% | | | | | | | | | | | | | | | | |
Missouri HEFA Health Care Series 2014-E (GO) | | | 0.11 | | | | 8-1-2014 | | | | 10,400,000 | | | | 10,400,000 | |
Saint Louis County MO Special Obligation Series 2013-1 (Miscellaneous Revenue) ## | | | 2.00 | | | | 8-1-2014 | | | | 4,000,000 | | | | 4,000,000 | |
| | | | |
| | | | | | | | | | | | | | | 14,400,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.20% | | | | | | | | | | | | | | | | |
Independence MO IDA The Mansions Project Series 2005 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 8-1-2035 | | | | 5,110,000 | | | | 5,110,000 | |
Missouri HEFA Education Facilities Revenue St. Louis University Project Series B (Education Revenue, U.S. Bank NA LOC) | | | 0.06 | | | | 10-1-2024 | | | | 300,000 | | | | 300,000 | |
St. Louis County MO IDA Heatherbrook Gardens Apartment Project Series 1992 (Housing Revenue, U.S. Bank NA LOC) | | | 0.18 | | | | 3-1-2022 | | | | 1,765,000 | | | | 1,765,000 | |
| | | | |
| | | | | | | | | | | | | | | 7,175,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nevada: 0.68% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.68% | | | | | | | | | | | | | | | | |
Reno NV Senior Lien Transportation Rail Access Corridor Project Series 2008A (Tax Revenue, Bank of New York Mellon LOC) | | | 0.07 | | | | 6-1-2042 | | | | 16,250,000 | | | | 16,250,000 | |
Washoe County NV Eclipse Funding Trust Series 2006-0142 (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A | | | 0.07 | | | | 3-1-2036 | | | | 8,225,000 | | | | 8,225,000 | |
| | | | |
| | | | | | | | | | | | | | | 24,475,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| 10 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
New Hampshire: 1.08% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.08% | | | | | | | | | | | | | | | | |
New Hampshire HEFA Dartmouth College Project Series 3069 (Education Revenue, Credit Suisse LIQ) 144A | | | 0.06 | % | | | 6-1-2039 | | | $ | 6,280,000 | | | $ | 6,280,000 | |
New Hampshire HEFA FHA Healthcare Issue Series 2009 JPMorgan PUTTER Series 3648 (Health Revenue, JPMorgan Chase & Company LIQ) 144A | | | 0.16 | | | | 10-1-2017 | | | | 5,930,000 | | | | 5,930,000 | |
New Hampshire HEFA Frisbie Memorial Hospital Issue Series 2006 (Health Revenue, TD Bank NA LOC) | | | 0.07 | | | | 10-1-2036 | | | | 11,700,000 | | | | 11,700,000 | |
New Hampshire HEFA Tilton School Issue Series 2006 (Education Revenue, TD Bank NA LOC) | | | 0.05 | | | | 2-1-2036 | | | | 15,025,000 | | | | 15,025,000 | |
| | | | |
| | | | | | | | | | | | | | | 38,935,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Jersey: 2.15% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 2.15% | | | | | | | | | | | | | | | | |
New Jersey EDA Motor Vehicle Surcharges Series 2004A Austin Trust Various Certificate B (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ) | | | 0.11 | | | | 7-1-2026 | | | | 2,190,000 | | | | 2,190,000 | |
New Jersey EDA School Facilities Construction Series NN Deutsche Bank Spears Lifers Trust Series DBE-1143X (Miscellaneous Revenue, Deutsche Bank LIQ) 144A | | | 0.12 | | | | 3-1-2029 | | | | 2,740,000 | | | | 2,740,000 | |
New Jersey Educational Facilities Authority Defense Analyses Issue Series 2000D (Miscellaneous Revenue, Branch Banking & Trust LOC, Ambac Insured) | | | 0.06 | | | | 10-1-2030 | | | | 4,000,000 | | | | 4,000,000 | |
New Jersey TRAN JPMorgan PUTTER Series 4462 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 34,000,000 | | | | 34,000,000 | |
New Jersey TRAN JPMorgan PUTTER Series 4464 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | | | 0.10 | | | | 6-26-2015 | | | | 23,700,000 | | | | 23,700,000 | |
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ) | | | 0.07 | | | | 12-15-2023 | | | | 5,200,000 | | | | 5,200,000 | |
New Jersey Turnpike Authority Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1153X (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 1-1-2038 | | | | 5,700,000 | | | | 5,700,000 | |
| | | | |
| | | | | | | | | | | | | | | 77,530,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
New York: 6.62% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.31% | | | | | | | | | | | | | | | | |
