UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: March 31, 2005
Date of reporting period: September 30, 2004
ITEM 1. REPORT TO SHAREHOLDERS
[GRAPHIC OMITTED]
[LOGO]
WELLS
FARGO
FUNDS
Wells Fargo Money Market Funds
Semi-Annual Report
Wells Fargo California Tax-Free Money Market Fund
Wells Fargo Government Money Market Fund
Wells Fargo Minnesota Money Market Fund
Wells Fargo Money Market Fund
Wells Fargo National Tax-Free Money Market Fund
Wells Fargo Treasury Plus Money Market Fund
Wells Fargo 100% Treasury Money Market Fund
Class A, Class B
September 30, 2004
WELLS FARGO MONEY MARKET FUNDS
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TABLE OF CONTENTS
Letter to Shareholders .................................................. 1
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Money Market Overview ................................................... 2
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Primary Investments ..................................................... 4
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Performance Highlights
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California Tax-Free Money Market Fund ................................ 5
Government Money Market Fund ......................................... 6
Minnesota Money Market Fund .......................................... 7
Money Market Fund .................................................... 8
National Tax-Free Money Market Fund .................................. 9
Treasury Plus Money Market Fund ...................................... 10
100% Treasury Money Market Fund ...................................... 11
Fund Expenses ........................................................... 12
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Portfolio of Investments
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California Tax-Free Money Market Fund ................................ 14
Government Money Market Fund ......................................... 23
Minnesota Money Market Fund .......................................... 26
Money Market Fund .................................................... 28
National Tax-Free Money Market Fund .................................. 31
Treasury Plus Money Market Fund ...................................... 45
100% Treasury Money Market Fund ...................................... 46
Financial Statements
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Statement of Assets and Liabilities .................................. 48
Statement of Operations .............................................. 50
Statements of Changes in Net Assets .................................. 52
Financial Highlights ................................................. 60
Notes to Financial Highlights ........................................... 62
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Notes to Financial Statements ........................................... 63
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Other Information ....................................................... 69
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List of Abbreviations ................................................... 71
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NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO MONEY MARKET FUNDS
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DEAR VALUED SHAREHOLDERS,
We are pleased to provide you with this Wells Fargo Money Market Funds
(the Funds) semi-annual report for the six-month period ended September 30,
2004. On the following pages, you will find the money market overview and facts
and figures about each Fund's investment portfolio.
RATES ON THE RISE
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On June 30, 2004, the Federal Open Market Committee (the FOMC or the Fed)
raised the federal funds target rate from 1% to 1.25%. By the end of September
2004, the federal funds rate was 0.50% higher, at 1.75%. Long-term yields
trended lower, shrugging off these successive rate hikes.
WELLS FARGO MONEY MARKET FUNDS
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Money market funds invest in short-term debt obligations, such as
commercial paper, treasury bills, government agency securities and tax-free
securities. The amount of top-rated commercial paper outstanding declined again
during the third quarter of 2004, albeit at a slower pace, as issuers continued
to take advantage of record low bond yields to extend the maturity of their
debt. The credit picture improved dramatically during the reporting period. The
pace of downgrades recorded the largest drop this year.
Yield spreads between prime money-market instruments, federal agency
securities and U.S. Treasury bills widened over the reporting period. While U.S.
Treasury yields generally increased during 2004, they did so at a more moderate
pace than prime money market investments. Toward the end of the reporting
period, some U.S. Treasury yields even decreased as other yields were rising.
For buyers of municipal variable-rate demand notes, massive supplies of
new bond issuances, coupled with the rising fed funds rate, have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels.
LOOKING AHEAD
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As the economy continues to improve, increased inflationary pressures
could lead to higher interest rates. This, in turn, could potentially lead to
higher yields for investors in money market funds. The Fund managers will
continue to manage the Funds in a manner that will seek to provide for a stable
net asset value. Regardless of what lies ahead, investors should continue to
follow the fundamentals of investing - asset allocation and diversification - in
an effort to help achieve their long-term financial goals.
Thank you for your investment in WELLS FARGO FUNDS. We appreciate the
confidence that you have placed in us. If you have any questions or need further
information, please contact your investment professional, or call us at
1-800-222-8222. You may also visit our Web site at www.wellsfargofunds.com.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO FUNDS
1
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
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MONEY MARKET OVERVIEW
This report covers the six-month period ended September 30, 2004.
PRIME MONEY MARKET SECURITIES
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By the end of the reporting period, the money market yield curve had
become steeper compared to the prior six-months. By September 30, 2004, the
federal funds rate increased to 1.75%, while the 12-month London Interbank
Offered Rate (LIBOR) increased to 2.43%, a spread of 0.68%. In contrast, on
March 31, 2004, the federal funds rate was 1.00%, and the 12-month LIBOR was
1.35%, with a spread of only 0.35%.
The Federal Open Market Committee (the FOMC or the Fed) stuck to its
balanced approach to stimulating the economy by keeping the overnight federal
funds rate constant at 1% during April and May 2004. However, increasing signs
that the economic picture was improving triggered rate hikes of 0.25% starting
in June 2004 and continuing over the following three months. The markets reacted
to the rate hikes, with one-month rates increasing by 0.75% over the reporting
period and one-year rates increasing by 1.07%.
The amount of top-rated commercial paper outstanding declined again during
the third quarter of 2004, albeit at a slower pace, as issuers continued to take
advantage of record low bond yields to extend the maturity of their debt. The
amount of top-rated commercial paper outstanding fell by just over 2.1% during
the second half of the year, from $1.20 trillion at the end of March 2004, to
$1.18 trillion at the end of September 2004. This represents almost a 17%
decline in issuance since the peak of $1.41 trillion in December 2000, and is
reflected broadly over various sub-sectors, such as asset-backed commercial
paper and directly placed commercial paper.
Unlike the previous six months, the credit picture improved dramatically
during the reporting period. The pace of downgrades recorded the largest drop
this year, and for the first time since January 1998, Moody's reported no
defaults on any of its rated securities. Additionally, many of the corporate
accounting scandals and mutual fund trading investigations were resolved,
leading to increased investor confidence and hopes that the worst of the
corporate governance crisis was past. The only outstanding stresses to the
credit market relate to some widely known, but fairly uneventful, issues with
some of Government Sponsored Entities (GSEs); these are expected to be resolved
shortly and, we believe, could leave the affected GSEs in a much stronger
position.
U.S. GOVERNMENT AGENCY SECURITIES
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Yield spreads between federal agency securities and prime money-market
instruments widened in the first three months of the period and then narrowed
after yielding as much as 0.20% less than the three-month LIBOR. The spread
narrowed to less than 0.10% near the end of September 2004. Spreads between
federal agency securities and U.S. Treasury bills also widened during this
period to over 0.20% near the end of September 2004, after having traded at the
same yield in June 2004.
At the end of the quarter, the Office of Federal Housing Enterprise
Oversight (OFHEO) issued its anticipated report on the Federal National Mortgage
Association (Fannie Mae) about alleged irregularities in financial controls and
accounting policies. Fannie Mae has agreed with OFHEO to boost its capital by
30% above the minimum within nine months. Estimates are that Fannie Mae will
need to increase its capital by $4 to $5 billion during this period and is
likely to use a combination of retaining its earnings and lowering its debt
issuance. This will necessitate a contraction in its mortgage portfolio. We
believe that these developments could prove to be positive for agency debt
holders, as yield spreads narrow due to less supply and improved investor
confidence. The senior debt ratings of Fannie Mae and other GSEs are stable at
this time at triple-A ratings.
U.S. TREASURY SECURITIES
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While U.S. Treasury yields generally increased during 2004, they did so at
a more moderate pace than prime money market investments. Toward the end of the
reporting period, some U.S. Treasury yields even decreased as other yields were
rising. Some investors were buying short-maturity U.S. Treasury bills in the
hopes of reinvesting at higher rates, while others were using the short maturity
bills as a safe haven given election year terrorism fears. Recent strong buying
by Central Banks combined with tactical short selling by the primary government
securities dealers has increased demand for U.S. Treasuries, leading to higher
prices. As of September 30, 2004, the six-month U.S. Treasury bill yielded 0.29%
more than the three-month U.S. Treasury bill, whereas the yield differential at
the end of March 2004 was just 0.05%.
The extreme steepness of the yield curve in the U.S. Treasury bill market
occurred just after the first tightening at the Fed's June meeting, when the
pick-up from three- to six-month bills was 0.38%. Because the Fed reiterated it
would tighten at a measured pace, that steepness backed off to just over 0.25%
in September 2004.
TAX-FREE SECURITIES
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In the past six months, news in the municipal markets was dominated by the
financial problems of the State of California as it faced a severe cash
shortage. The State was able to avoid a crisis by issuing $11 billion in
Economic
2
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
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Recovery Bonds. Rating agencies, in turn, raised California's ratings from
triple-B to single-A. These financial problems won't go away, as many of the
one-time measures that have been used to fill the budget deficit will expire
over the next two years.
For buyers of municipal variable rate demand notes, massive supplies of
new bond issuances coupled with the rising federal funds rate have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels. Variable rate demand notes averaged 85% of the one-month LIBOR
throughout the period, compared to the long-term historical average of 65%.
There continue to be reasons for concern about the general quality of
municipal credit. One of the issues that faced municipalities the past six
months was their unfunded pension obligations. During the stock market bubble,
rising equity values enabled municipalities to skip pension fund contributions
and increase benefit payouts. Since the bubble burst, pension funds are no
longer overvalued and these skipped payments and increased payouts have come to
haunt municipalities. For example, the State of Illinois is now faced with
approximately $45 billion in unfunded pension obligations. In addition to
Illinois, the city of San Diego's ratings have recently been removed for, among
other things, failing to properly disclose pension obligations.
Lastly, municipalities have increased their use of swaps. Some are used
appropriately as a form of creating synthetic fixed-rate securities as a cheaper
alternative to regular fixed-rate bonds. Our fear is that some smaller issuers
may be enhancing their investment returns by speculating in their use of these
derivatives. We continue to monitor these issues looming over municipalities.
STRATEGIC OUTLOOK
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The interest rate rise was widely anticipated and the measured pace of the
tightening of rates by the Fed caused no market disruption. Fund yields were
largely responsive to these increases in the federal funds rate, and the Wells
Fargo Money Market Funds (the Funds) experienced minimal changes in assets. We
believe the Funds were positioned to take advantage of the additional yield
available in longer-term investments, while enjoying sensitivity to rate changes
offered by shorter-term investments.
THE VIEWS EXPRESSED ARE AS OF SEPTEMBER 30, 2004, AND ARE THOSE OF THE
FUNDS' MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO
CHANGING CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR
GUARANTEE THE FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR
THE MARKETS GENERALLY, OR THE WELLS FARGO MONEY MARKET FUNDS.
3
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
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PRIMARY INVESTMENTS*
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Floating/ Mortgage-
Certificates Variable and Other
Wells Fargo U.S. U.S. of Deposit/ Rate Asset- Corporate
Money Market Treasury Repurchase Government Commercial Bankers Time Notes/ Backed Notes/ Municipal
Fund Name Securities Agreements Obligations Paper Acceptances Deposits Bonds Securities Bonds Obligations
100% Treasury X
Treasury Plus X X
Government X X X
Money Market X X X X X X X X X
National Tax-Free X
Minnesota X
California Tax-Free X
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* The chart highlights some of the primary investments that the Funds may
make as part of their investment strategies.The chart does not identify
all of the permitted investments for each Fund.
4
WELLSFARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO CALIFORNIA TAX-FREE MONEY MARKET FUND -- CLASS A
INVESTMENT OBJECTIVE
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The Wells Fargo California Tax-Free Money Market Fund (the Fund) seeks
current income exempt from federal income tax and California individual income
tax, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 01/01/92
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
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6-Month* 1-Year 5-Year 10-Year
Wells Fargo California Tax-Free Money Market Fund -- Class A 0.24 0.42 1.43 2.11
Benchmark
iMoneyNet All State Specific California Money Fund Average(2) 0.28 0.50 1.57 2.46
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE
CLOSELY REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN
FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY. ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE
OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING
IN MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
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7-Day Current Yield 0.87%
7-Day Compound Yield 0.88%
30-Day Simple Yield 0.74%
30-Day Compound Yield 0.74%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30,2004)
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Weighted Average Maturity 39 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30,2004)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Commercial Paper (6%)
Municipal Bonds (10%)
Municipal Demand Notes (84%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30,2004)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (19%)
21-4 days (63%)
15-29 days (2%)
30-59 days (3%)
60-89 days (2%)
90-179 days (1%)
180-269 days (2%)
270+ days (8%)
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(1) The Fund's Adviser has committed through July 31,2005,to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 0.69%.
Performance shown for the Class A shares of the Wells Fargo California
Tax-Free Money Market Fund for periods prior to November 8,1999,reflects
performance of the Class A shares of the Stagecoach California Tax-Free
Money Market Fund,its predecessor fund. Effective at the close of business
November 5,1999,the Stagecoach Funds were reorganized into the WELLS FARGO
FUNDS(R).
(2) The iMoneyNet All State Specific California Money Fund Average is an
average of California retail state tax-free and municipal money funds.
(3) Portfolio holdings and characteristics are subject to change.
5
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO GOVERNMENT MONEY MARKET FUND -- CLASS A
INVESTMENT OBJECTIVE
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The Wells Fargo Government Money Market Fund (the Fund) seeks current
income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 11/16/87
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
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6-Month* 1-Year 5-Year 10-Year
Wells Fargo Government Money Market Fund - Class A 0.32 0.55 2.50 3.65
Benchmark
iMoneyNet First Tier Retail Money Fund Average(2) 0.27 0.46 2.67 4.52
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE
CLOSELY REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN
FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
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7-Day Current Yield 1.08%
7-Day Compound Yield 1.09%
30-Day Simple Yield 0.97%
30-Day Compound Yield 0.98%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30,2004)
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Weighted Average Maturity 39 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30,2004)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
FHLB (9%)
FHLMC (18%)
FNMA (23%)
FFCB (5%)
Repurchase Agreements (45%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30,2004)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (50%)
2-14 days (7%)
15-29 days (8%)
30-59 days (6%)
60-89 days (11%)
90-179 days (16%)
180+ days (2%)
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(1) The Fund's Adviser has committed through July 31,2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 1.08%.
Performance shown for the Class A shares of the Wells Fargo Government
Money Market Fund for periods prior to November 8,1999,reflects
performance of the Service Class (formerly Single Class) shares,adjusted
for expenses,of the Norwest Advantage U.S.Government Fund (the accounting
survivor of a merger of the Norwest Advantage U.S.Government Fund and the
Stagecoach Government Money Market),its predecessor fund. Effective at the
close of business November 5, 1999,the Stagecoach Funds and the Norwest
Advantage Funds were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet First Tier Retail Money Fund Average is an average of
non-governmental retail funds that do not hold any second tier securities.
Portfolio holdings of first tier funds include U.S.Treasury
securities,U.S.other securities,repos,time deposits,domestic bank
obligations,foreign bank obligations,first tier commercial paper,floating
rate notes,and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
6
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO MINNESOTA MONEY MARKET FUND -- CLASS A
INVESTMENT OBJECTIVE
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The Wells Fargo Minnesota Money Market Fund (the Fund) seeks current
income exempt from federal income tax and Minnesota individual income tax, but
not the federal AMT, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 8/14/00
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
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6-Month* 1-Year Life of Fund
Wells Fargo Minnesota Money Market Fund -- Class A 0.19 0.31 1.21
Benchmark
iMoneyNet All State Specific Minnesota Retail Money Fund Average(2) 0.22 0.48 1.51
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE
CLOSELY REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN
FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE.OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
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7-Day Current Yield 0.83%
7-Day Compound Yield 0.84%
30-Day Simple Yield 0.67%
30-Day Compound Yield 0.67%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30,2004)
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Weighted Average Maturity 38 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30,2004)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Demand Notes (90%)
Municipal Commercial Paper (3%)
Municipal Bonds (7%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30,2004)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (34%)
2-14 days (48%)
30-59 days (3%)
90-179 days (10%)
270+ days (5%)
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(1) The Fund's Adviser has committed through July 31,2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. The Fund's Adviser also has
voluntarily waived fees and/or reimbursed expenses,which reduced operating
expenses. Actual reductions of operating expenses increased total return
to shareholders. Without these reductions,the Fund's 7-day current yield
would have been 0.74%.
(2) The iMoneyNet All State Specific Minnesota Retail Money Fund Average
consists of only Minnesota retail state tax-free and municipal money
funds.
(3) Portfolio holdings and characteristics are subject to change.
7
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO MONEY MARKET FUND -- CLASS A AND CLASS B
INVESTMENT OBJECTIVE
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The Wells Fargo Money Market Fund (the Fund) seeks current income, while
preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 07/01/92
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
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6-Month* 1-Year 5-Year 10-Year
Wells Fargo Money Market Fund - Class A 0.27 0.46 2.50 3.70
Wells Fargo Money Market Fund - Class B 0.05 0.10 1.87 3.04
Benchmark
iMoneyNet First Tier Retail Money Fund Average(2) 0.27 0.46 2.67 4.52
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE
CLOSELY REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN
FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
Class A Class B
7-Day Current Yield 0.97% 0.22%
7-Day Compound Yield 0.98% 0.22%
30-Day Simple Yield 0.88% 0.14%
30-Day Compound Yield 0.89% 0.14%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 38 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Commercial Paper (45%)
Certificates of Deposit (5%)
Floating/Variable Rate Bonds/Notes (11%)
FHLMC (3%)
Repurchase Agreements (22%)
Corporate Bonds (5%)
Time Deposits (9%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (26%)
2-14 days (30%)
15-29 days (7%)
30-59 days (11%)
60-89 days (17%)
90-179 days (5%)
180+ days (4%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31,2005,to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. The Fund's Adviser also has
voluntarily waived fees and/or reimbursed expenses,which reduced operating
expenses. Actual reductions of operating expenses increased total return
to shareholders.Without these reductions,the Fund's 7-day current yield
would have been 0.91% for the Class A shares and 0.16% for the Class B
shares.
Performance shown for the Class A shares of the Wells Fargo Money
Market Fund for periods prior to November 8,1999,reflects performance of
the Class A shares of the Stagecoach Money Market Fund (the accounting
survivor of a merger of the Norwest Advantage Ready Cash Investment
Fund,Stagecoach Prime Money Market Fund and the Stagecoach Money
Market),its predecessor fund. Performance shown for the Class B shares of
the Wells Fargo Money Market Fund for periods prior to November
8,1999,reflects performance of the Class S shares of the Stagecoach Money
Market Fund (the accounting survivor of a merger of the Norwest Advantage
Ready Cash Investment Fund,the Stagecoach Prime Money Market Fund and the
Stagecoach Money Market Fund),its predecessor fund. Effective at the close
of business November 5,1999,the Stagecoach and Norwest Advantage Funds
were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet First Tier Retail Money Fund Average is an average of
non-government retail funds that do not hold any second tier
securities. Portfolio holdings of first tier funds include U.S.Treasury
securities,U.S.other securities,repos,time deposits,domestic bank
obligations,foreign bank obligations,first tier commercial paper,floating
rate notes and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
8
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO NATIONAL TAX-FREE MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo National Tax-Free Money Market Fund (the Fund) seeks
current income exempt from federal income taxes, while preserving capital and
liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 08/03/93
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo National Tax-Free Money Market Fund -- Class A 0.25 0.45 1.69 2.39
Benchmark
iMoneyNet AllTax-Free Money Fund Average(2) 0.28 0.52 1.76 2.65
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE
CLOSELY REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN
FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 0.91%
7-Day Compound Yield 0.91%
30-Day Simple Yield 0.76%
30-Day Compound Yield 0.76%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 30 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Demand Notes (78%)
Municipal Bonds (9%)
Municipal Put Bonds (2%)
Municipal Commercial Paper (11%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (22%)
2-14 days (61%)
15-29 days (2%)
30-59 days (6%)
60-89 days (2%)
90-179 days (2%)
180-269 days (1%)
270+ days (4%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31,2005,to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 0.91%.
Performance shown for the Class A shares of the Wells Fargo National
Tax-Free Money Market Fund for the period prior to July 28,2003,reflects
performance of the Service Class shares of the Wells Fargo National
Tax-Free Money Market Fund, adjusted for Class A fees and expenses.
Performance shown for periods prior to November 8, 1999, reflects
performance of the Service Class (formerly Institutional Class) shares of
the Norwest Advantage Municipal Money Market Fund (the accounting survivor
of a merger of the Norwest Advantage Municipal Money Market Fund and the
Stagecoach National Tax-Free Money Market Fund), its predecessor
fund. Effective at the close of business November 5,1999,the Stagecoach
and Norwest Advantage Funds were reorganized into the
WELLS FARGO FUNDS(R).
(2) The iMoneyNet All Tax-Free Money Fund Average includes tax-free and
municipal retail and institutional money funds. It is made up of funds in
the national tax-free retail,national tax-free
institutional,state-specific retail and state-specific institutional
categories.
(3) Portfolio holdings and characteristics are subject to change.
9
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO TREASURY PLUS MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Treasury Plus Money Market Fund (the Fund) seeks current
income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 10/01/85
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo Treasury Plus Money Market Fund - Class A 0.28 0.47 2.47 3.68
Benchmark
iMoneyNet Treasury & Repo Retail Money Fund Average(2) 0.24 0.40 2.49 4.28
91-Day U.S.Treasury Bill(3) 0.82 1.33 2.91 4.03
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE
CLOSELY REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN
FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 0.96%
7-Day Compound Yield 0.96%
30-Day Simple Yield 0.86%
30-Day Compound Yield 0.86%
FUND CHARACTERISTICS(4) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 31 days
PORTFOLIO COMPOSITION(4) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Treasury Bills (15%)
U.S. Treasury Notes (15%)
U.S. Treasury Bonds (3%)
Repurchase Agreements (67%)
MATURITY DISTRIBUTION(4) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (67%)
15-29 days (2%)
30-59 days (13%)
60-89 days (3%)
90-179 days (13%)
180+ days (2%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31,2005,to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 0.95%.
Performance shown for the Class A shares of the Wells Fargo Treasury
Plus Money Market Fund for the periods prior to July 28,2003,reflects
performance of the Service Class shares of the Wells Fargo Treasury Plus
Money Market Fund,adjusted for Class A fees and expenses. Performance
shown for periods prior to November 8,1999,reflects performance of the
Service Class shares of the Stagecoach Treasury Plus Money Market Fund
(the accounting survivor of a merger between the Norwest Advantage
Treasury Plus Fund and the Stagecoach Treasury Plus Money Market Fund),its
predecessor fund. Effective at the close of business November 5, 1999,the
Stagecoach and Norwest Advantage Funds were reorganized into the WELLS
FARGO FUNDS(R). Performance shown for the period prior to October 1,1995,
through September 6,1996,reflects performance of the Pacific American
U.S.Treasury Portfolio,the predecessor portfolio. In July 1995,the Pacific
American U.S. Treasury Portfolio was renamed the Pacifica Treasury Money
Market Fund. Performance shown for periods prior to October
1,1995, reflects performance of the shares of the predecessor portfolio.
(2) The iMoneyNet Treasury & Repo Retail Money Fund Average is an average of
retail government funds holding U.S.Treasuries and repurchase agreements
backed by the U.S.Treasury.
(3) Estimated monthly return (12th root of annualized discount rate),which is
based on the discount rate quoted on the last business day of the month of
91-day U.S.Treasury Bills. These figures are calculated on a 365-day
basis.
(4) Portfolio holdings and characteristics are subject to change.
10
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO 100% TREASURY MONEY MARKET FUND -- CLASS A
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo 100% Treasury Money Market Fund (the Fund) seeks current
income exempt from most state and local individual income taxes, while
preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 12/03/90
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo 100% Treasury Money Market Fund - Class A 0.26 0.41 2.35 3.50
Benchmark
iMoneyNet Treasury Retail Money Fund Average(2) 0.24 0.41 2.56 4.28
91-Day U.S.Treasury Bill(3) 0.82 1.33 2.91 4.03
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE,WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY
REFLECT THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS'WEB SITE --
WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO ANINVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 0.91%
7-Day Compound Yield 0.91%
30-Day Simple Yield 0.84%
30-Day Compound Yield 0.85%
FUND CHARACTERISTICS(4) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 58 days
PORTFOLIO COMPOSITION(4) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Treasury Bills (100%)
MATURITY DISTRIBUTION(4) (AS OF SEPTEMBER 30,2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
2-14 days (17%)
15-29 days (19%)
30-59 days (27%)
60-89 days (16%)
90-179 days (19%)
180269 days (2%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31,2005,to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 0.72%.
Performance shown for the Class A shares of the Wells Fargo 100%
Treasury Money Market Fund for periods prior to November 8,1999,reflects
performance of the Service Class (formerly Single Class) shares,adjusted
for expenses,of the Norwest Advantage Treasury Fund,its predecessor fund.
Effective at the close of business November 5,1999,the Norwest Advantage
Funds were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet Treasury Retail Money Fund Average includes only retail
funds that hold 100% in U.S.Treasury securities.
(3) Estimated monthly return (12th root of annualized discount rate),which is
based on the discount rate quoted on the last business day of the month of
91-day U.S. Treasury Bills. These figures are calculated on a 365-day
basis.
(4) Portfolio holdings and characteristics are subject to change.
11
WELLS FARGO MONEY MARKET FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any); and exchange fees (if any), and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) 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 period and held for the entire period (April 1, 2004 to September 30,
2004).
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
sales charges (loads), redemption fees, or exchange fees. Therefore, the second
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.
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.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/04 9/30/04 the Period* Ratio
Wells Fargo California Tax-Free Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo California Tax-Free Money Market Fund - Class A
Actual $ 1,000.00 $ 1,002.40 $ 3.25 0.65%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.75 $ 3.29 0.65%
Wells Fargo Government Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo Government Money Market Fund - Class A
Actual $ 1,000.00 $ 1,003.20 $ 3.26 0.65%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.75 $ 3.29 0.65%
Wells Fargo Minnesota Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo Minnesota Money Market Fund - Class A
Actual $ 1,000.00 $ 1,001.90 $ 4.00 0.80%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.00 $ 4.04 0.80%
Wells Fargo Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo Money Market Fund - Class A
Actual $ 1,000.00 $ 1,002.70 $ 3.81 0.76%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.20 $ 3.84 0.76%
Wells Fargo Money Market Fund - Class B
Actual $ 1,000.00 $ 1,000.50 $ 6.00 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.00 $ 6.06 1.20%
Wells Fargo National Tax-Free Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo National Tax-Free Money Market Fund - Class A
Actual $ 1,000.00 $ 1,002.50 $ 3.25 0.65%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.75 $ 3.29 0.65%
12
FUND EXPENSES WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/04 9/30/04 the Period* Ratio
Wells Fargo Treasury Plus Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo Treasury Plus Money Market Fund - Class A
Actual $ 1,000.00 $ 1,002.80 $ 3.25 0.65%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.75 $ 3.29 0.65%
Wells Fargo 100% Treasury Money Market Fund
- -----------------------------------------------------------------------------------------------------------------
Wells Fargo 100% Treasury Money Market Fund - Class A
Actual $ 1,000.00 $ 1,002.60 $ 3.25 0.65%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.75 $ 3.29 0.65%
* Expenses are equal to the Fund's annualized expense ratio 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.)
13
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MUNICIPAL BONDS & NOTES - 96.36%
CALIFORNIA - 92.70%
$ 100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
CALIFORNIA JEWISH COMMUNITY CENTER PROJECT ALLIED
IRISH BANK LOC (RECREATIONAL FACILITIES REVENUE LOC)@+/- 1.72% 11/15/2031 $ 100,000
6,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
CALIFORNIA HOUSING REVENUE SERIES A SOCIETE GENERALE
LOC (HOUSING REVENUE LOC)@+/- 1.77 07/01/2008 6,000,000
9,865,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
CALIFORNIA MFHR GAIA BUILDING PROJECT SERIES A COLLATERALIZED
BY FNMA (HOUSING REVENUE LOC)@+/- 1.72 09/15/2032 9,865,000
20,000 ANAHEIM CA HOUSING AUTHORITY MFHR FOUNTAIN ANAHEIM HILLS
SERIES A COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING
REVENUE LOC)@+/- 1.73 02/15/2033 20,000
4,245,000 ANAHEIM CA HOUSING AUTHORITY MFHR MONTERREY APARTMENTS SERIES
B COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 05/15/2027 4,245,000
8,160,000 ANAHEIM CA PUBLIC FINANCING AUTHORITY LEASE REVENUE
FSA INSURED (OTHER REVENUE LOC)@+/- 1.72 09/01/2024 8,160,000
13,000,000 CALIFORNIA CITIES HOME OWNERSHIP AUTHORITY HOUSING REVENUE
LEASE PURCHASE PROGRAM PROJECT SERIES A COLLATERALIZED BY FHLMC
(HOUSING REVENUE LOC)@+/- 1.77 09/01/2006 13,000,000
3,000,000 CALIFORNIA COMMUNITIES HOUSING FINANCE AGENCY LEASE REVENUE
SERIES A COLLATERALIZED BY FHLMC (HOUSING REVENUE LOC)@+/- 1.77 02/01/2007 3,000,000
3,740,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE ART CENTER
DESIGN COLLEGE SERIES A ALLIED IRISH BANK PLC LOC
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.78 12/01/2032 3,740,000
REVENUES SERIES C4 JPM LOC (POWER REVENUE LOC)@+/-
113 GENERAL OBLIGATION OF UNIVERSITY (EDUCATIONAL FACILITIES
REVENUE LOC)@+/- 1.69 12/01/2027 2,420,000
8,190,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE SANTA CLARA
UNIVERSITY SERIES B MBIA INSURED (EDUCATIONAL FACILITIES
REVENUE LOC)@+/- 1.68 02/01/2032 8,190,000
26,300,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE STANFORD
UNIVERSITY SERIES S-4
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.67 11/01/2049 26,300,000
6,805,000 CALIFORNIA HEALTH FACILITIES AUTHORITY REVENUE SCRIPPS HEALTH
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.60 10/01/2022 6,805,000
34,000,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES E-1 (HOUSING
REVENUE LOC)@+/- 1.65 02/01/2023 34,000,000
1,500,000 CALIFORNIA HFA REVENUE HOME MORTGAGE PROJECT SERIES X-1
(HOUSING REVENUE LOC)@+/- 1.60 08/01/2015 1,500,000
6,000,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES E-2
(HOUSING REVENUE LOC)@+/- 1.65 04/01/2005 6,000,000
6,800,000 CALIFORNIA HFA REVENUE HOME MORTGAGES SERIES F FSA INSURED
(HOUSING REVENUE LOC)@+/- 1.74 02/01/2034 6,800,000
4,380,000 CALIFORNIA HFA REVENUE HOME MORTGAGES SERIES U
(HOUSING REVENUE LOC)@+/- 1.75 02/01/2017 4,380,000
1,465,000 CALIFORNIA HFA REVENUE SERIES 112-A (HOUSING REVENUE LOC)@+/- 1.73 08/01/2026 1,465,000
17,550,000 CALIFORNIA HFA REVENUE SERIES F (HOUSING REVENUE LOC)@+/- 1.77 02/01/2033 17,550,000
4,345,000 CALIFORNIA HFFA REVENUE CTFS SERIES 26 FSA INSURED
(HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.69 06/01/2022 4,345,000
6,500,000 CALIFORNIA HFFA REVENUE SCRIPPS HEALTH SERIES A BANK ONE
NA LOC (HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.69 10/01/2023 6,500,000
8,170,000 CALIFORNIA HFFA REVENUE SERIES A MBIA INSURED
(HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.71 09/01/2028 8,170,000
7,320,000 CALIFORNIA HFFA REVENUE SERIES B (HEALTH FACILITIES FINANCING
AUTHORITY REVENUE LOC)@+/- 1.69 08/01/2021 7,320,000
11,800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
REVENUE J PAUL GETTY SERIES D (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.17 02/01/2005 11,800,000
4,413,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE J
PAUL GETTY SERIES B (ECONOMIC DEVELOPMENT REVENUE LOC)+/-@ 1.17 02/01/2005 4,413,000
11,800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
J PAUL GETTY SERIES C (ECONOMIC DEVELOPMENT REVENUE LOC)+/-@ 1.17 02/01/2005 11,800,000
10,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
J PAUL GETTY TRUST SERIES A (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.62 10/03/2005 10,000,000
11,700,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE J PAUL
GETTY TRUST SERIES B (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.62 10/03/2005 11,700,000
14
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 1,300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
SAN FRANCISCO BALLET ASSOCIATION (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.68% 07/01/2032 $ 1,300,000
7,600,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 11/01/2026 7,600,000
10,200,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR BORAX INC
PROJECT SERIES A (POLLUTION CONTROL REVENUE LOC)@+/- 1.66 06/01/2010 10,200,000
26,000,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR PACIFIC
GAS & ELECTRIC COMPANY
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 11/01/2026 26,000,000
6,300,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY RESIDENTIAL
RECOVERY REVENUE ATLANTIC RICHFIELD COMPANY PROJECT -
SERIES A (POLLUTION CONTROL REVENUE LOC)@+/- 1.78 12/01/2024 6,300,000
34,000,000 CALIFORNIA SCHOOL CASH RESERVE PROJECT AUTHORITY POOL SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC) 3.00 07/06/2005 34,356,586
5,150,000 CALIFORNIA SCHOOL FACILITIES FINANCING CORPORATE CERTIFICATES
PARTNERSHIP IMPORTANT FINANCING PROJECT SERIES C
(LEASE REVENUE LOC)@+/- 1.68 07/01/2022 5,150,000
1,900,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES C-3 AMBAC INSURED (ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 1,900,000
81,600,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES B-1 BANK OF NEW YORK LOC
(POWER REVENUE LOC)@+/- 1.71 05/01/2022 81,600,000
17,300,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES C11 (ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 17,300,000
91,740,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE POWER SUPPLY
REVENUES SERIES C4 JPM LOC (POWER REVENUE LOC)@+/- 1.70 05/01/2022 91,740,000
49,550,000 CALIFORNIA STATE DEPARTMENT OF WATER RESOURCES SERIES B-2
(ELECTRIC REVENUE LOC)@+/- 1.80 05/01/2022 49,550,000
5,155,000 CALIFORNIA STATE DEPARTMENT WATER RESERVATION POWER SUPPLY
REVENUE RR II R 244 (POWER REVENUE LOC)+/-@ 1.72 05/01/2011 5,155,000
21,585,000 CALIFORNIA STATE DEPARTMENT WATER RESERVE CENTER VALLEY PROJECT
REVENUE PUTTERS SERIES 127 FGIC INSURED
(WATER REVENUE LOC)@+/- 1.17 12/01/2022 21,585,000
4,190,000 CALIFORNIA STATE DEPARTMENT WATER RESERVE CENTRAL VALLEY
PROJECT REVENUE SERIES R (WATER REVENUE LOC)@+/- 1.72 12/01/2021 4,190,000
14,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B-6
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.73 05/01/2022 14,000,000
6,520,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B3
(POWER REVENUE LOC)@+/- 1.77 05/01/2022 6,520,000
3,230,000 CALIFORNIA STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