Metropolitan Transportation Authority New York BAN Series 2 Sub Series A (Transportation Revenue) | | | 0.10 | | | | 8-5-2014 | | | | 11,325,000 | | | | 11,325,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 6.31% | | | | | | | | | | | | | | | | |
Nassau County NY Local Economic Assistance Adults & Children with Learning & Developmental Disabilities Incorporated Project Series 2011A (Miscellaneous Revenue, TD Bank NA LOC) | | | 0.06 | | | | 11-1-2041 | | | | 7,300,000 | | | | 7,300,000 | |
New York Cultural Resources Series 2013A Royal Bank of Canada Municipal Product Incorporated Trust Certificates Series O-79 (Miscellaneous Revenue, Royal Bank of Canada LIQ) 144A | | | 0.09 | | | | 8-1-2021 | | | | 5,335,000 | | | | 5,335,000 | |
New York NY Municipal Water Finance Authority Sub Series A-1 (Water & Sewer Revenue, Mizuho Corporate Bank SPA) | | | 0.04 | | | | 6-15-2044 | | | | 8,100,000 | | | | 8,100,000 | |
New York NY Municipal Water Finance Authority Sub Series B-1 (Water & Sewer Revenue, U.S. Bank NA SPA) | | | 0.06 | | | | 6-15-2045 | | | | 20,570,000 | | | | 20,570,000 | |
New York NY Transitional Finance Authority Building Aid Series 2007-S1 Citigroup Eagle Series 2014-0041-A (Miscellaneous Revenue, AGM/FGIC Insured, Citibank NA LIQ) 144A | | | 0.07 | | | | 7-15-2036 | | | | 12,200,000 | | | | 12,200,000 | |
New York Convention Center Development Corporation Series 2005 Citigroup Eagle Series 2014-0044-A (Tax Revenue, Citibank NA LIQ) 144A | | | 0.07 | | | | 11-15-2044 | | | | 13,300,000 | | | | 13,300,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 11 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
New York Dormitory Authority Debt City University Consolidated 5th General Resolution Series E (Education Revenue, TD Bank NA LOC) | | | 0.05 | % | | | 7-1-2031 | | | $ | 43,255,000 | | | $ | 43,255,000 | |
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.09 | | | | 11-15-2026 | | | | 23,300,000 | | | | 23,300,000 | |
New York Housing Finance Agency Series 2014-A (Housing Revenue) | | | 0.35 | | | | 5-1-2048 | | | | 23,100,000 | | | | 23,100,000 | |
New York NY GO Fiscal 2004 Sub Series H-4 (GO, Bank of New York Mellon LOC) | | | 0.06 | | | | 3-1-2034 | | | | 30,340,000 | | | | 30,340,000 | |
New York NY Transitional Finance Authority Sub Series 2003A-4 (Tax Revenue, TD Bank NA SPA) | | | 0.05 | | | | 11-1-2029 | | | | 27,100,000 | | | | 27,100,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-A (Health Revenue) | | | 0.09 | | | | 7-1-2031 | | | | 4,795,000 | | | | 4,795,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-B (Health Revenue) | | | 0.09 | | | | 7-1-2031 | | | | 3,320,000 | | | | 3,320,000 | |
Riverhead NY IDAG Central Suffolk Hospital Project Series 2006-C (Health Revenue) | | | 0.09 | | | | 7-1-2017 | | | | 2,695,000 | | | | 2,695,000 | |
Saratoga County NY Capital Resource Corporation Saratoga Hospital Project Series 2014 (Health Revenue, HSBC Bank USA NA LOC) | | | 0.07 | | | | 12-1-2040 | | | | 3,125,000 | | | | 3,125,000 | |
| | | | |
| | | | | | | | | | | | | | | 227,835,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Carolina: 1.37% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.10% | | | | | | | | | | | | | | | | |
Wake County NC GO 2007 (Tax Revenue) | | | 5.00 | | | | 3-1-2015 | | | | 3,500,000 | | | | 3,599,080 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.27% | | | | | | | | | | | | | | | | |
Charlotte Mecklenburg NC Hospital Authority Carolinas Health Care System Series 2007E (Health Revenue, TD Bank NA LOC, AGM Insured) | | | 0.05 | | | | 1-15-2044 | | | | 27,020,000 | | | | 27,020,000 | |
North Carolina Capital Facilities Finance Agency Educational Guilford College Project Series 2008 (Education Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 5-1-2024 | | | | 2,740,000 | | | | 2,740,000 | |
North Carolina Capital Facilities Finance Agency Educational High Point University Project Series 2008 (Education Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 5-1-2030 | | | | 2,690,000 | | | | 2,690,000 | |
North Carolina Capital Facilities Finance Agency Educational Hill Center Project Series 2008 (Education Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 7-1-2028 | | | | 4,230,000 | | | | 4,230,000 | |
North Carolina Capital Facilities Finance Agency Elon University Series 2001C (Education Revenue, TD Bank NA LOC) | | | 0.05 | | | | 1-1-2026 | | | | 4,670,000 | | | | 4,670,000 | |