INDUSTRIAL DEVELOPMENT REVENUE SERRA MICROCHASSIS PROJECT
US BANK NA LOC (INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.75 08/01/2027 3,230,000
2,005,000 CALIFORNIA STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
INDUSTRIAL DEVELOPMENT REVENUE SERRA MISSION PROJECT SERIES
A US BANK NA LOC (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 08/01/2027 2,005,000
13,000,000 CALIFORNIA STATE ECONOMIC RECOVERY (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.75 07/01/2005 13,000,000
13,000,000 CALIFORNIA STATE ECONOMIC RECOVERY (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.75 07/01/2005 13,000,000
14,000,000 CALIFORNIA STATE ECONOMIC RECOVERY (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.72 01/01/2012 14,000,000
16,000,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-4
(SALES TAX REVENUE LOC)@+/- 1.71 07/01/2023 16,000,000
30,800,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-7
(SALES TAX REVENUE LOC)@+/- 1.72 07/01/2023 30,800,000
4,950,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES 927
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.70 07/01/2013 4,950,000
4,995,000 CALIFORNIA STATE FLOATER CTFS SERIES 471X MBIA INSURED
(OTHER REVENUE LOC)+/-@ 1.69 09/01/2024 4,995,000
9,000,000 CALIFORNIA STATE FLOATER PA 315 FSA
INSURED (OTHER REVENUE LOC)@+/- 1.73 12/01/2018 9,000,000
19,570,000 CALIFORNIA STATE PUBLIC WORKS BOARD LEASE REVENUE CTFS SERIES
D AMBAC INSURED (LEASE REVENUE LOC)@+/- 1.72 12/01/2019 19,570,000
6,425,000 CALIFORNIA STATE PUTTERS SERIES 239Z AMBAC INSURED
(OTHER REVENUE LOC)@+/- 1.74 12/01/2032 6,425,000
15,090,000 CALIFORNIA STATEWIDE CDA MFHR BYRON PARK PROJECT C@+/- 1.76 01/20/2031 15,090,000
15
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS APARTMENTS
SERIES R COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING
REVENUE LOC)@+/- 1.73% 10/15/2030 $ 3,985,000
17,200,000 CALIFORNIA STATEWIDE CDA MFHR IAC PROJECT SERIES W-1
BANK OF AMERICA NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 08/01/2034 17,200,000
13,000,000 CALIFORNIA STATEWIDE CDA MFHR IAC PROJECT SERIES W-2
BANK OF AMERICA NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.71 09/15/2029 13,000,000
6,000,000 CALIFORNIA STATEWIDE CDA MFHR IAC PROJECT SERIES W-3
BANK OF AMERICA NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 04/01/2025 6,000,000
7,060,000 CALIFORNIA STATEWIDE CDA MULTI-FAMILY REVENUE LORENA
TERRACE SERIES DDD CITIBANK LOC@+/- 1.76 12/01/2036 7,060,000
29,700,000 CALIFORNIA STATEWIDE CDA REVENUE (OTHER REVENUE LOC)@+/- 1.71 07/01/2034 29,700,000
2,000,000 CALIFORNIA STATEWIDE CDA REVENUE CTFS PARTICIPATION
HOUSE EAR INSTITUTE JP MORGAN CHASE & COMPANY LOC
(LEASE REVENUE LOC)@+/- 1.71 12/01/2018 2,000,000
16,200,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-1
(INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 16,367,540
7,300,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-2 FRESNO
(INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 7,375,496
11,700,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-3 SAN BERNARDINO
COUNTY (INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 11,821,001
9,590,000 CALIFORNIA STATEWIDE CDA SOLID WASTE FACILITIES REVENUE
CHEVRON USA PROJECT CHEVRON CORPORATION LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 12/15/2024 9,590,000
5,450,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
REVENUE SERIES A 02 FHA INSURED (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.71 04/20/2036 5,450,000
10,000,000 CALIFORNIA TRANSPORTATION FINANCING AUTHORITY REVENUE
(TRANSPORTATION REVENUE LOC)@+/- 1.70 10/01/2027 10,000,000
16,420,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT COLLATERALIZED
BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.73 10/15/2026 16,420,000
3,330,000 CARSON CA REDEVELOPMENT AGENCY SERIES 2076 MBIA INSURED
(TAX INCREMENTAL REVENUE LOC)@+/- 1.72 10/01/2019 3,330,000
5,900,000 CENTRAL UNIVERSITY SCHOOL DISTRICT CA CTFS PARTICIPATION
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 3.50 01/01/2035 5,933,752
14,000,000 CITY OF NEWPORT BEACH CA HEALTH CARE REVENUE HOAG MEMORIAL
HOSPITAL SERIES C (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 14,000,000
5,100,000 COLTON CA REDEVELOPMENT AGENCY CTFS PARTICIPATION LAS
PALOMAS ASSOCIATION PROJECT CITY NATIONAL BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.68 11/01/2015 5,100,000
5,970,000 COMPTON CA UNIVERSITY SCHOOL DISTRICT MERLOTS SERIES B39 MBIA
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.71 09/01/2027 5,970,000
12,205,000 CONTRA COSTA COUNTY CA HOME MORTGAGE REVENUE CTFS SERIES A
(HOUSING REVENUE LOC)@+/- 1.78 12/01/2010 12,205,000
7,200,000 CONTRA COSTA COUNTY CA MFHR DELTA SQUARE APARTMENTS PROJECT
SERIES H COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 10/15/2029 7,200,000
3,300,000 CONTRA COSTA COUNTY CA MFHR LAFAYETTE TOWN CENTER
APARTMENTS SERIES I COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.73 07/15/2032 3,300,000
10,610,000 CONTRA COSTA COUNTY CA MULTI-FAMILY HOUSING REVENUE
GNMA DEL NORTE APARTMENTS A (HOUSING REVENUE LOC)@+/- 1.68 10/01/2033 10,610,000
2,000,000 CSUCI CA FINANCING AUTHORITY RENTAL HOUSING CITIBANK INSURED
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.60 08/01/2031 2,000,000
2,390,000 EAGLE TAX-EXEMPT TRUST CTF SERIES 950501 (CALIFORNIA STATE)
MBIA INSURED (OTHER REVENUE LOC)@+/- 1.72 02/01/2006 2,390,000
4,000,000 EAGLE TAX-EXEMPT TRUST CTF SERIES 970503 (CALIFORNIA STATE
PUBLIC WORKS BOARD LEASE REVENUE SERIES C) AMBAC INSURED
(LEASE REVENUE LOC)+/-@ 1.72 09/01/2017 4,000,000
9,300,000 EAST BAY CA MUD WATER SYSTEMS REVENUE PREREFUNDED
(UTILITIES REVENUE LOC)@+/- 1.66 06/01/2025 9,300,000
16
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 9,155,000 EASTERN MUNICIPAL WATER DISTRICT CA WATER & SEWER REVENUE
CTFS SERIES A (WATER & SEWER REVENUE LOC)@+/- 1.70% 07/01/2023 $ 9,155,000
4,900,000 FREMONT CA MFHR CREEKSIDE VILLAGE APARTMENTS
(HOUSING REVENUE LOC)@+/- 1.66 09/01/2007 4,900,000
12,500,000 FREMONT CA TRAN 2.00 10/29/2004 12,509,177
6,835,000 GARDEN GROVE CA HOUSING AUTHORITY MFHR FLOATS PT 1385
COLLATERALIZED BY GNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 03/23/2006 6,835,000
1,750,000 GOLETA CA WATER DISTRICT REVENUE COP ROC SERIES RR-II-R 2050
(WATER REVENUE LOC)+/-@ 1.72 12/01/2022 1,750,000
4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A FGIC INSURED
REMARKETED 03/17/94 (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.72 07/15/2014 4,000,000
3,700,000 HAYWARD CA MFHR TENNYSON GARDENS APARTMENTS PROJECT SERIES
A US BANK NA LOC (HOUSING REVENUE LOC)+/-@ 1.75 08/01/2032 3,700,000
1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A COLLATERALIZED BY
FHLMC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 01/01/2025 1,000,000
2,200,000 HILLSBOROUGH CA CTFS PARTNERSHIP WATER & SEWER SYSTEMS PROJECTS
SERIES A(PROPERTY TAX REVENUE LOC)@+/- 1.72 06/01/2033 2,200,000
14,400,000 IRVINE CA IMPT BD ACT 1915 DISTRICT 85-7-I (SPECIAL TAX
REVENUE LOC)@+/- 1.68 09/02/2011 14,400,000
1,760,000 IRVINE CA INDUSTRIAL REVENUE IRVINE EAST INVESTMENT
COMPANY PROJECT BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.53 12/01/2005 1,760,000
5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET APARTMENTS
PROJECT SERIES C COLLATERALIZED BY FNMA (HOUSING
REVENUE LOC)@+/- 1.68 12/01/2026 5,500,000
4,450,000 LIVERMORE CA REDEVELOPMENT AGENCY MFHR SERIES 2002A
LIVERMORE APARTMENTS PROJECT BANK OF AMERICA NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 11/01/2040 4,450,000
2,800,000 LONG BEACH CA HARBOR REVENUE P-FLOATS-PA 651
(AIRPORT REVENUE LOC)@+/- 1.73 05/15/2019 2,800,000
2,135,000 LONG BEACH CA HARBOR REVENUE SERIES 418 FGIC INSURED
(AIRPORT REVENUE LOC)@+/- 1.73 05/15/2020 2,135,000
19,000,000 LONG BEACH CA TRAN (TAX REVENUE LOC) 1.50 10/04/2004 19,000,817
7,140,000 LOS ANGELES CA COMMUNITY REDEVELOPMENT AGENCY MFHR SERIES
A ROWAN LOFTS PROJECT FNMA INSURED (HOUSING REVENUE LOC)@+/- 1.73 12/01/2034 7,140,000
16,000,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER AUTHORITY LEASE
REVENUE SERIES C-1 AMBAC INSURED (LEASE REVENUE LOC)@+/- 1.68 08/15/2021 16,000,000
16,600,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER AUTHORITY LEASE
REVENUE SUB SERIES C-2 (LEASE REVENUE LOC)@+/- 1.68 08/15/2021 16,600,000
14,820,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER AUTHORITY LEASE
REVENUE SUBSERIES B-2 (LEASE REVENUE LOC)@+/- 1.69 08/15/2021 14,820,000
10,600,000 LOS ANGELES CA DEPARTMENT WATER & POWER ELECTRIC REVENUE SERIES
143 MBIA INSURED (ELECTRIC PLANT REVENUE LOC)@+/- 1.17 02/15/2024 10,600,000
3,455,000 LOS ANGELES CA HARBOR DEPARTMENT REVENUE SERIES A
(AIRPORT REVENUE LOC) 5.50 08/01/2005 3,564,140
6,995,000 LOS ANGELES CA HARBOR DEPARTMENT REVENUE TRANSPORTATION
RECEIPTS CLASS F SERIES 7 MBIA INSURED (HARBOR DEPARTMENT
REVENUE LOC)@+/- 1.72 11/01/2026 6,995,000
100,000 LOS ANGELES CA MFHR LOANS TO LENDERS PROGRAM SERIES A FHLB LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 08/01/2026 100,000
5,300,000 LOS ANGELES CA MFHR MASSELIN MANOR HOUSING PROJECT BANK OF
AMERICA NT & SA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 07/01/2015 5,300,000
33,000,000 LOS ANGELES CA TRAN (TAX REVENUE LOC) 3.50 06/30/2005 33,490,585
4,990,000 LOS ANGELES CA UNION SCHOOL DISTRICT MERLOTS SERIES B12
(GENERAL OBLIGATION - SCHOOL DISTRICTS LOC)@+/- 1.71 01/01/2027 4,990,000
4,985,000 LOS ANGELES CA WASTEWATER SYSTEM SEWER REVENUE ROCS
RR II R 4034 (SEWER REVENUE LOC)@+/- 1.72 06/01/2022 4,985,000
10,000,000 LOS ANGELES CA WASTEWATER SYSTEM SEWER REVENUE SERIES
B FGIC INSURED (WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.15 12/01/2031 10,000,000
17
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 5,995,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 182 FSA INSURED
(WATER REVENUE LOC)@+/- 1.72% 07/01/2022 $ 5,995,000
10,595,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 184 FSA INSURED
(WATER REVENUE LOC)@+/- 1.72 07/01/2022 10,595,000
1,478,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 873
(ELECTRIC REVENUE LOC)@+/- 1.69 07/01/2011 1,478,000
38,300,000 LOS ANGELES CA WATER & POWER REVENUE SUBSERIES B-1 DEXIA
INSURED (WATER REVENUE LOC)@+/- 1.68 07/01/2035 38,300,000
18,670,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
REVENUE FSA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2016 18,670,000
20,200,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
REVENUE FSA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2021 20,200,000
20,000,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
REVENUE FSA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2025 20,000,000
3,000,000 LOS ANGELES COUNTY CA MFHR AUTHORITY REVENUE P FLOAT PT 639
(HOUSING REVENUE LOC)@+/- 1.77 10/01/2031 3,000,000
3,400,000 LOS ANGELES COUNTY CA SCHOOLS POOLED FINANCING PROGRAM SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC) 3.50 06/30/2005 3,447,104
2,700,000 LOS ANGELES COUNTY HOUSING AUTHORITY MULTI-FAMILY REVENUE BONDS
(HOUSING REVENUE LOC)@+/- 1.70 09/01/2030 2,700,000
6,475,000 LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY TAX
REVENUE REFUNDING SERIES A@+/- 1.70 07/01/2020 6,475,000
24,950,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE
SERIES A2 JP MORGAN CHASE BANK INSURED (WATER REVENUE LOC)@+/- 1.67 07/01/2023 24,950,000
31,600,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA CA SERIES C
(WATER REVENUE LOC)@+/- 1.69 07/01/2027 31,600,000
10,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA SERIES B2
(WATER REVENUE LOC)@+/- 1.70 07/01/2020 10,000,000
27,010,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA WATERWORKS
REVENUE SERIES C1 DEXIA LOC (WATER REVENUE LOC)@+/- 1.69 07/01/2030 27,010,000
9,065,000 MILPITAS CA REDEVELOPMENT AGENCY@+/- 1.72 09/01/2021 9,065,000
11,100,000 MODESTO CA IRRIGATION DISTRICT FINANCING AUTHORITY REVENUE
SERIES SG 66 MBIA INSURED (ELECTRIC REVENUE LOC)@+/- 1.70 10/01/2015 11,100,000
5,620,000 MODESTO CA PFA LEASE REVENUE SERIES 354 AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.69 09/01/2029 5,620,000
14,550,000 MSR PUBLIC POWER AGENCY CA UTILITY TAX REVENUE SAN JUAN PROJECT
SERIES F MBIA INSURED (POWER REVENUE LOC)@+/- 1.71 07/01/2022 14,550,000
2,700,000 MUNICIPAL SECS TRUST SERIES 2001 136 CL A (AIRPORT
REVENUE LOC)++@+/- 1.80 12/06/2018 2,700,000
2,400,000 NEWPORT BEACH CA REVENUE HOAG MEMORIAL HOSPITAL SERIES A
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 2,400,000
14,800,000 NEWPORT BEACH CA REVENUE HOAG MEMORIAL HOSPITAL SERIES B
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 14,800,000
14,687,000 OAKLAND-ALAMEDA COUNTY CA COLISEUM AUTHORITY LEASE REVENUE
SERIES C-1(LEASE REVENUE LOC)@+/- 1.70 02/01/2025 14,687,000
3,500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT NIGUEL SUMMIT 2 SERIES
(HOUSING REVENUE LOC)@+/- 1.65 11/01/2009 3,500,000
20,600,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE BLUFFS
APARTMENT PROJECT SERIES C FHLMC LOC
(HOUSING REVENUE LOC)@+/- 1.68 12/01/2029 20,600,000
4,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE ISSUE G
SERIES 2 FNMA LOC (HOUSING REVENUE LOC)@+/- 1.68 11/15/2028 4,900,000
4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PARK RIDGE
VILLAS PROJECT FNMA LOC (HOUSING REVENUE LOC)@+/- 1.68 11/15/2028 4,000,000
15,400,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PROJECT
PARK PLACE APARTMENTS ISSUE A FHLB INSURED
(HOUSING REVENUE LOC)@+/- 1.71 04/01/2024 15,400,000
18
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 9,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES
A FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.68% 12/01/2006 $ 9,000,000
24,005,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B ALISO
CREEK PROJECT FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.67 11/01/2022 24,005,000
8,049,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D
HARBOR POINTE PROJECT FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.68 12/01/2022 8,049,000
9,301,000 ORANGE COUNTY CA IMPROVEMENT ASSESSMENT DISTRICT NUMBER
88 SERIES 1 KBC BANK NV LOC (SPECIAL TAX REVENUE LOC)@+/- 1.71 09/02/2018 9,301,000
12,400,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B
(LEASE REVENUE LOC)@+/- 1.73 08/01/2030 12,400,000
20,280,000 ORANGE COUNTY CA SANITATION DISTRICTS COP AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.70 08/01/2013 20,280,000
3,050,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY TEETER PLAN
REVENUE SERIES 1995D AMBAC INSURED (PROPERTY
TAX REVENUE LOC)@+/- 1.69 11/01/2014 3,050,000
7,475,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY TEETER PLAN
REVENUE SERIES B AMBAC INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 11/01/2014 7,475,000
12,400,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY TEETER PLAN
REVENUE SERIES E AMBAC INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 11/01/2014 12,400,000
18,065,000 ORANGE COUNTY CA WATER DISTRICT SERIES 2003A LLOYDS LOC
(WATER REVENUE LOC)@+/- 1.67 08/01/2042 18,065,000
5,000,000 PACIFIC CA HFA LEASE REVENUE SERIES A FHLMC INSURED
(HOUSING REVENUE LOC)@+/- 1.77 02/01/2007 5,000,000
4,995,000 PORT OF OAKLAND CA TRANSPORTATION REVENUE FGIC INSURED
(TRANSPORTATION REVENUE LOC)@+/- 1.73 05/01/2008 4,995,000
7,285,000 PORT OF OAKLAND CA TRANSPORTATION REVENUE MBIA INSURED
(TRANSPORTATION REVENUE LOC)@+/- 1.73 05/01/2010 7,285,000
8,495,000 PORT OF OAKLAND CA TRANSPORTATION REVENUE SERIES K FGIC
INSURED (AIRPORT REVENUE LOC)@+/- 1.72 11/01/2021 8,495,000
4,290,000 POWAY CA REDEVELOPMENT AGENCY TAX ALLOCATION REVENUE SERIES R
2046 MBIA INSURED (TAX ALLOCATION REVENUE LOC)@+/- 1.72 06/15/2020 4,290,000
1,645,000 REDONDO BEACH CA PUBLIC FINANCING AUTHORITY TAX ALLOCATION
REVENUE AVIATION HIGH REDEVELOPMENT PROJECT ALLIED IRISH
BANK PLC LOC (PROPERTY TAX REVENUE LOC)@+/- 1.71 07/01/2030 1,645,000
22,400,000 RIVERSIDE - SAN BERNADINO CA HOUSING & FINANCE AGENCY LEASE
REVENUE SERIES A SOCIETE GENERALE LOC
(HOUSING REVENUE LOC)@+/- 1.70 07/01/2006 22,400,000
4,900,000 RIVERSIDE COUNTY CA IDA BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.70 06/01/2026 4,900,000
9,560,000 ROARING FORK MUNICIPAL PRODUCTS LIMITED LIABILITY CORPORATION
SERIES 2000-12 CLASS A (MUNICIPAL LOC)@+/- 1.77 03/01/2034 9,560,000
27,000,000 ROSEVILLE CA ELECTRIC SYSTEMS REVENUE CERTIFICATES PARTNERS
(ELECTRIC PLANT REVENUE LOC)@+/- 1.67 02/01/2024 27,000,000
25,000,000 SACRAMENTO CA CITY UNION SCHOOL DISTRICT TAX & REVENUE ANTIC
NOTES 2003-04 (GENERAL OBLIGATION - SCHOOL DISTRICTS LOC) 2.00 11/12/2004 25,026,955
8,300,000 SACRAMENTO CA MUNICIPAL UTILITIES DISTRICT ELECTRIC REVENUE
(UTILITIES REVENUE LOC)@+/- 1.72 05/15/2020 8,300,000
15,500,000 SACRAMENTO CA UNION SCHOOL DISTRICT CTFS PARTNERS FSA INSURED
(GENERAL OBLIGATION - SCHOOL DISTRICTS LOC)@+/- 1.68 07/01/2031 15,500,000
7,000,000 SACRAMENTO COUNTY CA HFA MFHR ARLINGTON CREEK APARTMENT
SERIES 1 COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.73 05/15/2034 7,000,000
6,300,000 SACRAMENTO COUNTY CA HFA MFHR HIDDEN OAKS APARTMENTS
PROJECT SERIES C COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.73 05/15/2029 6,300,000
6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR NORMANDY PARK
APARTMENTS SERIES A (HOUSING REVENUE LOC)@+/- 1.73 02/15/2033 6,000,000
7,600,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
REVENUE SUBORDINATE LIEN SACRAMENTO REGULATION C CREDIT
AGRICOLE INDOSUEZ LOC (SEWER REVENUE LOC)@+/- 1.65 12/01/2030 7,600,000
32,000,000 SACRAMENTO COUNTY CA TRAN SERIES A (TAX REVENUE LOC) 3.00 07/11/2005 32,329,397
19
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY APARTMENTS
PROJECT SERIES A COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.68% 05/15/2029 $ 6,115,000
5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE PROJECT
SERIES A COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.68 05/15/2029 5,600,000
3,395,000 SAN DIEGO CA AREA HFA LEASE REVENUE SERIES B COLLATERALIZED BY
FNMA (HOUSING REVENUE LOC)@+/- 1.77 06/01/2006 3,395,000
14,825,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.73 01/15/2033 14,825,000
32,595,000 SAN DIEGO CA MFHR COLLATERALIZED BY FHLMC
(HOUSING REVENUE LOC)@+/- 1.72 03/01/2032 32,595,000
8,100,000 SAN DIEGO CA MFHR COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.68 08/01/2014 8,100,000
19,130,000 SAN DIEGO CA PUBLIC FACILITIES FINANCING AUTHORITY SEWER
REVENUE SERIES SG 130 (WATER & SEWER REVENUE LOC)+/-@ 1.70 05/15/2029 19,130,000
5,430,000 SAN DIEGO CA PUBLIC FACILITIES FINANCING
AUTHORITY WATER REVENUE CLASS A (WATER REVENUE LOC)@+/- 1.72 08/01/2012 5,430,000
10,000,000 SAN DIEGO CA SCHOOL DISTRICT TRAN (OTHER REVENUE LOC) 3.00 07/25/2005 10,112,845
6,621,000 SAN DIEGO CA UNION SCHOOL DISTRICT FLOATERS SERIES 759 FSA
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 07/01/2026 6,621,000
11,580,000 SAN DIEGO CA UNION SCHOOL DISTRICT SERIES PA-804
(EDUCATIONAL FACILITIES REVENUE LOC)+/-@ 1.70 07/01/2022 11,580,000
5,826,000 SAN DIEGO CALIFORNIA UNION SCHOOL DISTRICT SERIES 758
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.69 07/01/2027 5,826,000
6,700,000 SAN DIEGO COUNTY & SCHOOL DISTRICT TRAN (EDUCATIONAL FACILITIES
REVENUE LOC) 3.25 07/25/2005 6,789,059
1,400,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION LEASE
REVENUE MOSCONE CENTER EXPANSION PROJECT SERIES 1 AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.67 04/01/2030 1,400,000
95,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY MFHR
NAMIKI APARTMENTS PROJECT SERIES C CITIBANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 11/01/2036 95,000
10,690,000 SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION FOR
CLEAN WATER MERLOTS SERIES B20 MBIA INSURED
(WATER & SEWER REVENUE LOC)@+/- 1.71 10/01/2022 10,690,000
6,857,500 SAN JOSE CA UNION SCHOOL DISTRICT SANTA CLARA COUNTY FLOATERS
SERIES 761 FSA INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 08/01/2027 6,857,500
8,690,000 SAN JOSE-SANTA CLARA CA WATER FINANCING AUTHORITY SEWER REVENUE
FLOATS-SG-49 (WATER & SEWER REVENUE LOC)+/-@ 1.70 11/15/2020 8,690,000
2,200,000 SAN LEANDRO CA MFHR HAAS AVENUE APARTMENTS SERIES B SECURITY
PACIFIC NATIONAL LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 10/01/2007 2,200,000
6,510,000 SAN MARCOS CA PFA TAX ALLOCATION REVENUE SERIES 1161 FGIC
INSURED (TAX INCREMENTAL REVENUE LOC)@+/- 1.70 02/01/2011 6,510,000
6,510,000 SAN MARCOS CA PFA TAX ALLOCATION REVENUE SERIES 1178 FGIC
INSURED (TAX INCREMENTAL REVENUE LOC)@+/- 1.70 08/01/2011 6,510,000
5,600,000 SANTA ANA CA HEALTH FACILITY REVENUE MULTI-MODEL TOWN &
COUNTRY PROJECT BNP PARIBAS LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.71 10/01/2020 5,600,000
5,490,000 SANTA CLARA CA ELECTRIC REVENUE SERIES A AMBAC INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 07/01/2010 5,490,000
2,130,000 SANTA CLARA CA ELECTRIC REVENUE SERIES B AMBAC INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 07/01/2010 2,130,000
5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER APARTMENTS
PROJECT SERIES A COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING
REVENUE LOC)@+/- 1.68 12/15/2025 5,900,000
11,700,000 SANTA CLARA COUNTY CA MFHR FOXCHASE APARTMENTS PROJECT
SERIES E FGIC INSURED REMARKETED 03/17/94 (MULTI-FAMILY HOUSING
REVENUE LOC)@+/- 1.72 11/15/2017 11,700,000
6,150,000 SIMI VALLEY CA MFHR SERIES A
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 07/01/2023 6,150,000
8,900,000 SIMI VALLEY CALIFORNIA MFHR LINCOLN WOOD RANCH
(HOUSING REVENUE LOC)@+/- 1.68 06/01/2010 8,900,000
37,500,000 SONOMA COUNTY CA TRAN (TAX REVENUE LOC) 3.00 10/13/2005 37,986,750
9,300,000 SOUTHERN CA PUBLIC POWER AUTHORITY POWER REVENUE SERIES B
(ELECTRIC REVENUE LOC)@+/- 1.67 07/01/2009 9,300,000
20
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 25,300,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE LLOYDS BANK LOC (UTILITIES REVENUE LOC)@+/- 1.67% 07/01/2019 $ 25,300,000
5,315,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY POWER
PEOJECT REVENUE SERIES PA 1172
(ELECTRIC PLANT REVENUE LOC)@+/- 1.70 07/01/2011 5,315,000
5,000,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE SOUTHERN TRANSMISSION SERIES A (OTHER REVENUE LOC)@+/- 1.70 07/01/2021 5,000,000
2,500,000 STOCKTON CA HEALTH FACILITIES REVENUE SERIES A (HEALTHCARE
FACILITIES REVENUE LOC)@+/- 1.70 12/01/2032 2,500,000
8,000,000 SULPHUR SPRINGS CA UNIVERSITY SCHOOL DISTRICT CTFS PARTNERSHIP
LEASE REVENUE LOC)@+/- 1.67 03/01/2037 8,000,000
1,400,000 TAHOE FOREST CA HOSPITAL DISTRICT REVENUE
(HOSPITAL REVENUE LOC)@+/- 1.70 07/01/2033 1,400,000
3,900,000 TULARE CA LOCAL HEALTH CARE DISTRICT HEALTH FACILITY REVENUE
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.70 12/01/2032 3,900,000
8,850,000 TURLOCK CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENT PROJECT
SOCIETE GENERALE LOC (LEASE REVENUE LOC)@+/- 1.71 01/01/2031 8,850,000
6,100,000 UNIVERSITY CA EDUCATION FACILITIES REVENUE SERIES 480 MBIA
INSURED (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.69 09/01/2022 6,100,000
7,750,000 VACAVILLE CA MFHR SYCAMORES APARTMENTS SERIES A
(HOUSING REVENUE LOC)@+/- 1.68 05/15/2029 7,750,000
4,600,000 VALLEJO CA MFHR HILLSIDE TERRACE APARTMENTS SERIES A
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.75 03/15/2027 4,600,000
3,400,000 VERNON CA ELECTRIC SYSTEMS MALBURG PROJECT SERIES B
(ELECTRIC REVENUE LOC)@+/- 1.68 04/01/2033 3,400,000
8,000,000 VERNON CA ELECTRIC SYSTEMS REVENUE MALBURG PROJECT
(ELECTRIC REVENUE LOC)@+/- 1.68 04/01/2033 8,000,000
7,400,000 WESTERN MUNICIPAL WATER DISTRICT FACILITIES REVENUE SERIES A
(WATER REVENUE LOC)@+/- 1.72 10/01/2032 7,400,000
2,293,223,704
----------------
GUAM - 0.04%
1,000,000 GUAM GOVERNMENT LIMITED OBLIGATION REVENUE SERIES A
(SALES TAX REVENUE LOC) 5.25 11/01/2004 1,003,497
----------------
OTHER - 1.95%
17,995,000 ABN AMRO MUNITOPS CTFS TR 1998-20 MUNITOPS
CERTIFICATES AMBAC INSURED (OTHER REVENUE LOC)@+/- 1.71 07/05/2006 17,995,000
13,176,000 ABN AMRO MUNITOPS CTFS TR 1998-25 MUNITOPS CERTIFICATES
FGIC INSURED (OTHER REVENUE LOC)@+/- 1.71 07/05/2006 13,176,000
17,000,000 ABN AMRO MUNITOPS CTFS TR 2000-5 MUNITOPS CERTIFICATES
FGIC INSURED (OTHER REVENUE LOC)++@+/- 1.75 05/07/2008 17,000,000
48,171,000
----------------
PUERTO RICO - 1.67%
7,200,000 EAGLE TAX-EXEMPT TRUST CTF 20015101 CLASS A (PUERTO RICO
COMMONWEALTH INFRASTRUCTURE FINANCING AUTHORITY SERIES A)
(OTHER REVENUE LOC)@+/- 1.72 10/01/2034 7,200,000
10,000,000 EAGLE TAX-EXEMPT TRUST CTF 20025102 CLASS A (PUERTO RICO
COMMONWEALTH HIGHWAY & TRANSPORTATION REVENUE SERIES D)
FSA INSURED (TOLL ROAD REVENUE LOC)+/-@ 1.72 07/01/2027 10,000,000
5,000,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
REVENUE SERIES 2 MBIA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2038 5,000,000
4,995,000 PUERTO RICO COMMONWEALTH INFRASTRUCTURE FINANCING
AUTHORITY SERIES 86 (SALES TAX REVENUE LOC)@+/- 1.69 07/01/2015 4,995,000
7,990,000 PUERTO RICO COMMONWEALTH MERLOTS SERIES A44@+/- 1.71 07/01/2029 7,990,000
6,135,000 PUERTO RICO COMMONWEALTH PUBLIC BUILDINGS AUTHORITY REVENUE
SERIES 416 FSA LOC (LEASE REVENUE LOC)@+/- 1.69 07/01/2021 6,135,000
41,320,000
----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,383,718,201) 2,383,718,201
----------------
21
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER - 5.03%
$ 16,800,000 PORT OF OAKLAND CALIFORNIA 1.16% 10/05/2004 $ 16,800,000
14,500,000 PORT OF OAKLAND CALIFORNIA 1.38 10/12/2004 14,500,000
23,000,000 PORT OF OAKLAND CALIFORNIA 1.43 11/12/2004 23,000,000
15,000,000 UNIVERSITY OF CALIFORNIA 1.30 10/08/2004 15,000,000
12,500,000 UNIVERSITY OF CALIFORNIA 1.15 10/18/2004 12,500,000
5,000,000 UNIVERSITY OF CALIFORNIA 1.15 10/19/2004 5,000,000
5,000,000 UNIVERSITY OF CALIFORNIA 1.22 10/20/2004 5,000,000
18,500,000 UNIVERSITY OF CALIFORNIA 1.22 10/21/2004 18,500,000
14,100,000 UNIVERSITY OF CALIFORNIA 1.35 11/09/2004 14,100,000
TOTAL COMMERCIAL PAPER (COST $124,400,000) 124,400,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,508,118,201)* 101.39% $ 2,508,118,201
OTHER ASSETS AND LIABILITIES, NET (1.39) (34,341,802)
------- ----------------
TOTAL NET ASSETS 100.00% $ 2,473,776,399
------- ----------------
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
+/- VARIABLE RATE SECURITIES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
22
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - DISCOUNT - 32.89%
FEDERAL HOME LOAN BANK - 1.33%
$ 47,835,000 FHLB^ 1.19% 10/15/2004 $ 47,812,863
75,000,000 FHLB^ 1.59 10/22/2004 74,930,437
17,000,000 FHLB^ 1.81 12/29/2004 16,923,930
139,667,230
----------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 16.13%
17,287,000 FHLMC^ 1.57 10/01/2004 17,287,000
24,962,000 FHLMC^ 1.14 10/05/2004 24,958,838
23,900,000 FHLMC^ 1.46 10/05/2004 23,896,123
37,433,000 FHLMC^ 1.05 10/12/2004 37,420,990
75,000,000 FHLMC^ 1.11 10/12/2004 74,974,562
75,000,000 FHLMC^ 1.14 10/18/2004 74,959,625
100,000,000 FHLMC^ 1.58 10/28/2004 99,881,500
100,000,000 FHLMC^ 1.57 11/09/2004 99,829,917
50,000,000 FHLMC^ 1.59 11/09/2004 49,913,875
56,680,000 FHLMC^ 1.45 11/16/2004 56,574,985
92,327,000 FHLMC^ 1.57 11/16/2004 92,141,782
50,000,000 FHLMC^ 1.58 11/22/2004 49,885,889
40,900,000 FHLMC^ 1.07 12/01/2004 40,826,193
59,235,000 FHLMC^ 1.63 12/01/2004 59,071,396
40,000,000 FHLMC^ 1.67 12/01/2004 39,886,811
50,000,000 FHLMC^ 1.10 12/06/2004 49,899,167
53,607,000 FHLMC^ 1.75 12/07/2004 53,432,405
75,000,000 FHLMC^ 1.84 12/21/2004 74,689,500
97,000,000 FHLMC^ 1.80 12/28/2004 96,573,200
50,000,000 FHLMC^ 1.57 01/05/2005 49,790,667
45,800,000 FHLMC^ 1.33 01/11/2005 45,627,410
39,387,000 FHLMC^ 1.74 01/11/2005 39,192,822
50,000,000 FHLMC^ 1.81 02/08/2005 49,673,194
53,888,000 FHLMC^ 1.85 02/15/2005 53,508,613
88,831,000 FHLMC^ 1.87 03/01/2005 88,134,244
61,845,000 FHLMC^ 1.96 03/08/2005 61,314,353
75,000,000 FHLMC^ 1.95 03/15/2005 74,329,687
64,967,000 FHLMC^ 2.06 03/29/2005 64,303,173
48,057,000 FHLMC^ 2.24 08/29/2005 47,064,249
1,689,042,170
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 15.43%
16,643,000 FNMA^ 1.60 10/01/2004 16,643,000
37,650,000 FNMA^ 1.61 10/01/2004 37,650,000
78,872,250 FNMA^ 1.62 10/01/2004 78,872,250
42,490,000 FNMA^ 1.66 10/01/2004 42,490,000
25,000,000 FNMA^ 1.05 10/04/2004 24,997,823
23,530,000 FNMA^ 1.18 10/06/2004 23,526,144
27,050,000 FNMA^ 1.20 10/13/2004 27,039,180
31,597,000 FNMA^ 1.16 10/14/2004 31,583,821
49,878,000 FNMA^ 1.57 10/20/2004 49,836,671
35,918,000 FNMA^ 1.63 11/01/2004 35,867,585
55,000,000 FNMA^ 1.64 11/01/2004 54,922,328
12,558,000 FNMA^ 1.12 11/12/2004 12,541,591
23
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (CONTINUED)
$ 50,000,000 FNMA^ 1.56% 11/22/2004 $ 49,887,333
161,374,000 FNMA^ 1.77 12/01/2004 160,891,380
40,000,000 FNMA^ 1.65 12/06/2004 39,879,000
11,000,000 FNMA^ 1.80 01/03/2005 10,948,300
37,415,000 FNMA^ 1.90 01/03/2005 37,229,380
25,711,000 FNMA^ 1.90 01/03/2005 25,583,445
75,000,000 FNMA^ 2.00 01/03/2005 74,608,333
46,339,000 FNMA^ 1.17 01/07/2005 46,191,410
52,299,000 FNMA^ 1.85 01/07/2005 52,035,616
50,000,000 FNMA^ 1.76 01/12/2005 49,748,938
58,224,000 FNMA^ 1.80 01/19/2005 57,903,768
75,000,000 FNMA^ 1.81 01/19/2005 74,585,208
34,076,000 FNMA^ 1.86 02/01/2005 33,859,447
100,000,000 FNMA^ 1.99 02/01/2005 99,320,083
100,000,000 FNMA^ 1.96 03/09/2005 99,136,542
50,000,000 FNMA^ 1.96 03/16/2005 49,549,264
50,000,000 FNMA^ 1.97 03/16/2005 49,546,958
50,000,000 FNMA^ 2.00 03/23/2005 49,519,444
75,000,000 FNMA^ 2.01 03/23/2005 74,275,563
44,996,000 FNMA^ 2.00 04/29/2005 44,471,047
1,615,140,852
----------------
TOTAL AGENCY NOTES - DISCOUNT (COST $3,443,850,252) 3,443,850,252
----------------
AGENCY NOTES - INTEREST BEARING - 23.91%
FEDERAL FARM CREDIT BANK - 5.46%
47,500,000 FFCB 1.35 11/03/2004 47,502,153
100,000,000 FFCB+/- 1.65 11/15/2004 99,997,532
100,000,000 FFCB+/- 1.75 10/04/2005 99,969,333
100,000,000 FFCB+/-@ 1.73 12/14/2005 99,939,517
50,000,000 FFCB+/-@ 1.79 12/21/2005 49,968,666
25,000,000 FFCB+/-@ 1.77 04/26/2006 24,998,063
100,000,000 FFCB+/-@ 1.61 05/04/2006 99,983,956
50,000,000 FFCB+/-@ 1.56 06/02/2006 49,979,219
572,338,439
----------------
FEDERAL HOME LOAN BANK - 8.31%
25,000,000 FHLB 3.63 10/15/2004 25,023,939
41,200,000 FHLB 2.00 11/15/2004 41,228,547
8,300,000 FHLB 4.13 11/15/2004 8,327,569
30,000,000 FHLB 1.55 12/08/2004 30,002,814
33,750,000 FHLB 1.38 12/10/2004 33,753,032
69,285,000 FHLB 2.13 12/15/2004 69,376,782
20,000,000 FHLB 3.88 12/15/2004 20,103,262
25,000,000 FHLB 4.13 01/14/2005 25,169,312
47,000,000 FHLB 1.30 01/28/2005 46,996,621
25,000,000 FHLB 1.32 02/18/2005 25,000,000
10,000,000 FHLB 1.50 03/08/2005 9,975,564
100,000,000 FHLB+/- 1.84 03/21/2005 99,998,091
10,000,000 FHLB 1.31 04/22/2005 9,953,192
100,000,000 FHLB+/- 1.76 04/25/2005 99,989,714
24
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL HOME LOAN BANK (CONTINUED)
$ 50,000,000 FHLB+/- 1.75% 09/12/2005 $ 49,976,248
100,000,000 FHLB+/- 1.68 09/16/2005 99,965,000
100,000,000 FHLB+/- 1.81 09/20/2005 99,959,906
75,000,000 FHLB+/- 1.48 10/05/2005 74,960,013
869,759,606
----------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.20%
70,000,000 FHLMC 3.25 11/15/2004 70,165,924
139,478,000 FHLMC 3.88 02/15/2005 140,677,177
20,000,000 FHLMC+/- 1.54 10/07/2005 20,000,000
230,843,101
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.94%
50,000,000 FNMA 1.88 12/15/2004 50,047,635
75,000,000 FNMA+/- 1.48 01/03/2005 74,995,161
100,000,000 FNMA+/- 1.57 01/03/2005 99,993,545
100,000,000 FNMA+/- 1.46 01/07/2005 99,989,340
150,000,000 FNMA+/- 1.76 01/28/2005 149,987,732
40,000,000 FNMA 7.13 02/15/2005 40,766,493
27,000,000 FNMA 1.55 05/04/2005 26,892,996
10,000,000 FNMA 1.61 05/13/2005 9,961,543
18,500,000 FNMA 8.50 05/26/2005 18,684,158
110,000,000 FNMA+/- 1.84 06/03/2005 109,999,955
100,000,000 FNMA+/- 1.77 06/09/2005 99,990,722
50,000,000 FNMA+/- 1.47 10/03/2005 49,967,200
831,276,480
----------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $2,504,217,626) 2,504,217,626
----------------
REPURCHASE AGREEMENTS - 45.51%
40,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $40,002,060) 1.88 10/01/2004 40,000,000