North Carolina Medical Care Commission Hospice Alamance-Caswell Project Series 2008 (Health Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 12-1-2033 | | | | 4,600,000 | | | | 4,600,000 | |
| | | | |
| | | | | | | | | | | | | | | 45,950,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Dakota: 1.58% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.34% | | | | | | | | | | | | | | | | |
Mercer County ND PCR Antelope Valley Unit 1 & Common Facilities Series 2009 (Miscellaneous Revenue) | | | 0.14 | | | | 9-11-2014 | | | | 45,200,000 | | | | 45,200,000 | |
North Dakota Water Finance Corporation Public Projects Construction Series B-3 (Miscellaneous Revenue) | | | 1.00 | | | | 5-1-2015 | | | | 3,000,000 | | | | 3,016,335 | |
| | | | |
| | | | | | | | | | | | | | | 48,216,335 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.24% | | | | | | | | | | | | | | | | |
Richland County ND Recovery Zone Project Series 2010C (Industrial Development Revenue, CoBank LOC) | | | 0.07 | | | | 11-1-2028 | | | | 8,815,000 | | | | 8,815,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio: 2.62% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 0.17% | | | | | | | | | | | | | | | | |
Ohio Common Schools Series 2009-C (GO) | | | 5.00 | | | | 9-15-2014 | | | | 6,000,000 | | | | 6,036,381 | |
| | | | | | | | | | | | | | | | |
| | | | |
| 12 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø: 2.45% | | | | | | | | | | | | | | | | |
JobsOhio Beverage Systems Statewide Liquor Profits Series 2013-A Deutsche Bank Spears Lifers Trust Series DBE-1157 (Miscellaneous Revenue, Deutsche Bank
LIQ) 144A | | | 0.09 | % | | | 1-1-2038 | | | $ | 56,660,000 | | | $ | 56,660,000 | |
Ohio Air Quality Development Authority Series 2014A (Industrial Development Revenue) | | | 0.09 | | | | 12-1-2038 | | | | 12,000,000 | | | | 12,000,000 | |
Ohio Higher Education Facilities University of Dayton Series 2013 Deutsche Bank Spears Lifers Trust Series DBE-1144 (Education Revenue, Deutsche Bank
LIQ) 144A | | | 0.11 | | | | 12-1-2043 | | | | 2,200,000 | | | | 2,200,000 | |
Ohio Turnpike Commission Junior Lien Revenue Bond Series 2013A-2 Deutsche Bank Spears Lifers Trust Series DBE-1280 (Transportation Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 2-15-2043 | | | | 14,900,000 | | | | 14,900,000 | |
Warren County OH Cincinnati Electricity Corporation Project Series 1985 (Miscellaneous Revenue, Scotia Bank LOC) | | | 0.24 | | | | 9-1-2015 | | | | 2,810,000 | | | | 2,810,000 | |
| | | | |
| | | | | | | | | | | | | | | 88,570,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Oklahoma: 0.45% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.45% | | | | | | | | | | | | | | | | |
Oklahoma Turnpike Authority Series 2006-B Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-37 (Transportation Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 12-1-2014 | | | | 16,000,000 | | | | 16,000,000 | |
Oklahoma Turnpike Authority Series F (Transportation Revenue, JPMorgan Chase & Company SPA) | | | 0.07 | | | | 1-1-2028 | | | | 200,000 | | | | 200,000 | |
| | | | |
| | | | | | | | | | | | | | | 16,200,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 4.08% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 4.08% | | | | | | | | | | | | | | | | |
Clipper Tax-Exempt Certificate Trust Certificate of Participation Multi State Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 2-15-2028 | | | | 94,466,000 | | | | 94,466,000 | |
Clipper Tax-Exempt Certificate Trust Certificate of Participation Multi State Series 2009-72 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.11 | | | | 4-1-2019 | | | | 28,780,000 | | | | 28,780,000 | |
FHLMC Multifamily Municipal Securities Series M031 Class A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 12-15-2045 | | | | 7,900,000 | | | | 7,900,000 | |
FHLMC Multifamily Municipal Securities Series MO27 Class A (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 10-15-2029 | | | | 16,215,000 | | | | 16,215,000 | |
| | | | |
| | | | | | | | | | | | | | | 147,361,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Pennsylvania: 5.21% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 5.21% | | | | | | | | | | | | | | | | |