1,700,000,000 BEAR STEARNS & COMPANY INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,700,088,493) 1.90 10/01/2004 1,700,000,000
700,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $700,036,438) 1.90 10/01/2004 700,000,000
1,943,962,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $1,944,063,193) 1.90 10/01/2004 1,943,962,000
300,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $300,016,849) 2.05 10/01/2004 300,000,000
40,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $40,002,027) 1.85 10/01/2004 40,000,000
40,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $40,002,071) 1.89 10/01/2004 40,000,000
TOTAL REPURCHASE AGREEMENTS (COST $4,763,962,000) 4,763,962,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $10,712,029,878)* 102.31% $ 10,712,029,878
OTHER ASSETS AND LIABILITIES, NET (2.31) (241,832,688)
------- ----------------
TOTAL NET ASSETS 100.00% $ 10,470,197,190
------- ----------------
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
+/- VARIABLE RATE SECURITIES.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
25
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
MINNESOTA MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MUNICIPAL BONDS & NOTES - 99.92%
MINNESOTA - 99.92%
$ 100,000 ANOKA HENNEPIN MN INDEPENDENT SCHOOL DISTRICT NUMBER
11 SERIES B (PROPERTY TAX REVENUE LOC) 5.00% 02/01/2005 $ 101,297
400,000 BROOKLYN CENTER MINNESOTA BROOKDALE CORPORATION II PROJECT
INDUSTRIAL REVENUE FIRSTAR BANK NA LOC (INDUSTRIAL DEVELOPMENT
REVENUE LOC)+/-@ 1.77 12/01/2014 400,000
1,450,000 BURNSVILLE MN MFHR BERKSHIRE PROJECT SERIES A COLLATERALIZED
BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.69 07/15/2030 1,450,000
265,000 CENTENNIAL INDEPENDENT SCHOOL DISTRICT NUMBER 012
MINNESOTA SERIES A 3.75 02/01/2005 267,290
3,175,000 COHASSET MN REVENUE MINNESOTA POWER & LIGHT COMPANY
PROJECT SERIES A ABN AMRO BANK NV LOC (INDUSTRIAL DEVELOPMENT
REVENUE LOC)+/-@ 1.72 06/01/2020 3,175,000
950,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT COLLATERALIZED
BY FHLB (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.67 05/01/2027 950,000
1,020,000 DAKOTA COUNTY MN (PROPERTY TAX REVENUE LOC) 4.00 02/01/2005 1,030,155
2,750,000 DAKOTA COUNTY MN CDA MFHR REGATTA COMMONS PROJECT SERIES A
LASALLE BANK NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.87 01/01/2038 2,750,000
4,175,000 DAKOTA COUNTY MN HOUSING & REDEVELOPMENT AUTHORITY MFHR PT 484
COLLATERALIZED BY FHLMC (MULTI-FAMILY HOUSING
REVENUE LOC)+/-@ 1.74 12/01/2022 4,175,000
3,460,000 DULUTH MN ECONOMIC DEVELOPMENT AUTHORITY HEALTH CARE FACILITIES
MILLER DWAN MEDICAL CENTER (HEALTHCARE
FACILITIES REVENUE LOC)+/-@ 1.77 06/01/2019 3,460,000
3,650,000 EAGAN MN MFHR FLOATS PT 1221 (MULTI-FAMILY
HOUSING REVENUE LOC)+/-@ 1.74 12/01/2029 3,650,000
1,350,000 EAGLE TAX-EXEMPT TRUST CTF 20012301 CLASS A (MINNESOTA STATE)
(PROPERTY TAX REVENUE LOC)+/-@ 1.75 0/01/2019 1,350,000
2,200,000 EDINA MN MFHR EDINA PARK PLAZA COLLATERALIZED BY FHLMC
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.67 2/01/2029 2,200,000
3,205,000 FRIDLEY MN INDEPENDENT SCHOOL DISTRICT NUMBER 014
AID ANTICIPATION CTFS SERIES B (GENERAL OBLIGATION - SCHOOL
DISTRICTS LOC) 2.75 09/30/2005 3,238,177
700,000 GOLDEN VALLEY MN INDUSTRIAL DEVELOPMENT REVENUE UNICARE HOMES
PROJECT BANK OF AMERICA NA LOC (HEALTHCARE
FACILITIES REVENUE LOC)+/-@ 1.67 09/01/2014 700,000
250,000 HENNEPIN COUNTY MN (PROPERTY TAX REVENUE LOC) 4.25 2/01/2004 251,342
1,700,000 HENNEPIN COUNTY MN HOUSING & REDEVELOPMENT AUTHORITY MFHR
STONE ARCH APARTMENTS PROJECT LASALLE BANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.74 04/15/2035 1,700,000
3,500,000 HOPKINS MN INDEPENDENT SCHOOL DISTRICT NUMBER 270 TAX
ANTICIPATION CTFS (PROPERTY TAX REVENUE LOC) 1.50 03/18/2005 3,507,974
965,000 MANKATO MN FAMILY YMCA PROJECT REVENUE (SPORTS FACILITIES
REVENUE LOC)+/-@ 1.87 05/01/2006 965,000
970,000 MANKATO MN MFHR HIGHLAND PROJECT US BANK TRUST NA LOC
REMARKETED 10/03/00 (STATE & LOCAL GOVERNMENTS LOC)+/-@ 1.77 05/01/2027 970,000
1,620,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT
(HOUSING REVENUE LOC)+/-@ 1.69 03/01/2029 1,620,000
2,850,000 MINNEAPOLIS MN WOMANS CLUB OF MINNEAPOLIS PROJECT REVENUE
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.79 05/01/2023 2,850,000
4,490,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER PCR
MERLOTS 2003-B06 (POLLUTION CONTROL REVENUE LOC)+/-@ 1.74 03/01/2021 4,490,000
1,500,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER PCR SERIES A
(OTHER REVENUE LOC)@ 6.10 03/01/2005 1,531,250
225,000 MINNESOTA STATE 5.00 10/01/2004 225,000
4,000,000 MINNESOTA STATE HFA (HOUSING REVENUE LOC)+/-@ 1.74 01/01/2032 4,000,000
1,750,000 MINNESOTA STATE HFA (HOUSING REVENUE LOC)+/-@ 1.62 01/01/2038 1,750,000
4,270,000 MINNESOTA STATE HIGHER EDUCATION FACILITIES AUTHORITY REVENUE
ST THOMAS UNIVERSITY SERIES 5L
(EDUCATIONAL FACILITIES REVENUE LOC)+/-@ 1.73 04/01/2027 4,270,000
1,375,000 NEW BRIGHTON MN MFHR GOLDEN POND HOUSING PROJECT
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.74 07/15/2032 1,375,000
180,000 NORTH BRANCH MN INDEPENDENT SCHOOL DISTRICT NUMBER 138 SCHOOL
BUILDING SERIES A (PROPERTY TAX REVENUE LOC) 2.00 02/01/2005 180,537
26
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
MINNESOTA MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MINNESOTA (CONTINUED)
$ 500,000 NORTHERN MUNICIPAL POWER AGENCY MINNESOTA ELECTRIC
SYSTEMS REVENUE 5.25% 01/01/2005 $ 505,159
3,000,000 ROCHESTER MN HEALTH CARE SERIES 88-F
(RABOBANK NEDERLAND LOC)+/- 1.35 11/18/2004 3,000,000
650,000 ROSEVILLE MN HEALTH CARE FACILITIES REVENUE PRESBYTERIAN HOMES
CARE PROJECT (HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.77 10/01/2029 650,000
5,820,000 ROSEVILLE MN PRIVATE SCHOOL FACILITIES REVENUE NORTHWESTERN
COLLEGE PROJECT (EDUCATIONAL FACILITIES REVENUE LOC)+/-@ 1.77 11/01/2022 5,820,000
2,625,000 ST LOUIS PARK MN MFHR NEWPORT ON SEVEN APARTMENTS PROJECT
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.74 09/15/2031 2,625,000
1,640,000 ST PAUL MN CAPITAL IMPROVEMENTS SERIES D 2.00 03/01/2005 1,646,788
1,130,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY DISTRICT COOLING
REVENUE SERIES I (INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.72 06/01/2015 1,130,000
890,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY DISTRICT COOLING
REVENUE SERIES L DEXIA CREDIT LOC (INDUSTRIAL DEVELOPMENT
REVENUE LOC)+/-@ 1.72 03/01/2018 890,000
2,175,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY DISTRICT HEATING
REVENUE SERIES A (WATER REVENUE LOC)+/-@ 1.67 12/01/2012 2,175,000
5,000,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY REVENUE MINNESOTA
PUBLIC RADIO PROJECT ALLIED IRISH BANK PLC LOC
(HOUSING REVENUE LOC)+/-@ 1.77 05/01/2022 5,000,000
500,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY TAX INCREMENT
REVENUE DOWNTOWN TAX DISTRICT (SALES TAX REVENUE LOC) 6.25 02/01/2005 508,659
1,300,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE
SERIES M DEXIA BANK LOC (TRANSPORTATION REVENUE LOC)+/-@ 1.77 03/01/2021 1,300,000
740,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES O
DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)+/-@ 1.77 03/01/2012 740,000
750,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES Q
DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)+/-@ 1.67 03/01/2022 750,000
1,945,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING
REVENUE SERIES R DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)+/-@ 1.87 03/01/2022 1,945,000
3,500,000 ST PAUL MN PORT AUTHORITY TAX INCREMENT REVENUE WESTGATE
OFFICE & INDUSTRIAL CENTER PROJECT US BANK TRUST NA LOC
(TRANSPORTATION REVENUE LOC)+/-@ 1.72 02/01/2015 3,500,000
4,215,000 UNIVERSITY OF MINNESOTA GO UNIVERSITY REVENUE
(EDUCATIONAL FACILITIES REVENUE LOC)+/-@ 1.75 07/01/2021 4,215,000
94,983,628
----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $94,983,628) 94,983,628
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $94,983,628)* 99.92% $ 94,983,628
OTHER ASSETS AND LIABILITIES, NET 0.08 79,005
------- ----------------
TOTAL NET ASSETS 100.00% $ 95,062,633
------- ----------------
+/- VARIABLE RATE SECURITIES.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
27
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - INTEREST BEARING - 2.22%
$ 150,000,000 FHLMC+/- 1.59% 02/04/2005 $ 149,974,227
TOTAL AGENCY NOTES - INTEREST BEARING (COST $149,974,227) 149,974,227
----------------
AGENCY NOTES - DISCOUNT - 1.03%
50,000,000 FHLMC^ 1.72 12/28/2004 49,789,778
20,155,100 FNMA^ 1.61 10/01/2004 20,155,100
TOTAL AGENCY NOTES - DISCOUNT (COST $69,944,878) 69,944,878
----------------
CERTIFICATES OF DEPOSIT - 5.24%
110,000,000 BANCO BILBAO VIZCAYA ARGENTARIA NEW YORK 2.25 09/19/2005 109,978,916
65,000,000 BNP PARIBAS NEW YORK 1.50 11/19/2004 65,004,730
45,000,000 CDC IXIS 1.40 11/04/2004 45,000,000
30,000,000 NATEXIS BANQUES POPULAIRES NEW YORK 1.46 04/06/2005 29,999,693
55,000,000 SVENSKA HANDELSBANKEN NEW YORK 1.49 05/04/2005 54,961,055
50,000,000 SWEDBANK NEW YORK 1.41 11/03/2004 49,999,548
TOTAL CERTIFICATES OF DEPOSIT (COST $354,943,942) 354,943,942
----------------
COMMERCIAL PAPER - 43.80%
50,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.80 10/07/2004 49,985,000
100,000,000 ALPINE SECURITIZATION CORPORATION^ 1.50 10/04/2004 99,987,500
60,821,000 AMSTEL FUNDING CORPORATION^ 1.59 10/05/2004 60,810,255
100,000,000 AMSTEL FUNDING CORPORATION^ 1.81 12/30/2004 99,547,500
51,653,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.57 10/07/2004 51,639,484
60,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.71 12/17/2004 59,780,550
50,000,000 AQUINAS FUNDING LLC^ 1.66 11/16/2004 49,893,944
62,298,000 ATOMIUM FUNDING CORPORATION^ 1.82 12/14/2004 62,064,936
15,632,000 ATOMIUM FUNDING CORPORATION^ 1.85 01/13/2005 15,548,456
27,732,000 ATOMIUM FUNDING CORPORATION^ 1.85 01/14/2005 27,582,363
50,000,000 BLUE SPICE LLC^ 1.54 10/12/2004 49,976,472
20,000,000 CC USA INCORPORATED^ 1.66 11/12/2004 19,961,267
30,000,000 CC USA INCORPORATED^ 1.67 11/24/2004 29,924,850
65,000,000 CCX LLC^ 1.51 10/12/2004 64,970,010
28,238,000 CEDAR SPRINGS CAPITAL COMPANY^ 1.76 12/02/2004 28,152,408
50,000,000 CONCORD MINUTEMEN CAPITAL COMPANY^ 1.22 10/08/2004 49,988,139
35,000,000 CONCORD MINUTEMEN CAPITAL COMPANY^ 1.58 10/20/2004 34,970,814
25,000,000 CONCORD MINUTEMEN CAPITAL COMPANY+/- 1.68 10/05/2005 24,999,794
35,250,000 CONCORD MINUTEMEN CAPITAL COMPANY+/- 1.72 10/06/2005 35,249,467
20,000,000 CROWN POINT CAPITAL COMPANY^ 1.85 01/20/2005 19,886,225
25,000,000 DORADA FINANCE INCORPORATED^ 1.51 10/12/2004 24,988,465
100,000,000 FORTIS FUNDING LLC^ 1.74 12/07/2004 99,676,167
100,000,000 FORTIS FUNDING LLC^ 1.74 12/08/2004 99,671,333
75,000,000 GOVCO INCORPORATED^ 1.67 11/23/2004 74,815,604
15,000,000 GRAMPIAN FUNDING LLC^ 1.66 11/19/2004 14,966,108
60,000,000 GRAMPIAN FUNDING LLC^ 1.71 12/22/2004 59,766,300
50,000,000 GRAMPIAN FUNDING LLC^ 2.12 03/24/2005 49,488,875
80,000,000 IRISH LIFE & PERMANENT PLC^ 1.72 12/16/2004 79,709,511
95,000,000 IRISH LIFE & PERMANENT PLC^ 1.75 12/22/2004 94,621,320
65,000,000 LEGACY CAPITAL LLC^ 1.53 10/14/2004 64,964,088
100,633,000 LEXINGTON PARKER CAPITAL CORPORATION^ 1.21 10/12/2004 100,595,794
60,000,000 LEXINGTON PARKER CAPITAL CORPORATION^ 1.93 03/01/2005 59,514,283
65,000,000 LIQUID FUNDING LIMITED+/- 1.80 12/21/2004 65,000,000
28
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER (CONTINUED)
$ 45,000,000 LIQUID FUNDING LIMITED+++/- 1.83% 09/22/2005 $ 45,000,000
40,000,000 MANE FUNDING CORPORATION^ 1.54 10/18/2004 39,970,911
45,000,000 MORGAN STANLEY+/- 1.86 03/10/2005 45,000,000
60,000,000 MORTGAGE INTEREST NETWORKING TRUST^ 1.73 11/30/2004 59,827,000
113,500,000 NATIONWIDE BUILDING SOCIETY^ 1.71 11/29/2004 113,181,916
70,000,000 NEPTUNE FUNDING CORPORATION^ 1.78 11/18/2004 69,833,867
25,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.77 01/06/2005 24,880,771
26,324,000 NIEUW AMSTERDAM RECEIVABLES^ 1.74 11/24/2004 26,255,294
60,000,000 NORTHERN ROCK PLC^ 1.73 11/26/2004 59,838,533
94,600,000 PERRY GLOBAL FUNDING LLC^ 1.56 10/05/2004 94,583,603
109,217,000 PERRY GLOBAL FUNDING LLC^ 1.53 10/13/2004 109,161,299
31,450,000 PREFERRED RECEIVABLES FUNDING^ 1.73 11/29/2004 31,360,831
96,171,000 REGENCY MARKETS NUMBER 1 LLC^ 1.80 12/07/2004 95,848,827
50,000,000 SPINTAB AB^ 1.72 11/09/2004 49,906,833
40,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 39,989,933
41,000,000 TANGO FINANCE CORPORATION^ 1.78 12/02/2004 40,874,312
56,886,000 TRIPLE A ONE FUNDING CORPORATION^ 1.55 10/08/2004 56,868,855
23,151,000 WHITE PINE FINANCE LLC^ 1.14 10/15/2004 23,140,736
82,596,000 WHITE PINE FINANCE LLC^ 1.16 10/15/2004 82,558,740
33,931,000 WHITE PINE FINANCE LLC^ 1.68 11/29/2004 33,837,577
TOTAL COMMERCIAL PAPER (COST $2,964,617,120) 2,964,617,120
----------------
CORPORATE BONDS & NOTES - 0.98%
65,000,000 WAL-MART STORES 5.01 06/01/2005 66,251,824
TOTAL CORPORATE BONDS & NOTES (COST $66,251,824) 66,251,824
----------------
EXTENDABLE BONDS - 5.22%
175,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.84 10/07/2005 175,004,207
100,000,000 ING SECURITY LIFE INSTITUTIONAL FUNDING+++/- 1.79 10/07/2005 100,000,000
33,000,000 MERRILL LYNCH & COMPANY INCORPORATED+/- 1.90 10/11/2005 33,060,632
45,000,000 NORTHERN ROCK PLC+++/- 1.89 07/08/2005 45,000,000
TOTAL EXTENDABLE BONDS (COST $353,064,839) 353,064,839
----------------
MEDIUM TERM NOTES - 7.01%
70,000,000 AMERICAN EXPRESS CENTURION BANK+/- 1.74 05/13/2005 69,991,360
41,600,000 BANK OF AMERICA SECURITIES+/-@ 1.96 09/09/2034 41,600,000
60,000,000 CC (USA) INCORPORATED++ 1.50 11/17/2004 60,000,000
18,750,000 JOHN HANCOCK GLOBAL FUNDING II+++/- 1.70 12/04/2004 18,750,000
10,000,000 K2 (USA) LLC++ 1.43 03/15/2005 10,000,000
100,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 100,762,214
100,000,000 NATEXIS BANQUES POPULAIRES NEW YORK+/- 1.69 09/09/2005 99,966,903
30,000,000 PREMIUM ASSET TRUST SERIES 04-08+++/- 1.77 10/14/2005 30,000,000
18,333,333 STRATEGIC MONEY MARKET TRUST SERIES 1999-D+/-++ 2.15 06/03/2005 18,358,856
25,000,000 WHITE PINE FINANCE LLC+++/- 1.61 12/01/2004 24,998,737
TOTAL MEDIUM TERM NOTES (COST $474,428,070) 474,428,070
----------------
MUNICIPAL BONDS & NOTES - 0.01%
VARIABLE RATE DEMAND NOTES - 0.01%
140,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96C+/-@ 1.84 12/15/2026 140,000
160,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96D+/-@ 1.84 12/15/2026 160,000
29
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
VARIABLE RATE DEMAND NOTES (CONTINUED)
$ 180,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96E+/-@ 1.84% 12/15/2026 $ 180,000
130,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96F+/-@ 1.84 12/15/2026 130,000
265,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96I+/-@ 1.84 12/15/2026 265,000
75,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96G+/-@ 1.94 12/15/2026 75,000
TOTAL VARIABLE RATE DEMAND NOTES (COST $950,000) 950,000
TOTAL MUNICIPAL BONDS & NOTES (COST $950,000) 950,000
----------------
PROMISSORY NOTES - 3.10%
125,000,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 1.88 06/06/2005 125,000,000
85,000,000 GOLDMAN SACHS GROUP INCORPORATED+/- 1.71 07/26/2005 85,000,000
TOTAL PROMISSORY NOTES (COST $210,000,000) 210,000,000
----------------
REPURCHASE AGREEMENTS - 22.33%
400,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $400,020,822) 1.90 10/01/2004 400,000,000
182,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $182,009,524) 1.91 10/01/2004 182,000,000
200,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $200,039,671) 1.81 10/04/2004 200,000,000
110,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $110,005,786) 1.92 10/01/2004 110,000,000
65,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $65,003,526) 1.98 10/01/2004 65,000,000
8,732,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $8,732,467) 1.95 10/01/2004 8,732,000
85,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $85,004,471) 1.92 10/01/2004 85,000,000
460,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $460,023,945) 1.90 10/01/2004 460,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,510,732,000) 1,510,732,000
----------------
TIME DEPOSITS - 9.04%
142,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 142,000,000
100,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 100,000,000
128,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 128,000,000
199,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 199,000,000
43,000,000 LLOYDS TSB BANK PLC LONDON 1.79 10/05/2004 43,000,000
TOTAL TIME DEPOSITS (COST $612,000,000) 612,000,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $6,766,906,900)* 99.98% $ 6,766,906,900
OTHER ASSETS AND LIABILITIES, NET 0.02 1,676,679
------- ----------------
TOTAL NET ASSETS 100.00% $ 6,768,583,579
------- ----------------
+/- VARIABLE RATE SECURITIES.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
30
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MUNICIPAL BONDS & NOTES - 89.84%
ALABAMA - 0.22%
$ 4,895,000 MONTGOMERY AL BMC SPECIAL CARE FACILITIES AUTHORITY
REVENUE SERIES 435 (BUSINESS IMPROVEMENT REVENUE LOC)@+/- 1.73% 11/15/2029 $ 4,895,000
----------------
ALASKA - 3.63%
1,340,000 ALASKA INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE PROVIDENCE
MEDICAL OFFICE BUILDING ASSOCIATES PROJECT KBC BANK NV LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.30 06/01/2010 1,340,000
7,495,000 ALASKA STATE HOUSING FINANCE CORPORATION FLOATER PA 1057
HOUSING REVENUE MBIA INSURED (HOUSING REVENUE LOC)@+/- 1.73 06/01/2026 7,495,000
1,125,000 ALASKA STATE HOUSING FINANCE CORPORATION HOUSING REVENUE
SERIES BB (OTHER REVENUE LOC)@+/- 1.84 06/01/2007 1,125,000
6,340,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES INCORPORATED
PROJECT SERIES A (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 06/01/2037 6,340,000
35,950,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES INCORPORATED
PROJECT SERIES B (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 07/01/2037 35,950,000
29,560,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES INCORPORATED
PROJECT SERIES C (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 07/01/2037 29,560,000
81,810,000
----------------
ARIZONA - 0.53%
400,000 ARIZONA STATE UNIVERSITY REVENUE SERIES A
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.70 07/01/2034 400,000
2,715,000 MARICOPA COUNTY AZ IDA MFHR REFUNDING LAS GARDENIAS APARTMENTS
PROJECT SERIES A (HOUSING REVENUE LOC)@+/- 1.73 04/15/2033 2,715,000
2,300,000 MARICOPA COUNTY AZ IDA MFHR VILLAS SOLANAS APARTMENTS PROJECT
SERIES A BANK OF CHERRY CREEK NA LOC
(HOUSING REVENUE LOC)@+/- 1.73 11/15/2032 2,300,000
815,000 MARICOPA COUNTY AZ IDA SFMR (HOUSING REVENUE LOC)@+/- 1.78 09/01/2005 815,000
5,615,000 PIMA COUNTY AZ IDA REVENUE LEASE PURCHASE
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.85 06/01/2007 5,615,000
11,845,000
----------------
ARKANSAS - 0.11%
2,420,000 ARKANSAS STATE DEVELOPMENT FINANCE AUTHORITY SFMR SERIES II
COLLATERALIZED BY GNMA/FNMA (SINGLE
FAMILY HOUSING REVENUE LOC)@+/- 1.79 07/01/2033 2,420,000
----------------
CALIFORNIA - 5.94%
10,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
SAN FRANCISCO BALLET ASSOCIATION
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.68 07/01/2032 10,500,000
1,000,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR PACIFIC
GAS & ELECTRIC COMPANY (INDUSTRIAL
DEVELOPMENT REVENUE LOC)@+/- 1.77 11/01/2026 1,000,000
6,400,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES C-3 AMBAC INSURED (ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 6,400,000
22,125,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES B-1 BANK OF NEW YORK LOC
(POWER REVENUE LOC)@+/- 1.16 05/01/2022 22,125,000
3,700,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE POWER SUPPLY
REVENUES SERIES C4 JPM LOC (POWER REVENUE LOC)@+/- 1.70 05/01/2022 3,700,000
2,300,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B-6
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.73 05/01/2022 2,300,000
29,300,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-4
(SALES TAX REVENUE LOC)@+/- 1.71 07/01/2023 29,300,000
12,600,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-7
(SALES TAX REVENUE LOC)@+/- 1.72 07/01/2023 12,600,000
3,900,000 IRVINE CA IMPT BD ACT 1915 DISTRICT 85-7-I
(SPECIAL TAX REVENUE LOC)@+/- 1.68 09/02/2011 3,900,000
15,000,000 LOS ANGELES CA SERIES L54J-REGULATION D@+/- 1.15 06/30/2005 15,000,000
7,950,000 METROPOLITAN WATER DISTRICT SOUTHERN CA
WATERWORKS REVENUE SERIES A2 JP MORGAN CHASE BANK INSURED
(WATER REVENUE LOC)@+/- 1.67 07/01/2023 7,950,000
31
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 5,400,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B
ALISO CREEK PROJECT FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.67% 11/01/2022 $ 5,400,000
5,700,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B
(LEASE REVENUE LOC)@+/- 1.28 08/01/2030 5,700,000
1,100,000 SIMI VALLEY CALIFORNIA MFHR LINCOLN WOOD RANCH
(HOUSING REVENUE LOC)@+/- 1.68 06/01/2010 1,100,000
4,200,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE LLOYDS BANK LOC (UTILITIES REVENUE LOC)@+/- 1.67 07/01/2019 4,200,000
2,738,000 US BANCORP PROJECT FUNDING TRUST SERIES A
(MUNICIPAL LOC)++@+/- 1.77 01/01/2010 2,738,000
133,913,000
----------------
COLORADO - 2.27%
1,900,000 ARVADA COUNTY CO WATER ENTERPRISES REVENUE FSA INSURED
(WATER REVENUE LOC)@+/- 1.45 11/01/2020 1,900,000
2,015,000 COLORADO DEPARTMENT OF TRANSPORTATION REVENUE PUTTERS SERIES
249Z AMBAC INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.73 06/15/2014 2,015,000
2,000,000 COLORADO HFA AMT MFHR PROJECT CLASS I SERIES B-3 COLLATERALIZED
BY FHLB (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 10/01/2035 2,000,000
9,300,000 FITZSIMONS REDEVELOPMENT AUTHORITY COLORADO REVENUE
UNIVERSITY PHYSICIANS INCORPORATED ALLIED IRISH BANK PLC LOC
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.74 01/01/2025 9,300,000
17,800,000 MOFFAT COUNTY PCR PACIFICORP PROJECT@+/- 1.72 05/01/2013 17,800,000
11,300,000 PITKIN COUNTY CO INDUSTRIAL DEVELOPMENT REVENUE ASPEN
SKIING PROJECT SERIES A BANK ONE NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 04/01/2016 11,300,000
6,809,500 US BANCORP PROJECT FUNDING TRUST SERIES A
(DEPOSITORY INSTITUTIONS LOC)++@+/- 1.77 03/01/2010 6,809,500
51,124,500
----------------
DELAWARE - 1.47%
17,550,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY REVENUE BONDS
HOSPITAL BILLINGS SERIES C
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.71 12/01/2015 17,550,000
15,600,000 KENT COUNTY STUDENT HOUSING REVENUE@+/- 1.69 07/01/2036 15,600,000
33,150,000
----------------
FLORIDA - 3.98%
12,100,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY OAK HAMMOCK
UNIVERSITY OF FLORIDA PROJECT SERIES A BNP PARIBAS LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.72 10/01/2032 12,100,000
7,000,000 CAPITAL PROJECTS FINANCE AUTHORITY FL GLENRIDGE ON PALMER RANCH
SERIES C BANK OF SCOTLAND LOC (HEALTHCARE FACILITIES REVENUE
LOC)@+/- 1.72 06/01/2012 7,000,000
9,000,000 EAGLE TAX-EXEMPT TRUST CTF 20010906 CLASS A (FLORIDA STATE
BOARD OF EDUCATION LOTTERY REVENUE SERIES B) FGIC INSURED
(OTHER REVENUE LOC)+/-@ 1.75 07/01/2019 9,000,000
730,000 ESCAMBIA COUNTY FL HOUSING FINANCE AUTHORITY SFMR
FLOATS PT 1228 (SINGLE FAMILY MORTGAGE REVENUE LOC)@+/- 1.77 10/01/2031 730,000
3,790,000 FLORIDA STATE CORRECTIONAL PRIVATIZATION COMMUNITY CTFS
PARTNERSHIP SERIES II R (JAIL FACILITIES REVENUE LOC)@+/- 1.75 08/01/2025 3,790,000
4,400,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT HEALTH CARE
FACILITIES REVENUE@+/- 1.23 09/01/2023 4,400,000
1,635,000 ORANGE COUNTY FL IDA INDUSTRIAL DEVELOPMENT REVENUE CENTRAL
FLORIDA YMCA PROJECT SERIES A BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 05/01/2027 1,635,000
15,800,000 PALM BEACH COUNTY FL SCHOOL BOARD CERTIFICATES
PARTNERSHIP SERIES B (LEASE REVENUE LOC)@+/- 1.72 08/01/2029 15,800,000
5,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY INCORPORATED PROJECT
NORTHERN TRUST COMPANY LOC (RECREATIONAL
FACILITIES REVENUE LOC)@+/- 1.75 05/01/2031 5,500,000
11,400,000 POLK COUNTY FL SCHOOL BOARD CERTIFICATES OF PARTICIPATION
MASTER LEASE PROGRAM SERIES A (LEASE REVENUE LOC)@+/- 1.68 01/01/2028 11,400,000
18,200,000 SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION REVENUE
(OTHER REVENUE LOC)@+/- 1.70 07/01/2016 18,200,000
89,555,000
----------------
32
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
GEORGIA - 1.81%
$ 5,300,000 CLAYTON COUNTY GA DEVELOPMENT AUTHORITY INDUSTRIAL
DEVELOPMENT REVENUE BLUE CIRCLE AGGREGATES INCORPORATED
DANSKE BANK LOC (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75% 09/01/2009 $ 5,300,000
4,270,000 EAGLE TAX-EXEMPT TRUST CTF 20001003 CLASS A (ATLANTA GA
AIRPORT REVENUE SERIES A) FGIC INSURED
(AIRPORT REVENUE LOC)@+/- 1.75 01/01/2030 4,270,000
8,120,000 FULTON COUNTY GS DEVELOPMENT AUTHORITY REVENUE SERIES 960
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.73 05/01/2036 8,120,000
5,290,000 FULTON DE KALB GA HOSPITAL AUTHORITY REVENUE ROCS RR II R 2074
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.75 01/01/2020 5,290,000
4,400,000 GAINESVILLE & HALL COUNTY GA DEVELOPMENT AUTHORITY INDIVIDUAL
EXEMPT FACILITIES REVENUE SPOUT SPRINGS WATER LLC PROJECT
BANK OF AMERICA NA LOC (OTHER REVENUE LOC)@+/- 1.75 04/01/2027 4,400,000
13,440,000 GEORGIA LOCAL GOVERNMENT CTFS PARTICIPATION SERIES K
(GENERAL OBLIGATION - POLITICAL SUBDIVISION LOC)@+/- 1.79 06/01/2028 13,440,000
40,820,000
----------------
HAWAII - 0.95%
8,000,000 EAGLE TAX-EXEMPT TRUST CTF 20011101 CLASS A
(HAWAII STATE HIGHWAY REVENUE) FSA INSURED
(TOLL ROAD REVENUE LOC)@+/- 1.75 07/01/2019 8,000,000
13,500,000 HONOLULU HI CITY & COUNTY TAX REVENUE SERIES C FGIC INSURED
(PROPERTY TAX REVENUE LOC)+/-@ 1.18 12/01/2008 13,500,000
21,500,000
----------------
IDAHO - 0.13%
3,025,000 IDAHO HOUSING & FINANCIAL ASSISTANCE HOUSING REVENUE
BALMORAL APARTMENTS II DEVELOPMENT PROJECT US BANK NA LOC
(HOUSING REVENUE LOC)@+/- 1.87 04/01/2033 3,025,000
----------------
ILLINOIS - 7.13%
5,000,000 CHICAGO IL BOARD OF EDUCATION CTFS SERIES A
(PROPERTY TAX REVENUE LOC)@+/- 1.79 06/01/2021 5,000,000
6,050,000 CHICAGO IL BOARD OF EDUCATION ROC SERIES II-R_139 AMBAC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2022 6,050,000
1,500,000 CHICAGO IL ECONOMIC DEVELOPMENT REVENUE CRANE
CARTON COMPANY PROJECT BANKERS TRUST COMPANY LOC
(ECONOMIC DEVELOPMENT REVENUE LOC)+/-@ 1.83 06/01/2012 1,500,000
5,435,000 CHICAGO IL PARK DISTRICT ROC RR SERIES II-R-4018 AMBAC INSURED
(STATE & LOCAL GOVERNMENT LOC)@+/- 1.75 01/01/2024 5,435,000
1,340,000 CHICAGO IL PUBLIC BUILDING COMMERCIAL BUILDING REVENUE SERIES C
(LEASE REVENUE LOC) 5.38 02/01/2005 1,357,616
2,800,000 CHICAGO IL PUBLIC BUILDING COMMISSION EAGLE 20030015 CLASS A
FGIC INSURED (LEASE REVENUE LOC)@+/- 1.75 12/01/2014 2,800,000
5,700,000 CHICAGO IL SALES TAX REVENUE SERIES SG 131 FGIC INSURED
(SALES TAX REVENUE LOC)@+/- 1.73 01/01/2027 5,700,000
3,747,000 COOK COUNTY IL CTFS SERIES 458 FGIC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.73 11/15/2028 3,747,000
5,125,000 EAGLE TAX-EXEMPT TRUST CTF 20021301 CLASS A (ILLINOIS STATE)
FGIC INSURED (OTHER REVENUE LOC)+/-@ 1.75 02/01/2019 5,125,000
18,025,000 EAGLE TAX-EXEMPT TRUST CTF 20021303 CLASS A
(COOK COUNTY IL SERIES C) AMBAC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 11/15/2025 18,025,000
4,000,000 EAGLE TAX-EXEMPT TRUST CTF 20021304 CLASS A
(ILLINOIS STATE) FGIC INSURED (OTHER REVENUE LOC)@+/- 1.75 02/01/2027 4,000,000
2,935,000 ELGIN IL INDUSTRIAL DEVELOPMENT REVENUE
GEMINI MOULDINGS PROJECT LASALLE BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 12/01/2028 2,935,000
1,150,000 ELGIN IL INDUSTRIAL DEVELOPMENT REVENUE NELSON GRAPHIC
INCORPORATED PROJECT LASALLE BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 05/01/2020 1,150,000
2,000,000 ELMHURST IL INDUSTRIAL DEVELOPMENT REVENUE JOHN SAKASH
COMPANY INCORPORATED PROJECT LASALLE BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 02/01/2025 2,000,000
33
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
ILLINOIS (CONTINUED)
$ 4,980,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY REVENUE CHRISTIAN
HERITAGE ACADEMY US BANK NA LOC (PRIVATE SCHOOL REVENUE LOC)@+/- 1.77% 12/01/2021 $ 4,980,000
849,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY REVENUE UHLICH CHILDRENS
HOME PROJECT AMERICAN NATIONAL B&T LOC (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.69 06/01/2015 849,000
190,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE NEWBERRY
LIBRARY NORTHERN TRUST COMPANY LOC (OTHER REVENUE LOC)+/-@ 1.70 03/01/2028 190,000
4,895,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE ST XAVIER
UNIVERSITY PROJECT SERIES A LASALLE BANK NA LOC (COLLEGE AND
UNIVERSITY REVENUE LOC)@+/- 1.72 10/01/2032 4,895,000
15,600,000 ILLINOIS HEALTH CARE FACILITIES AUTHORITY REVENUE RIVERSIDE
HEALTH SYSTEMS (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.71 11/01/2019 15,600,000
700,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE (HOSPITAL REVENUE
LOC)@+/- 1.72 08/01/2026 700,000
3,200,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE MEMORIAL MEDICAL
CENTER SERIES C KREDIETBANK NV LOC (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.69 01/01/2016 3,200,000
3,600,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE REVOLVING FUND
POOLED FINANCING BANK ONE NA LOC (HEALTHCARE FACILITIES REVENUE
LOC)@+/- 1.71 08/01/2015 3,600,000
19,000,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE SILVER CROSS
HOSPITAL & MEDICAL SERIES A FIFTH THIRD BANK LOC (HEALTHCARE
FACILITIES REVENUE LOC)@+/- 1.65 08/15/2026 19,000,000
7,300,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY MFHR LAKESHORE
PLAZA SERIES A MBIA INSURED (MULTI-FAMILY HOUSING REVENUE
LOC)@+/- 1.71 07/01/2027 7,300,000
1,325,000 ILLINOIS INDUSTRIAL DEVELOPMENT FINANCE AUTHORITY REVENUE
RECOVERY INCOME PROJECT BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 06/01/2008 1,325,000
7,530,000 ILLINOIS STATE CTFS SERIES G (GENERAL OBLIGATION - STATES,
TERRITORIES LOC)@+/- 1.77 05/01/2015 7,530,000
4,500,000 ILLINOIS STATE SALES TAX REVENUE MUNICIPAL TRUST RECEIPTS
SERIES SG-9 (SALES TAX REVENUE LOC)+/-@ 1.73 06/15/2019 4,500,000
6,800,000 LOMBARD IL IDA REVENUE 2500 HIGLAND AVENUE PROJECT
MID-AMERICA FEDERAL SAVINGS & LOAN LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 2.15 12/01/2006 6,800,000
6,000,000 ORLAND HILLS IL MFHR SERIES A LASALLE NATIONAL BANK LOC
(HOUSING REVENUE LOC)@+/- 1.70 12/01/2004 6,000,000
1,200,000 SCHAUMBERG IL MFHR WINDSONG APARTMENTS PROJECT
LASALLE NATIONAL BANK LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 02/01/2024 1,200,000
4,900,000 SCHAUMBURG IL SERIES C (PROPERTY TAX REVENUE LOC)@+/- 1.72 12/01/2034 4,900,000
3,185,000 WARREN COUNTY IL INDUSTRIAL PROJECT REVENUE MONMOUTH COLLEGE
PROJECT ALLIED IRISH BANK PLC LOC
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.70 12/01/2032 3,185,000
160,578,616
----------------
INDIANA - 1.97%
300,000 INDIANA HFFA REVENUE CAPITAL ACCESS COMERICA BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.67 04/01/2013 300,000
3,965,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION
SERIES B FIFTH THIRD BANK LOC (HEALTHCARE FACILITIES REVENUE
LOC)@+/- 1.77 10/01/2022 3,965,000
4,500,000 INDIANA HOSPITAL EQUIPMENT FINANCING AUTHORITY REVENUE SERIES
A MBIA INSURED (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.67 12/01/2015 4,500,000
2,000,000 INDIANA TRANSIT FINANCE AUTHORITY HIGHWAY REVENUE SERIES B-21
(TOLL ROAD REVENUE LOC)@+/- 1.74 12/01/2004 2,000,000
750,000 INDIANAPOLIS IN ECONOMIC DEVELOPMENT REVENUE JEWISH FEDERATION
CAMPUS FIFTH THIRD BANK LOC (ECONOMIC DEVELOPMENT REVENUE
LOC)@+/- 1.67 04/01/2005 750,000
8,700,000 INDIANAPOLIS IN MFHR CROSSING PARTNERS PROJECT AIG GUARANTY LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.90 03/01/2031 8,700,000
14,135,000 RICHMOND IN HOSPITAL AUTHORITY REVENUE REID HOSPITAL & HEALTH
CARE PROJECT (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.72 01/01/2012 14,135,000