Allegheny County PA Hospital Development Authority University of Pittsburg Medical Center Series 2010C Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-29 (Health Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 12-1-2015 | | | | 7,000,000 | | | | 7,000,000 | |
Allegheny County PA IDA Oakland Catholic High School Project Series 2012 (Miscellaneous Revenue, PNC Bank NA LOC) | | | 0.06 | | | | 8-1-2032 | | | | 6,590,000 | | | | 6,590,000 | |
Berks County PA The Reading Hospital & Medical Center Project Series 2012D Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E36 (Health Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 11-1-2035 | | | | 15,000,000 | | | | 15,000,000 | |
Bethlehem PA Area School District Authority Project Series 2010 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-E-31 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | | | | 12-29-2014 | | | | 6,000,000 | | | | 6,000,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 13 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC) 144A | | | 0.06 | % | | | 6-1-2035 | | | $ | 7,575,000 | | | $ | 7,575,000 | |
Manheim Township PA School District Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-E-28 (GO, Royal Bank of Canada
LOC) 144A | | | 0.06 | | | | 12-12-2014 | | | | 10,270,000 | | | | 10,270,000 | |
Montgomery County PA IDA New Regional Medical Center PFOTER Project Series 4674 (Health Revenue, FHA Insured, Bank of America NA LIQ) 144A | | | 0.11 | | | | 8-1-2038 | | | | 13,945,000 | | | | 13,945,000 | |
Montgomery County PA IDA ROC R-II-R-11856 (Health Revenue, FHA Insured, Citibank NA LIQ) 144A | | | 0.10 | | | | 2-1-2018 | | | | 6,400,000 | | | | 6,400,000 | |
Pennsylvania HEFAR Thomas Jefferson University System Series 2014-A Merrill Lynch Joint Venture Trust Receipts Series JVI-1004 (Education Revenue, Bank of America NA LIQ) 144A | | | 0.26 | | | | 5-31-2015 | | | | 64,895,000 | | | | 64,895,000 | |
Pennsylvania Housing Finance Agency Series 2004 (GO, PNC Bank NA SPA) | | | 0.05 | | | | 1-1-2034 | | | | 14,610,000 | | | | 14,610,000 | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 (Miscellaneous Revenue, AGM Insured, Credit Suisse
LIQ) 144A | | | 0.23 | | | | 6-1-2028 | | | | 8,300,000 | | | | 8,300,000 | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 ROC RR-II-R-11396 (Miscellaneous Revenue, AGM Insured, Citibank NA LIQ) 144A | | | 0.21 | | | | 12-1-2023 | | | | 5,000,000 | | | | 5,000,000 | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006B JPMorgan Chase PUTTER Series 1970 (Lease Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.18 | | | | 12-1-2014 | | | | 2,970,000 | | | | 2,970,000 | |
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006B JPMorgan Chase PUTTER Series 3498Z (Miscellaneous Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | | | 0.18 | | | | 6-1-2015 | | | | 3,540,000 | | | | 3,540,000 | |
Philadelphia PA School District Series A Branch Banking & Trust Municipal Trust Series 2004 (GO, Branch Banking & Trust LIQ) 144A | | | 0.07 | | | | 1-4-2029 | | | | 10,260,000 | | | | 10,260,000 | |
Westmoreland County PA Municipal Authority Service Series 2013 Deutsche Bank Spears Lifers Trust Series DBE-1171 (Miscellaneous Revenue, Deutsche Bank
LIQ) 144A | | | 0.11 | | | | 8-15-2037 | | | | 5,770,000 | | | | 5,770,000 | |
| | | | |
| | | | | | | | | | | | | | | 188,125,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Rhode Island: 0.16% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.16% | | | | | | | | | | | | | | | | |
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013-O-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A | | | 0.11 | | | | 9-1-2020 | | | | 5,800,000 | | | | 5,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Carolina: 2.29% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 1.79% | | | | | | | | | | | | | | | | |
South Carolina Public Service Authority Sub Series D (Utilities Revenue) | | | 0.13 | | | | 8-13-2014 | | | | 10,852,000 | | | | 10,852,000 | |
South Carolina Public Service Authority Sub Series D (Utilities Revenue) | | | 0.13 | | | | 8-14-2014 | | | | 14,299,000 | | | | 14,299,000 | |
York County SC PCR Series 2000-B1 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 12,200,000 | | | | 12,200,000 | |
York County SC PCR Series 2000-B2 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 24,300,000 | | | | 24,300,000 | |