9,980,000 WHITING IN ENVIRONMENTAL FACILITIES REVENUE BP PRODUCTS PROJECT
SERIES C (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.79 07/01/2034 9,980,000
44,330,000
----------------
34
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
IOWA - 1.39%
$ 3,030,000 IOWA FINANCE AUTHORITY ECONOMIC DEVELOPMENT REVENUE
LASALLE BANK NA LOC (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.87% 03/01/2016 $ 3,030,000
6,100,000 IOWA FINANCE AUTHORITY HEALTH CARE FACILITIES REVENUE ST LUKE'S
HEALTH SERIES A GENERAL ELECTRIC CAPITAL CORPORATION LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.69 03/01/2018 6,100,000
2,960,000 IOWA FINANCE AUTHORITY MFHR CEDARWOOD HILLS PROJECT SERIES A
COLLATERALIZED BY FHLMC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 05/01/2031 2,960,000
3,000,000 IOWA FINANCE AUTHORITY PRIVATE COLLEGE REVENUE DRAKE UNIVERSITY
PROJECT FIRSTAR BANK LOC
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.77 07/01/2011 3,000,000
10,530,000 IOWA FINANCE AUTHORITY SFHR CTFS SERIES N (SINGLE FAMILY
HOUSING REVENUE LOC)@+/- 1.84 01/01/2008 10,530,000
3,190,000 IOWA HIGHER EDUCATION LOAN AUTHORITY REVENUE PRIVATE COLLEGE
FACILITIES GRAND VIEW PROJECT FIRSTAR BANK NA LOC (COLLEGE AND
UNIVERSITY REVENUE LOC)@+/- 1.77 10/01/2025 3,190,000
2,615,000 OSKALOOSA IA PRIVATE SCHOOL FACILITY REVENUE WILLIAM PENN
UNIVERSITY PROJECT US BANK NA LOC (PRIVATE SCHOOL REVENUE
LOC)@+/- 1.77 07/01/2020 2,615,000
31,425,000
----------------
KANSAS - 0.74%
9,500,000 KANSAS STATE DEVELOPMENT FINANCE AUTHORITY MFHR BLUFFS OLATHE
APARTMENTS PROJECT SERIES X
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 2.40 11/25/2031 9,500,000
5,885,000 LENEXA KS MFHR SERIES 1020 (HOUSING REVENUE LOC)@+/- 1.74 07/01/2026 5,885,000
1,205,000 SEDGWICK & SHAWNEE COUNTIES KS SFHR FLOATS PT 1188 MERRILL LYNCH
CAPITAL SERVICES LOC (SINGLE FAMILY HOUSING REVENUE LOC)+/-@ 1.80 12/01/2013 1,205,000
16,590,000
----------------
KENTUCKY - 1.28%
28,755,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN SEWER DISTRICT
SEWER AND DRAIN SYSTEM SERIES A (SEWER REVENUE LOC)@+/- 1.68 05/15/2023 28,755,000
----------------
LOUISIANA - 1.38%
5,000,000 ERNEST N MORIAL-NEW ORLEANS LA EXHIBIT HALL AUTHORITY SPECIAL
TAX SERIES A46 (SPECIAL TAX REVENUE LOC)@+/- 1.72 07/15/2028 5,000,000
2,170,000 JEFFERSON PARISH LA HOME MORTGAGE AUTHORITY FLOATS PT 229
COLLATERALIZED BY GNMA FNMA (HOUSING REVENUE LOC)@+/- 1.78 06/01/2007 2,170,000
6,500,000 LAKE CHARLES LA HARBOR AND TERMINAL DISTRICT PORT FACILITIES
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.70 08/01/2007 6,500,000
5,620,000 LOUISIANA PUBLIC FACILITIES AUTHORITY REVENUE SERIES II-R-192
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.75 05/15/2022 5,620,000
5,740,000 PLAQUEMINES LA PORT HARBOR & TERMINAL DISTRICT PORT FACILITIES
REVENUE INTERNATIONAL MARINE TERM PROJECT SERIES B KREDITBANK
NV LOC (HARBOR DEPARTMENT REVENUE LOC)@+/- 1.08 03/15/2006 5,740,000
6,150,000 PLAQUEMINES LA PORT HARBOR & TERMINAL DISTRICT PORT FACILITIES
REVENUE INTERNATIONAL MARINE TERMINAL PROJECT SERIES A
KREDITBANK NV LOC (TRANSPORTATION REVENUE LOC)@+/- 1.08 03/15/2006 6,150,000
31,180,000
----------------
MARYLAND - 0.14%
3,100,000 MARYLAND STATE ECONOMIC DEVELOPMENT CORPORATE REVENUE US
PHARMACOPEIAL PROJECT-A (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.76 07/01/2034 3,100,000
----------------
MASSACHUSETTS - 2.66%
7,495,000 MASSACHUSETTS STATE GO FSA INSURED (OTHER REVENUE LOC)@+/- 1.70 12/01/2014 7,495,000
14,800,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
REVENUE HARVARD UNIVERSITY SERIES GG-1
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.67 07/01/2029 14,800,000
14,000,000 MASSACHUSETTS STATE HEALTH AND EDUCATIONAL FACILITIES
AUTHORITY REVENUE@+/- 1.67 11/01/2049 14,000,000
35
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MASSACHUSETTS (CONTINUED)
$ 18,600,000 MASSACHUSETTS STATE HFA HOUSING REVENUE SERIES F
(HOUSING REVENUE LOC)@+/- 1.70% 12/01/2037 $ 18,600,000
5,000,000 MASSACHUSETTS STATE SPECIAL OBLIGATION DEDICATED TAX REVENUE
B19 (OTHER REVENUE LOC)@+/- 1.72 01/01/2028 5,000,000
59,895,000
----------------
MICHIGAN - 3.93%
1,125,000 BIG RAPIDS MI PUBLIC SCHOOL DISTRICT (PROPERTY TAX REVENUE LOC)@ 5.63 05/01/2005 1,164,964
7,200,000 DETROIT MI CITY SCHOOL DISTRICT EAGLE-20026014 CLASS A FGIC
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.75 05/01/2032 7,200,000
2,255,000 DETROIT MI SEWER DISPOSAL REVENUE MERLOTS SERIES B41 FSA INSURED
(SEWER REVENUE LOC)@+/- 1.74 07/01/2026 2,255,000
6,495,000 DETROIT MI SEWER DISPOSAL REVENUE SERIES II-R-103 FGIC INSURED
(SEWER REVENUE LOC)@+/- 1.75 07/01/2026 6,495,000
1,000,000 FARMINGTON HILLS MI HOSPITAL FINANCE AUTHORITY HOSPITAL REVENUE
BOTSFORD GENERAL HOSPITAL SERIES B MBIA INSURED
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.77 02/15/2016 1,000,000
8,900,000 LIVONIA MI PUBLIC SCHOOL DISTRICT (PROPERTY TAX REVENUE LOC)@+/- 1.75 05/01/2023 8,900,000
18,000,000 MICHIGAN MUNICIPAL AUTHORITY REVENUE
(STATE & LOCAL GOVERNMENTS LOC) 3.00 08/19/2005 18,226,585
4,295,000 MICHIGAN STATE BUILDING AUTHORITY REVENUE (LEASE REVENUE LOC)@+/- 1.75 10/15/2021 4,295,000
3,500,000 MICHIGAN STATE BUILDING AUTHORITY REVENUE SERIES I (TAX REVENUE
LOC) 5.00 10/15/2004 3,505,181
1,700,000 MICHIGAN STATE GRANT ANTICIPATION NOTES SERIES B (OTHER REVENUE
LOC)@+/- 1.68 09/15/2008 1,700,000
8,700,000 MICHIGAN STATE GRANT SERIES A
(GENERAL OBLIGATION - POLITICAL SUBDIVISION LOC)@+/- 1.68 09/15/2008 8,700,000
2,100,000 MICHIGAN STATE HIGHER EDUCATION LOAN REVENUE SERIES XII B AMBAC
INSURED (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.71 10/01/2013 2,100,000
7,600,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LIMITED OBLIGATION
REVENUE NONPROFIT HOUSING CORPORATION VI
(HOUSING REVENUE LOC)@+/- 1.70 06/01/2025 7,600,000
3,500,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY RENTAL HOUSING
REVENUE SERIES A MBIA INSURED (HOUSING REVENUE LOC)@+/- 1.72 10/01/2037 3,500,000
12,005,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION REVENUE DETROIT
SYMPHONY PROJECT SERIES B MICHIGAN NATIONAL BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 06/01/2031 12,005,000
88,646,730
----------------
MINNESOTA - 3.52%
300,000 BROOKLYN CENTER MINNESOTA BROOKDALE CORPORATION II PROJECT
INDUSTRIAL REVENUE FIRSTAR BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 12/01/2014 300,000
2,095,000 BURNSVILLE MN MFHR BERKSHIRE PROJECT SERIES A COLLATERALIZED BY
FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.69 07/15/2030 2,095,000
2,935,000 CASS LAKE MN INDEPENDENT SCHOOL DISTRICT NUMBER 115 SERIES A 3.00 09/19/2005 2,972,570
2,300,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT COLLATERALIZED BY
FHLB (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.67 05/01/2027 2,300,000
1,950,000 DAKOTA COUNTY MN CDA MFHR REGATTA COMMONS PROJECT SERIES A
LASALLE BANK NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.87 01/01/2038 1,950,000
300,000 DAKOTA COUNTY MN HOUSING & REDEVELOPMENT AUTHORITY MFHR PT 484
COLLATERALIZED BY FHLMC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 12/01/2022 300,000
5,120,000 EAGAN MN MFHR FLOATS PT 1221 (MULTI-FAMILY HOUSING REVENUE
LOC)+/-@ 1.74 12/01/2029 5,120,000
1,950,000 EAGLE TAX-EXEMPT TRUST CTF 20012301 CLASS A (MINNESOTA STATE)
(PROPERTY TAX REVENUE LOC)@+/- 1.75 10/01/2019 1,950,000
10,880,000 EDINA MN MFHR EDINA PARK PLAZA COLLATERALIZED BY FHLMC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.67 12/01/2029 10,880,000
1,200,000 GOLDEN VALLEY MN INDUSTRIAL DEVELOPMENT REVENUE UNICARE
HOMES PROJECT BANK OF AMERICA NA LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.67 09/01/2014 1,200,000
36
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MINNESOTA (CONTINUED)
$ 1,100,000 HENNEPIN COUNTY MN HOUSING & REDEVELOPMENT AUTHORITY
MFHR STONE ARCH APARTMENTS PROJECT LASALLE BANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74% 04/15/2035 $ 1,100,000
1,500,000 HOPKINS MN INDEPENDENT SCHOOL DISTRICT NUMBER 270 TAX
ANTICIPATION CTFS (PROPERTY TAX REVENUE LOC) 1.50 03/18/2005 1,503,417
4,215,000 MANKATO MN MFHR HIGHLAND PROJECT US BANK TRUST NA LOC
REMARKETED 10/03/00 (STATE & LOCAL GOVERNMENTS LOC)@+/- 1.77 05/01/2027 4,215,000
850,000 MINNEAPOLIS MN WOMANS CLUB OF MINNEAPOLIS PROJECT REVENUE
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.79 05/01/2023 850,000
500,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER PCR MERLOTS 2003-B06
(POLLUTION CONTROL REVENUE LOC)@+/- 1.74 03/01/2021 500,000
17,500,000 MINNESOTA SCHOOL DISTRICT TAX & AID ANTICIPATION BORROWING
PROGRAM CERTIFICATES SERIES A (OTHER REVENUE LOC) 3.00 09/02/2005 17,732,563
2,450,000 MINNESOTA STATE HIGHER EDUCATION FACILITIES AUTHORITY REVENUE
ST THOMAS UNIVERSITY SERIES 5L (EDUCATIONAL FACILITIES REVENUE
LOC)@+/- 1.73 04/01/2027 2,450,000
1,745,000 NEW BRIGHTON MN MFHR GOLDEN POND HOUSING PROJECT
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 07/15/2032 1,745,000
2,865,000 PLYMOUTH MN MFHR LANCASTER VILLAGE APARTMENTS PROJECT
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.69 09/15/2031 2,865,000
1,090,000 RUSHFORD PETERSON MN INDEPENDENT SCHOOL DISTRICT NUMBER 239
SERIES A 3.00 09/19/2005 1,103,953
2,375,000 ST LOUIS PARK MN MFHR NEWPORT ON SEVEN APARTMENTS PROJECT
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 09/15/2031 2,375,000
800,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY DISTRICT HEATING
REVENUE SERIES A (WATER REVENUE LOC)@+/- 1.67 12/01/2012 800,000
755,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY REVENUE MINNESOTA
PUBLIC RADIO PROJECT ALLIED IRISH BANK PLC LOC (HOUSING
REVENUE LOC)@+/- 1.77 05/01/2022 755,000
2,700,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES M
DEXIA BANK LOC (TRANSPORTATION REVENUE LOC)@+/- 1.77 03/01/2021 2,700,000
725,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES O
DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)@+/- 1.77 03/01/2012 725,000
1,000,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE
SERIES Q DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)@+/- 1.67 03/01/2022 1,000,000
1,100,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE
SERIES R DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)@+/- 1.87 03/01/2022 1,100,000
3,660,000 ST PAUL MN PORT AUTHORITY TAX INCREMENT REVENUE WESTGATE
OFFICE & INDUSTRIAL CENTER PROJECT US BANK TRUST NA LOC
(TRANSPORTATION REVENUE LOC)@+/- 1.72 02/01/2015 3,660,000
2,950,000 UNIVERSITY OF MINNESOTA GO UNIVERSITY REVENUE
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.75 07/01/2021 2,950,000
79,197,503
----------------
MISSISSIPPI - 0.05%
1,055,000 MISSISSIPPI HOME CORPORATION SFMR SERIES 146 GNMA FNMA
INSURED (SINGLE FAMILY MORTGAGE REVENUE LOC)+/-@ 1.78 11/01/2029 1,055,000
----------------
MISSOURI - 0.46%
6,500,000 MISSOURI DEVELOPMENT FINANCE BOARD CULTURAL FACILITY REVENUE
NELSON GALLERY SERIES B (OTHER REVENUE LOC)@+/- 1.72 12/01/2031 6,500,000
145,000 MISSOURI HEALTH AND EDUCATION FACILITY AUTHORITY EDUCATION
FACILITIES REVENUE ST LOUIS UNIVERSITY PROJECT SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.77 10/01/2009 145,000
3,800,000 MISSOURI HEALTH AND EDUCATION FACILITY AUTHORITY REVENUE
CHRISTIAN BROTHERS COLLEGE SERIES A (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.77 10/01/2032 3,800,000
10,445,000
----------------
37
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MONTANA - 1.34%
$ 5,000,000 ANACONDA DEER LODGE COUNTY MT ENVIRONMENTAL FACILITIES
REVENUE VARIABLE REFERENCE ARCO ANACONDA SMELTER
(POLLUTION CONTROL REVENUE LOC)@+/- 1.79% 10/01/2037 $ 5,000,000
8,625,000 FORSYTH MONT PCR PACIFICORPORATION PROJECT
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.80 01/01/2018 8,625,000
5,055,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL FINANCE
CONSTRUCTION-INTERCAP PROGRAM (OTHER REVENUE LOC)@+/- 1.25 03/01/2005 5,055,000
5,695,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL FINANCE
CONSTRUCTION-INTERCAP PROGRAM (OTHER REVENUE LOC)@+/- 1.25 03/01/2009 5,695,000
5,765,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL FINANCE
CONSTRUCTION-INTERCAP PROGRAM (OTHER REVENUE LOC)@+/- 1.25 03/01/2010 5,765,000
30,140,000
----------------
NEBRASKA - 0.89%
20,000,000 AMERICAN PUBLIC ENERGY AGENCY NEBRASKA GAS SUPPLY REVENUE
NATIONAL PUBLIC GAS AGENCY PROJECT SERIES A (OTHER REVENUE
LOC)@+/- 1.72 02/01/2014 20,000,000
----------------
NEVADA - 1.38%
19,100,000 CLARK COUNTY NV AIRPORT IMPROVEMENT REVENUE SERIES A
(AIRPORT REVENUE LOC)@+/- 1.67 07/01/2012 19,100,000
5,970,000 CLARK COUNTY NV ROC RR SERIES II-R-1035 MBIA INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 06/01/2021 5,970,000
4,200,000 NEVADA HOUSING DIVISION MULTI UNIT HOUSING SERIES A US BANK
NA LOC (HOUSING REVENUE LOC)+/-@ 1.73 04/01/2035 4,200,000
1,800,000 WASHOE COUNTY NV SCHOOL DISTRICT (PROPERTY TAX REVENUE LOC)@+/- 1.75 06/01/2020 1,800,000
31,070,000
----------------
NEW JERSEY - 0.99%
18,000,000 NEW JERSEY STATE TAX ANTICIPATION NOTES SERIES A
(GENERAL OBLIGATION - STATES, TERRITORIES LOC) 3.00 06/24/2005 18,194,399
1,000,000 NEW JERSEY STATE TRANSIT CORPORATION CTFS (LEASE REVENUE LOC) 3.00 10/01/2004 1,000,000
3,100,000 NJ STATE HFA FINANCING AUTHORITY REVENUE HOSPITAL CAPITAL ASSET
FINANCING (HOSPITAL REVENUE LOC)@+/- 1.70 07/01/2035 3,100,000
22,294,399
----------------
NEW MEXICO - 0.49%
1,170,000 ALBUQUERQUE NM INDUSTRIAL DEVELOPMENT REVENUE KARSTEN
COMPANY NEW MEXICO PROJECT SERIES A BANK ONE ARIZONA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.89 12/01/2017 1,170,000
2,100,000 BLOOMFIELD NM HEALTHCARE FACILITIES REVENUE SERIES A LASALLE
NATIONAL BANK LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.90 11/15/2010 2,100,000
2,360,000 ESPANOLA NM HEALTH CARE REVENUE SERIES A LASALLE NATIONAL
BANK LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.90 11/15/2010 2,360,000
3,610,000 NEW MEXICO FINANCE AUTHORITY REVENUE PUBLIC PROJECT REVOLVING
FUND SERIES C (OTHER REVENUE LOC) 2.50 06/01/2005 3,631,010
1,685,000 SILVER CITY NM SERIES A LASALLE NATIONAL BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.90 11/15/2010 1,685,000
10,946,010
----------------
NEW YORK - 1.64%
24,100,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE LOC)@+/- 1.70 08/01/2020 24,100,000
12,950,000 NEW YORK NY SUBSERIES H-2 (PROPERTY TAX REVENUE LOC)@+/- 1.69 03/01/2034 12,950,000
37,050,000
----------------
38
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
NORTH CAROLINA - 0.62%
$ 5,300,000 FAYETTEVILLE NC PUBLIC WORKS COMMISSION REVENUE
(UTILITIES REVENUE LOC)@+/- 1.68% 03/01/2020 $ 5,300,000
8,705,000 MECKLENBURG COUNTY NC LEASE REVENUE (OTHER REVENUE LOC)@+/- 1.70 02/01/2016 8,705,000
14,005,000
----------------
NORTH DAKOTA - 0.58%
10,100,000 NORTH DAKOTA STATE HOUSING FINANCE AGENCY REVENUE SERIES B
(HOUSING REVENUE LOC)@+/- 1.71 01/01/2034 10,100,000
2,900,000 WARD COUNTY ND HEALTH CARE FACILITIES REVENUE TRINITY
OBLIGATION GROUP SERIES A US BANK NA LOC (HOSPITAL REVENUE
LOC)@+/- 1.77 07/01/2029 2,900,000
13,000,000
----------------
OHIO - 2.46%
1,800,000 AKRON OH INCOME TAX REVENUE (TAX REVENUE LOC)@+/- 1.75 12/01/2020 1,800,000
5,000,000 FRANKLIN COUNTY OH HOSPITAL REVENUE SERIES II-R-55 SALOMON
SMITH BARNEY LOC (HOSPITAL REVENUE LOC)+/-@ 1.75 06/01/2017 5,000,000
2,500,000 GROVE CITY OH MFHR REGENCY ARMS APARTMENTS PROJECT
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 06/15/2030 2,500,000
19,500,000 HAMILTON COUNTY OH HOSPITAL FACILITIES REVENUE ELIZABETH
GAMBLE SERIES B JP MORGAN CHASE & COMPANY LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.39 06/01/2027 19,500,000
5,250,000 OHIO STATE AIR QUALITY DEVELOPMENT AUTHORITY PCR
(POLLUTION CONTROL REVENUE LOC)@+/- 1.72 09/01/2018 5,250,000
6,295,000 OHIO STATE GO SERIES RR II-R 206 FGIC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 03/15/2015 6,295,000
2,345,000 OHIO STATE HIGHER EDUCATION FACILITIES REVENUE SERIES A
(LEASE REVENUE LOC)@+/- 1.70 09/01/2027 2,345,000
450,000 OHIO STATE SOLID WASTE REVENUE BP EXPLORATION & OIL PROJECT
(SOLID WASTE REVENUE LOC)@+/- 1.78 08/01/2034 450,000