York County SC PCR Series 2000-B3 (Utilities Revenue) | | | 0.25 | | | | 9-2-2014 | | | | 2,900,000 | | | | 2,900,000 | |
| | | | |
| | | | | | | | | | | | | | | 64,551,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.50% | | | | | | | | | | | | | | | | |
Charleston SC Waterworks & Sewer System Series 2010 Clipper Tax-Exempt Certificate Series 2014-1A (Water & Sewer Revenue, State Street Bank & Trust Company LIQ) 144A | | | 0.06 | | | | 1-1-2041 | | | | 5,000,000 | | | | 5,000,000 | |
| | | | |
| 14 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
South Carolina Educational Facilities Authority Newbury College Series 2008 (Education Revenue, Branch Banking & Trust LOC) | | | 0.05 | % | | | 6-1-2035 | | | $ | 2,075,000 | | | $ | 2,075,000 | |
South Carolina Housing Finance & Development Authority MFHR Brookside Crossing Apartments Series 2008 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 6-1-2046 | | | | 4,680,000 | | | | 4,680,000 | |
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 11-1-2029 | | | | 4,505,000 | | | | 4,505,000 | |
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial Development Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 11-1-2034 | | | | 1,870,000 | | | | 1,870,000 | |
| | | | |
| | | | | | | | | | | | | | | 18,130,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Dakota: 0.18% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.18% | | | | | | | | | | | | | | | | |
South Dakota Housing Development Authority LaCrosse Investment Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-15-2031 | | | | 6,495,000 | | | | 6,495,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee: 1.82% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.82% | | | | | | | | | | | | | | | | |
Blount County TN Industrial Development Board Maryville Civic Arts Center Project Series 2009A (Miscellaneous Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 6-1-2036 | | | | 1,000,000 | | | | 1,000,000 | |
Blount County TN Public Building Authority Series E-5-B (Miscellaneous Revenue, Branch Banking & Trust LOC, Municipal Government Guaranty Insured) | | | 0.05 | | | | 6-1-2042 | | | | 4,600,000 | | | | 4,600,000 | |
Chattanooga TN Electric Power Board Series 2008-A (Utilities Revenue, Branch Banking & Trust LIQ) | | | 0.08 | | | | 3-1-2016 | | | | 12,450,000 | | | | 12,450,000 | |
Chattanooga TN Health Education Housing Facilities Series 2013A Catholic Health Initiatives Deutsche Bank Spears Lifers Trust Series DBE 1268 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.13 | | | | 1-1-2045 | | | | 5,000,000 | | | | 5,000,000 | |
Franklin County TN HEFA Board University of the South Project Series 1998B (Education Revenue) | | | 0.10 | | | | 9-1-2018 | | | | 5,480,000 | | | | 5,480,000 | |
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.08 | | | | 7-1-2034 | | | | 28,540,000 | | | | 28,540,000 | |
Nashville & Davidson Counties TN Metropolitan Government Series 2005C Clipper Tax-Exempt 2009-23 (GO, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 2-1-2016 | | | | 4,420,000 | | | | 4,420,000 | |
Sevier County TN Public Building Authority Local Government Public Improvement Series V-B-1 (Water & Sewer Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 6-1-2035 | | | | 4,365,000 | | | | 4,365,000 | |
| | | | |
| | | | | | | | | | | | | | | 65,855,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas: 10.13% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt: 3.40% | | | | | | | | | | | | | | | | |
Dallas TX Area Rapid Transit Senior Subordinate Lien Series 1 (Tax Revenue) | | | 0.09 | | | | 8-14-2014 | | | | 7,200,000 | | | | 7,200,000 | |
North East Independent School District Texas Series 2004 (GO) | | | 5.25 | | | | 8-1-2014 | | | | 7,755,000 | | | | 7,755,000 | |
Texas PFA Series 2003 (Miscellaneous Revenue) | | | 0.05 | | | | 8-5-2014 | | | | 14,390,000 | | | | 14,390,000 | |
Texas TRAN Series 2013 (Miscellaneous Revenue) | | | 0.17 | | | | 8-28-2014 | | | | 93,430,000 | | | | 93,556,030 | |
| | | | |
| | | | | | | | | | | | | | | 122,901,030 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 6.73% | | | | | | | | | | | | | | | | |
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ) | | | 0.06 | | | | 9-1-2039 | | | | 4,000,000 | | | | 4,000,000 | |
Bexar County TX Housing Finance Corporation Vista Meadows Fredericksburg Place Apartments Project Series 2006 (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 9-1-2036 | | | | 11,735,000 | | | | 11,735,000 | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 15 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (Industrial Development Revenue) | | | 0.13 | % | | | 7-1-2022 | | | $ | 4,900,000 | | | $ | 4,900,000 | |
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificates Trust 2009-52 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 10-1-2018 | | | | 15,000,000 | | | | 15,000,000 | |
First Rio Grande TX Regional Water Authority Economic Development Corporation Rio Grande Valley Sugar Project Series 2010 (Industrial Development Revenue, CoBank LOC) | | | 0.07 | | | | 3-1-2032 | | | | 10,470,000 | | | | 10,470,000 | |
Galveston County TX Housing Finance Corporation Village By The Sea Apartments Project Series 2004 (Housing Revenue, FNMA Insured, FNMA LIQ) | | | 0.07 | | | | 2-15-2032 | | | | 5,090,000 | | | | 5,090,000 | |
Harris County TX Health Facilities Development Authority Hermann Healthcare Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-27 (Health Revenue, Royal Bank of Canada LOC, AGM Insured) 144A | | | 0.06 | | | | 6-1-2027 | | | | 10,000,000 | | | | 10,000,000 | |
Harris County TX Metropolitan Transit Authority Sales & Use Tax Series 2011A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-5 (Tax Revenue, Royal Bank of Canada LIQ) 144A | | | 0.06 | | | | 11-1-2041 | | | | 5,000,000 | | | | 5,000,000 | |
Houston TX Water & Sewer System Revenue Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA LIQ) 144A | | | 0.12 | | | | 12-1-2023 | | | | 7,100,000 | | | | 7,100,000 | |
Mission TX Economic Development Corporation Solid Waste Disposal Project Series 2007 (Solid Waste Revenue, Bank of America NA LOC) | | | 0.10 | | | | 4-1-2022 | | | | 18,500,000 | | | | 18,500,000 | |
North TX Tollway Authority Series 2008A Morgan Stanley Series 3356 (Miscellaneous Revenue, BHAC Insured, Morgan Stanley Bank LIQ) 144A | | | 0.07 | | | | 1-1-2048 | | | | 2,440,000 | | | | 2,440,000 | |
Panhandle TX Regional Housing Finance Corporation Jason Avenue Residential Apartments Series 2008 (Housing Revenue, FHLMC LOC) | | | 0.06 | | | | 8-1-2041 | | | | 7,385,000 | | | | 7,385,000 | |
Pasadena TX Independent School District Series B (GO, AGM Insured, JPMorgan Chase & Company SPA) | | | 0.20 | | | | 2-1-2035 | | | | 1,680,000 | | | | 1,680,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2011 (Industrial Development Revenue) | | | 0.07 | | | | 6-1-2041 | | | | 50,000,000 | | | | 50,000,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue) | | | 0.07 | | | | 3-1-2042 | | | | 32,500,000 | | | | 32,500,000 | |
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002B (Resource Recovery Revenue) | | | 0.07 | | | | 7-1-2029 | | | | 11,700,000 | | | | 11,700,000 | |
Port of Port Arthur TX Navigation District of Jefferson County Total Petrochemicals Project (Resource Recovery Revenue) | | | 0.07 | | | | 3-1-2039 | | | | 9,000,000 | | | | 9,000,000 | |
Texas Department of Housing & Community Affairs Costa Ibiza Apartments Series 2008 (Housing Revenue, FHLMC LOC) | | | 0.06 | | | | 8-1-2041 | | | | 13,220,000 | | | | 13,220,000 | |
Texas Municipal Gas Acquisition & Supply Corporation III Series 2012 Deutsche Bank Spears Lifers Trust Series DBE-1193 (Utilities Revenue, Deutsche Bank LIQ) 144A | | | 0.26 | | | | 12-15-2032 | | | | 9,000,000 | | | | 9,000,000 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.36 | | | | 12-15-2026 | | | | 5,935,138 | | | | 5,935,138 | |
Texas Turnpike Authority CAB 1st Tier Revenue Series 2002A Deutsche Bank Spears Lifers Trust Series DB-329 (Transportation Revenue, Ambac Insured, Deutsche Bank LIQ) 144A | | | 0.15 | | | | 8-15-2029 | | | | 8,275,000 | | | | 8,275,000 | |
| | | | |
| | | | | | | | | | | | | | | 242,930,138 | |
| | | | | | | | | | | | | | | | |
| | | | |
Utah: 1.61% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.61% | | | | | | | | | | | | | | | | |
Salt Lake County UT Research Facilities Huntsman Cancer Foundation Series 2013-A-2 Merrill Lynch Series MT-847 (Miscellaneous Revenue, Bank of America NA LIQ) 144A | | | 0.13 | | | | 12-1-2033 | | | | 15,300,000 | | | | 15,300,000 | |
| | | | |
| 16 | | Wells Fargo Advantage National Tax-Free Money Market Fund | | Portfolio of investments—July 31, 2014 (unaudited) |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Variable Rate Demand Notes ø (continued) | | | | | | | | | | | | | | | | |
Weber County UT Hospital IHC Health Services Series 2000A (Health Revenue, Bank of New York Mellon SPA) | | | 0.06 | % | | | 2-15-2031 | | | $ | 16,300,000 | | | $ | 16,300,000 | |
Weber County UT Hospital IHC Health Services Series 2000C (Health Revenue, Bank of New York Mellon SPA) | | | 0.06 | | | | 2-15-2035 | | | | 16,800,000 | | | | 16,800,000 | |
West Jordan UT Multifamily Housing Broadmoor Village Apartments Series 2004 (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 12-1-2034 | | | | 9,675,000 | | | | 9,675,000 | |
| | | | |
| | | | | | | | | | | | | | | 58,075,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Vermont: 0.45% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.45% | | | | | | | | | | | | | | | | |
Vermont Educational & Health Buildings Financing Agency Brattleboro Memorial Hospital Project Series 2008A (Health Revenue, TD Bank NA LOC) | | | 0.05 | | | | 10-1-2028 | | | | 1,880,000 | | | | 1,880,000 | |
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008A (Education Revenue, TD Bank NA LOC) | | | 0.05 | | | | 7-1-2033 | | | | 3,140,000 | | | | 3,140,000 | |
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007A (Health Revenue, TD Bank NA LOC) | | | 0.05 | | | | 10-1-2034 | | | | 9,405,000 | | | | 9,405,000 | |
Vermont Educational & Health Buildings Financing Agency Northeastern Vermont Regional Hospital Project Series 2004A (Health Revenue, TD Bank NA LOC) | | | 0.05 | | | | 10-1-2029 | | | | 1,780,000 | | | | 1,780,000 | |
| | | | |
| | | | | | | | | | | | | | | 16,205,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Virginia: 0.86% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 0.86% | | | | | | | | | | | | | | | | |
Fairfax County VA IDA Inova Health System Project Series 2012C (Health Revenue) (i) | | | 0.14 | | | | 5-15-2042 | | | | 18,170,000 | | | | 18,170,000 | |
Fauquier County VA IDA Highland School Project Series 2008 (Education Revenue, Branch Banking & Trust LOC) | | | 0.05 | | | | 12-1-2033 | | | | 3,350,000 | | | | 3,350,000 | |
Norfolk VA EDA Sentara Healthcare Series 2010B (Health Revenue) (i) | | | 0.18 | | | | 11-1-2034 | | | | 4,955,000 | | | | 4,955,000 | |
Norfolk VA EDA Sentara Healthcare Series 2010C (Health Revenue) (i) | | | 0.18 | | | | 11-1-2034 | | | | 4,685,000 | | | | 4,685,000 | |
| | | | |
| | | | | | | | | | | | | | | 31,160,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington: 1.68% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 1.68% | | | | | | | | | | | | | | | | |
King County WA Sewer Revenue Bonds 2007 Morgan Stanley Series 3090 (Water & Sewer Revenue, AGM Insured, Credit Suisse LIQ) 144A | | | 0.06 | | | | 1-1-2039 | | | | 17,890,000 | | | | 17,890,000 | |
Squaxin Island Tribe Washington Tribal Infrastructure Revenue Series 2008B (Miscellaneous Revenue, Bank of America NA LOC) | | | 0.14 | | | | 5-1-2028 | | | | 2,525,000 | | | | 2,525,000 | |
Squaxin Island Tribe Washington Tribal Infrastructure Revenue Series 2008A (Miscellaneous Revenue, Bank of America NA LOC) 144A | | | 0.16 | | | | 5-1-2015 | | | | 520,000 | | | | 520,000 | |
Washington EDFA Solid Waste Disposal Cleanscapes Incorporated Project Series 2009 (Resource Recovery Revenue, Bank of America NA LOC) | | | 0.11 | | | | 2-12-2019 | | | | 26,450,000 | | | | 26,450,000 | |
Washington Health Care Facilities Authority MultiCare Health System Series 2009A Deutsche Bank Spears Lifers Trust Series DBE-109 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.13 | | | | 8-15-2044 | | | | 3,375,000 | | | | 3,375,000 | |
Washington Housing Finance Commission Lake City Senior Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ) | | | 0.07 | | | | 7-1-2044 | | | | 4,250,000 | | | | 4,250,000 | |
Washington Housing Finance Commission Nonprofit Tacoma Art Museum Project Series 2002 (Miscellaneous Revenue, Northern Trust Company LOC) | | | 0.07 | | | | 6-1-2032 | | | | 5,775,000 | | | | 5,775,000 | |
| | | | |
| | | | | | | | | | | | | | | 60,785,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| Portfolio of investments—July 31, 2014 (unaudited) | | Wells Fargo Advantage National Tax-Free Money Market Fund | | | 17 | |
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Wisconsin: 3.81% | | | | | | | | | | | | | | | | |
| | | | |
| Other Municipal Debt : 0.76% | | | | | | | | | | | | | | | | |
Milwaukee WI Promissory Notes Cash Flow Series 2014-R1 (GO) | | | 1.00 | % | | | 12-23-2014 | | | $ | 25,000,000 | | | $ | 25,087,805 | |
Wisconsin Rural Water Construction Loan Program BAN Series 2013 (Water & Sewer Revenue) | | | 1.00 | | | | 9-1-2014 | | | | 2,250,000 | | | | 2,251,368 | |
| | | | |
| | | | | | | | | | | | | | | 27,339,173 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Notes ø: 3.05% | | | | | | | | | | | | | | | | |
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank LOC) | | | 0.07 | | | | 5-1-2037 | | | | 30,000,000 | | | | 30,000,000 | |
Hull WI Welcome Dairy Incorporated Project Series 2010B (Industrial Development Revenue, Associated Bank NA LOC) | | | 0.05 | | | | 1-1-2027 | | | | 2,850,000 | | | | 2,850,000 | |
PFA Wisconsin Midwestern Disaster Area Program Series 2011 (Industrial Development Revenue, Farm Credit Services America LOC) | | | 0.06 | | | | 9-1-2036 | | | | 7,800,000 | | | | 7,800,000 | |
Wisconsin Clipper Tax-Exempt Certificate Trust Series 2009-36 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) | | | 0.06 | | | | 5-1-2020 | | | | 26,755,000 | | | | 26,755,000 | |
Wisconsin HEFA Aurora Health Care Incorporated Series 2013A Deutsche Bank Spears Lifers Trust Series DBE-1191 (Health Revenue, Deutsche Bank LIQ) 144A | | | 0.11 | | | | 4-15-2035 | | | | 4,000,000 | | | | 4,000,000 | |
Wisconsin HEFA Upland Hills Health Incorporated Series 2006C (Health Revenue, U.S. Bank NA LOC) | | | 0.08 | | | | 5-1-2036 | | | | 9,450,000 | | | | 9,450,000 | |
Wisconsin HEFA Wheaton Franciscan Healthcare System Morgan Stanley Series 2006-2113 (Health Revenue, Morgan Stanley Bank LIQ) 144A | | | 0.26 | | | | 8-15-2034 | | | | 20,310,740 | | | | 20,310,740 | |
Wisconsin Housing & EDA Series 2011A (Housing Revenue, PNC Bank NA SPA) | | | 0.05 | | | | 12-1-2043 | | | | 8,990,000 | | | | 8,990,000 | |
| | | | |
| | | | | | | | | | | | | | | 110,155,740 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wyoming: 0.05% | | | | | | | | | | | | | | | | |
| | | | |
| Variable Rate Demand Note ø: 0.05% | | | | | | | | | | | | | | | | |
Lincoln County WY Pollution Control Exxon Project Series B (Industrial Development Revenue) | | | 0.05 | | | | 11-1-2014 | | | | 1,800,000 | | | | 1,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Obligations (Cost $3,540,041,697) | | | | | | | | | | | | | | | 3,540,041,697 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other: 0.17% | | | | | | | | | | | | | | | | |
Nuveen New York AMT-Free Municipal Income Fund Variable Rate Demand Preferred Shares Series 2190-1 (Deutsche Bank Trust Company LIQ) | | | 0.15 | | | | 6-1-2040 | | | | 6,000,000 | | | | 6,000,000 | |
| | | | |
Total Other (Cost $6,000,000) | | | | | | | | | | | | | | | 6,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
Total investments in securities (Cost $3,546,041,697) * | | | 98.17 | % | | | 3,546,041,697 | |
Other assets and liabilities, net | | | 1.83 | | | | 66,072,793 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 3,612,114,490 | |
| | | | | | | | |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| %% | The security is issued on a when-issued basis securities. |
| ## | All or a portion of this security has been segregated for when-issued. |
| * | Cost for federal income tax purposes is substantially the same as for financial reporting purposes. |
| 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 MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.
| 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 fiscal 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.
(a)(1) Not applicable.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) 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 24, 2014 |
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.
| | |
| Wells Fargo Funds Trust |
| |
| By: | | /s/ Karla M. Rabusch |
| | Karla M. Rabusch |
| | President |
|
| Date: September 24, 2014 |
| |
| By: | | /s/ Nancy Wiser |
| | Nancy Wiser |
| | Treasurer |
|
| Date: September 24, 2014 |