7,800,000 OHIO STATE SOLID WASTE REVENUE SOLID WASTE REVENUE BONDS
(BP EXPLORATION & OIL INC. PROJECT)
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 02/01/2033 7,800,000
540,000 WARREN COUNTY OH HEALTH CARE FACILITIES REVENUE OTTERBEIN
SERIES A (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.65 07/01/2021 540,000
2,810,000 WARREN COUNTY OH INDUSTRIAL DEVELOPMENT REVENUE
CINCINNATI ELECTRICITY CORPORATION PROJECT SCOTIABANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.89 09/01/2015 2,810,000
1,160,000 WARREN COUNTY OH INDUSTRIAL DEVELOPMENT REVENUE
PAC MANUFACTURING PROJECT (INDUSTRIAL DEVELOPMENT
REVENUE LOC)@+/- 1.87 12/01/2025 1,160,000
55,450,000
----------------
OKLAHOMA - 0.88%
7,400,000 MUSKOGEE OK MEDICAL CENTER AUTHORITY REVENUE BANK OF AMERICA
NA LOC (HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.75 10/01/2032 7,400,000
1,700,000 OKLAHOMA DEVELOPMENT FINANCE AUTHORITY HEALTH CARE REVENUE
CONTINUING CARE COMMUNITY PROJECT SERIES C KBC BANK NV LOC
(NURSING HOME REVENUE LOC)@+/- 1.77 02/01/2012 1,700,000
3,800,000 OKLAHOMA STATE HFA REVENUE SERIES 1327 MERRILL LYNCH
CAPITAL LOC (HOUSING REVENUE LOC)@+/- 1.78 03/01/2009 3,800,000
6,310,000 OKLAHOMA STATE IDA TEALRIDGE MANOR CORPORATION PROJECT
BANK OF AMERICA NA LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.75 11/01/2018 6,310,000
680,000 TULSA COUNTY OK HFA SFMR GNMA MORTGAGE BACKED SECURITIES
CLASS A SERIES E (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 07/01/2032 680,000
19,890,000
----------------
39
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
OREGON - 1.64%
$ 32,000,000 OREGON STATE TAX ANTICIPATION NOTES 2.25% 11/15/2004 $ 32,045,994
4,995,000 TRI COUNTY METRO TRANSPORTATION DISTRICT OR SERIES 142
(TRANSPORTATION REVENUE LOC)@+/- 1.73 08/01/2019 4,995,000
37,040,994
----------------
OTHER - 2.99%
4,860,536 ABN AMRO LEASETOPS CTFS TR 2000-2 ABN AMRO BANK NV LOC
(OTHER REVENUE LOC)@+/- 1.99 04/01/2005 4,860,536
10,000,000 ABN AMRO MUNITOPS CTFS TR 1999-1 MUNITOPS CERTIFICATES FGIC
INSURED (OTHER REVENUE LOC)++@+/- 1.75 12/06/2006 10,000,000
15,420,000 ABN AMRO MUNITOPS CTFS TR 2001-23 MBIA INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2009 15,420,000
8,160,000 MUNIMAE TRUST COLLATERALIZED BY FHLMC (HOUSING REVENUE LOC)@+/- 1.79 12/19/2005 8,160,000
33,302 PITNEY BOWES CREDIT CORPORATION LEASETOPS TR REVENUE SERIES
2002-1(LEASE REVENUE LOC)@+/- 1.94 07/19/2006 33,302
3,395,000 ROARING FORK MUNICIPAL PRODUCTS LIMITED LIABILITY CORPORATION
SERIES 2000-14 CLASS A (OTHER REVENUE LOC)@+/- 1.84 06/01/2005 3,395,000
25,435,000 SUNAMERICA TRUST (GENERAL OBLIGATION - SCHOOL DISTRICTS LOC)@+/- 1.89 07/01/2041 25,435,000
67,303,838
----------------
PENNSYLVANIA - 2.68%
12,000,000 BEAVER COUNTY PA IDA PCR TOLEDO EDISON COMPANY PROJECT
(POLLUTION CONTROL REVENUE LOC)@+/- 1.70 06/01/2030 12,000,000
4,165,000 PENNSYLVANIA STATE TURNPIKE COMMISSION OIL FRANCHISE TAX
REVENUE SERIES II R 1005 (SALES TAX REVENUE LOC)@+/- 1.75 12/01/2015 4,165,000
6,500,000 PHILADELPHIA PA SCHOOL DISTRICT REVENUE SERIES S
(PROPERTY TAX REVENUE LOC) 5.25 03/01/2005 6,612,995
37,550,000 PHILADELPHIA PA WATER & WASTEWATER REVENUE
(WATER REVENUE LOC)@+/- 1.68 06/15/2023 37,550,000
60,327,995
----------------
RHODE ISLAND - 0.75%
1,000,000 RHODE ISLAND REFUNDING BOARD AUTHORITY STATE PUBLIC PROJECTS
REVENUE (LEASE REVENUE LOC)@+/- 1.73 08/01/2005 1,000,000
16,000,000 RHODE ISLAND STATE HEALTH & EDUCATIONAL BUILDING CORPORATION
REVENUE HOSPITAL FINANCING CARE NEW ENGLAND SERIES A FLEET
NATIONAL BANK LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 09/01/2032 16,000,000
17,000,000
----------------
SOUTH CAROLINA - 1.92%
5,900,000 CHARLESTON, SOUTH CAROLINA WATERWORKS AND SEWER REVENUE BONDS
SERIES 2003A@+/- 1.72 01/01/2033 5,900,000
6,500,000 PIEDMONT MUNICIPAL POWER AGENCY SOUTH CAROLINA ELECTRIC
REVENUE SUBSERIES B-3 (POWER REVENUE LOC)@+/- 1.70 01/01/2034 6,500,000
13,300,000 PIEDMONT MUNICIPAL POWER AGENCY SOUTH CAROLINA ELECTRIC REVENUE
SUBSERIES B-6 (POWER REVENUE LOC)@+/- 1.70 01/01/2031 13,300,000
4,435,000 SOUTH CAROLINA EDUCATIONAL FACILITIES AUTHORITY FOR PRIVATE
NONPROFIT INSTITUTIONS (COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.75 02/01/2022 4,435,000
3,035,000 SOUTH CAROLINA HOUSING FINANCE AND DEVELOPMENT AUTHORITY
MTG REVENUE SERIES L (HOUSING REVENUE LOC)@+/- 1.84 07/01/2028 3,035,000
4,520,000 SOUTH CAROLINA JOBS ECONOMIC DEVEVELOPMENT AUTHORITY
ZEUNA STAERKER USA INCORPORATED PROJECT (INDUSTRIAL DEVELOPMENT
REVENUE LOC)@+/- 1.75 12/01/2018 4,520,000
5,650,000 SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY REVENUE
(ELECTRIC REVENUE LOC)+/-@ 1.73 01/01/2023 5,650,000
43,340,000
----------------
40
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
SOUTH DAKOTA - 0.22%
$ 4,900,000 LAWRENCE COUNTY SD SOLID WASTE DISPOSAL REVENUE HOMESTAKE
MINING COMPANY SERIES A CHASE MANHATTAN BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78% 07/01/2032 $ 4,900,000
----------------
TENNESSEE - 4.80%
4,940,000 CHATTANOOGA TN ROC RR SERIES II-R-1026 MBIA INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 10/01/2022 4,940,000
4,250,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY REVENUE POOLED
FINANCING TENNESSEE MUNICIPAL BOND FUNDING BANK OF AMERICA
NA LOC (OTHER REVENUE LOC)@+/- 1.76 07/01/2031 4,250,000
23,735,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY REVENUE POOLED
FINANCING TENNESSEE MUNICIPAL BOND FUNDING BANK OF AMERICA
NA LOC (OTHER REVENUE LOC)@+/- 1.76 01/01/2033 23,735,000
12,000,000 JACKSON TN ENERGY AUTHORITY WASTEWATER SYSTEM REVENUE FSA
INSURED (SEWER REVENUE LOC)@+/- 1.70 12/01/2022 12,000,000
19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN
INDUSTRIAL DEVELOPMENT STEWARTS FERRY APARTMENTS@+/- 1.70 01/01/2034 19,985,000
1,995,000 METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNTY TN DISTRICT
ENERGY (OTHER REVENUE LOC)@+/- 1.75 10/01/2022 1,995,000
31,655,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING
REVENUE TENNESSEE COUNTY LOAN POOL (OTHER REVENUE LOC)@+/- 1.76 04/01/2032 31,655,000
4,418,000 PORTLAND TN HEALTH & EDUCATION FACILITIES BOARD HOSPITAL
REVENUE SERIES 322 (HOSPITAL REVENUE LOC)@+/- 1.79 11/15/2014 4,418,000
3,345,000 TENNESSEE HOUSING DEVELOPMENT AGENCY SERIES H
(HOUSING REVENUE LOC)@+/- 1.82 01/01/2021 3,345,000
1,800,000 VOLUNTEER STATE STUDENT FUNDING CORPORATION TENNESSEE STUDENT
LOAN REVENUE SERIES A1 STATE STREET BANK & TRUST COMPANY LOC
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.74 12/01/2023 1,800,000
108,123,000
----------------
TEXAS - 8.34%
25,200,000 AUSTIN TX AIRPORT SYSTEM REVENUE SERIES A LOC-MORGAN
GUARANTY TRUST (AIRPORT REVENUE LOC)@+/- 1.73 11/15/2017 25,200,000
9,400,000 AUSTIN TX UTILITY SYSTEMS REVENUE SERIES G RECEIPTS
(UTILITIES REVENUE LOC)+/-@ 1.76 11/15/2011 9,400,000
7,600,000 CAMERON TX ED CORPORATION REVENUE DALLAS JEWISH COMMUNITY
FOUNDATION ALLIED IRISH BANK PLC LOC (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.73 12/01/2030 7,600,000
3,370,000 DALLAS FORT WORTH TX INTERNATIONAL AIRPORT REVENUE ROCS II
R 268 (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.79 11/01/2033 3,370,000
6,000,000 EAGLE TAX-EXEMPT TRUST CTF 20014210 CLASS A (DALLAS TX AREA
RAPID) AMBAC INSURED (SALES TAX REVENUE LOC)@+/- 1.75 12/01/2026 6,000,000
4,310,000 EAGLE TAX-EXEMPT TRUST CTF 20014302 CLASS A
(AUSTIN TX ELECTRIC UTILITY SYSTEMS REVENUE) FSA INSURED
(POWER REVENUE LOC)+/-@ 1.75 11/15/2017 4,310,000
3,000,000 HARRIS COUNTY TX (PROPERTY TAX REVENUE LOC) 3.00 10/01/2004 3,000,000
8,982,500 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
REVENUE FLOATER CTFS SERIES 357 MBIA INSURED (HEALTHCARE
FACILITIES REVENUE LOC)@+/- 1.73 07/01/2029 8,982,500
1,900,000 HARRIS COUNTY TX HOUSTON SPORTS AUTHORITY SPECIAL REVENUE
JR LIEN RODEO SERIES C MBIA INSURED (SPORTS FACILITIES REVENUE
LOC)@+/- 1.77 11/15/2030 1,900,000
3,375,000 HOUSTON TEXAS GO (TAX REVENUE LOC)@+/- 1.25 03/01/2010 3,375,000
13,700,000 HOUSTON TX HIGHER EDUCATION FINANCE FACILITIES REVENUE FLOATER
RECEIPTS SERIES SG 139 SOCIETE GENERALE LOC
(HIGHER EDUCATION FACILITIES AUTHORITY REVENUE LOC)@+/- 1.73 11/15/2029 13,700,000
4,245,000 HOUSTON TX INDEPENDENT SCHOOL DISTRICT CTFS SERIES 462 PSFG
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.73 02/15/2026 4,245,000
6,700,000 HOUSTON TX UTILITY SYSTEMS REVENUE SERIES C-13
(WATER & SEWER REVENUE LOC)@+/- 1.74 05/15/2025 6,700,000
5,470,000 HOUSTON TX WATER & SEWER SYSTEMS REVENUE CTFS SERIES 495 FGIC
INSURED (WATER & SEWER REVENUE LOC)@+/- 1.73 12/01/2030 5,470,000
3,770,000 HOUSTON TX WATER & SEWER SYSTEMS REVENUE MUNICIPAL TRUST
RECEIPTS SERIES SG 120 (WATER & SEWER REVENUE LOC)+/-@ 1.73 12/01/2023 3,770,000
41
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
TEXAS (CONTINUED)
$ 2,265,000 IRVING TX WATERWORKS AND SEWER REVENUE SERIES 403
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.73% 02/15/2012 $ 2,265,000
1,895,000 LOWER COLORADO RIVER AUTHORITY TEXAS ROCS - RR II R 4530@+/- 1.75 05/15/2022 1,895,000
500,000 NORTH CENTRAL TX HEALTH FACILITIES DEVELOPMENT CORPORATION
REVENUE DALLAS JEWISH COMMUNITY FOUNDATION ALLIED IRISH BANK
PLC LOC (PRIVATE SCHOOL REVENUE LOC)@+/- 1.73 12/01/2030 500,000
1,850,000 POLLY RYON HOSPITAL AUTHORITY TX POLLY RYON MEMORIAL HOSPITAL
JP MORGAN CHASE & COMPANY LOC (HOSPITAL REVENUE LOC)@+/- 1.70 11/01/2026 1,850,000
5,900,000 SAN ANTONIO TX WATER REVENUE (WATER REVENUE LOC)@+/- 1.70 05/15/2033 5,900,000
2,800,000 SPLENDORA TX HIGHER EDUCATIONAL FACILITIES CORPORATE
REVENUE PROJECT FELLOWSHIP CHRISTIAN PROJECT (OTHER REVENUE
LOC)@+/- 1.75 01/01/2017 2,800,000
3,595,000 TEXAS STATE (TAX REVENUE LOC) 6.50 10/01/2004 3,595,000
30,500,000 TEXAS STATE TRANSPORTATION 3.00 08/31/2005 30,888,982
15,195,000 TRAVIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
HEALTH REVENUE SERIES 4 AMBAC INSURED (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.78 11/15/2024 15,195,000
5,560,000 TRAVIS COUNTY TX HFA SFMR SERIES 1287 COLLATERALIZED BY GNMA
(HOUSING REVENUE LOC)@+/- 1.78 09/01/2018 5,560,000
2,600,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND SERIES 411
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.73 01/01/2012 2,600,000
7,700,000 UNIVERSITY TEXAS UNIVERSITY REVENUES SERIES A
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.70 08/15/2013 7,700,000
187,771,482
----------------
UTAH - 1.97%
19,365,000 SALT LAKE COUNTY UT POLLUTION CONTROL REVENUE SERIES B
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 08/01/2007 19,365,000
25,000,000 UTAH STATE BOARD OF REGENTS STUDENT LOAN REVENUE SERIES 1997R
AMBAC INSURED (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.75 11/01/2031 25,000,000
44,365,000
----------------
VIRGINIA - 0.40%
9,000,000 VIRGINIA COMMONWEALTH TRANSPORTATION BOARD FEDERAL HIGHWAY
REIMBURSEMENT ANTIC NT REVENUE BOND 5.50 10/01/2004 9,000,000
----------------
WASHINGTON - 4.19%
5,223,500 ENERGY NORTHWEST WASHINGTON ELECTRIC REVENUE CTFS SERIES C FSA
INSURED (ELECTRIC REVENUE LOC)@+/- 1.77 01/01/2010 5,223,500
17,350,000 ISSAQUAH WA COMMUNITY PROPERTIES WATER REVENUE SERIES A
BANK OF AMERICA NA LOC (WATER REVENUE LOC)@+/- 1.73 02/15/2021 17,350,000
2,500,000 KING COUNTY WA SCHOOL DISTRICT NO 216 ENUMCLAW ROC RR II R 5026
(PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2015 2,500,000
2,465,000 KING COUNTY WA SCHOOL DISTRICT NUMBER 403 RENTON
(PROPERTY TAX REVENUE LOC) 4.50 06/01/2005 2,512,956
5,285,000 KITSAP COUNTY WA SCHOOL DISTRICT NO 400 NORTH KITSAP SERIES
II-R-1009 FSA INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2017 5,285,000
1,900,000 SNOHOMISH COUNTY WA PUBLIC UTILITY DISTRICT SERIES A-1 FSA
INSURED (UTILITIES REVENUE LOC)@+/- 1.68 12/01/2019 1,900,000
2,000,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
REVENUE ACE TANK PROJECT US BANK NA LOC
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.79 11/01/2018 2,000,000
5,500,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
REVENUE INDUSTRIAL DEVELOPMENT CANAM STEEL PROJECT SERIES D
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.80 09/30/2030 5,500,000
4,225,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
REVENUE PIONEER HUMAN SERVICES PROJECT H
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 09/01/2018 4,225,000
42
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
WASHINGTON (CONTINUED)
$ 4,000,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
SOLID WASTE DISPOSAL REVENUE WASTE MANAGEMENT INCORPORATED
PROJECT SERIES D (POLLUTION CONTROL REVENUE LOC)@+/- 1.75% 07/01/2027 $ 4,000,000
18,700,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY REVENUE
PROVIDENCE SERVICES SERIES A (HOSPITAL REVENUE LOC)@+/- 1.72 12/01/2030 18,700,000
8,500,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR COUNTRY CLUB
APTS SERIES A US BANK NA LOC (HOUSING REVENUE LOC)@+/- 1.87 08/01/2032 8,500,000
3,140,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR LAKEWOOD
MEADOWS APARTMENTS PROJECT SERIES A INSURED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 07/15/2033 3,140,000
1,000,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR MILL POINT
APARTMENTS PROJECT SERIES A US BANK TRUST NA LOC
(HOUSING REVENUE LOC)@+/- 1.87 01/01/2030 1,000,000
1,700,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY NONPROFIT REVENUE
TACOMA ART MUSEUM PROJECT NORTHERN TRUST COMPANY LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 06/01/2032 1,700,000
4,995,000 WASHINGTON STATE MERLOTS SERIES A-05 (PROPERTY TAX REVENUE
LOC)@+/- 1.74 01/01/2013 4,995,000
1,700,000 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT
NO 1 REVENUE MUNICIPAL SECURITIES TRUST RECEIPTS SERIES CMC2
INSURED BY AMBAC (ELECTRIC REVENUE LOC)@+/- 1.72 01/01/2005 1,700,000
300,000 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR
PROJECT NO 2 REVENUE MUNICIPAL SECURITIES TRUST RECEIPTS SERIES
CMC3 INSURED BY AMBAC (ELECTRIC REVENUE LOC)@+/- 1.72 07/01/2007 300,000
1,140,000 YAKIMA COUNTY WA PUBLIC CORPORATION REVENUE LONGVIEW FIRE
COMPANY PROJECT BANK OF AMERICA NA & SA LOC (OTHER REVENUE
LOC)@+/- 1.82 01/01/2018 1,140,000
2,700,000 YAKIMA COUNTY WA PUBLIC CORPORATION REVENUE VALLEY
PROCESSING PROJECT BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 02/01/2015 2,700,000
94,371,456
----------------
WISCONSIN - 2.85%
5,450,000 CHILTON WI SCHOOL DISTRICT ROC RR SERIES II-R-1017 FGIC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 04/01/2019 5,450,000
20,500,000 KENOSHA WI SCHOOL DISTRICT NUMBER 001 3.00 09/26/2005 20,755,430
28,400,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY HOME
OWNERSHIP REVENUE SERIES I FSA INSURED
(HOUSING REVENUE LOC)@+/- 1.75 09/01/2032 28,400,000
5,000,000 WISCONSIN STATE HEALTH & EDUCATIONAL@+/- 1.69 08/15/2016 5,000,000
2,400,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
REVENUE ALVERNO COLLEGE PROJECT (EDUCATIONAL FACILITIES REVENUE
LOC)@+/- 1.77 11/01/2017 2,400,000
2,100,000 WISCONSIN STATE SERIES 490 (PROPERTY TAX REVENUE LOC)@+/- 1.73 05/01/2012 2,100,000
64,105,430
----------------
WYOMING - 0.13%
3,000,000 SWEETWATER COUNTY WY ENVIRONMENT IMPROVEMENT REVENUE BONDS
(POLLUTION CONTROL REVENUE LOC)@+/- 1.77 11/01/2025 3,000,000
----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,023,749,953) 2,023,749,953
----------------
COMMERCIAL PAPER - 11.11%
9,550,000 CUYAHOGA COUNTY OH 1.33 01/27/2005 9,550,000
8,500,000 HARRIS COUNTY HOSPITAL 1.60 02/08/2005 8,500,000
8,800,000 HOUSTON TX SERIES B 1.15 10/21/2004 8,800,000
9,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.35 10/26/2004 9,000,000
5,000,000 ILLINOIS HEALTH FACILITIES AUTHORITY 1.15 10/04/2004 5,000,000
13,000,000 LAS VEGAS VALLEY WATER 1.16 10/07/2004 13,000,000
13,473,000 LINCOLN NEBRASKA ELECTRIC 1.14 10/05/2004 13,473,000
43
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER (CONTINUED)
$ 10,000,000 MARYLAND HEALTH & HIGHER EDUCATION 1.20% 10/19/2004 $ 10,000,000
8,600,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.40 10/19/2004 8,600,000
18,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.38 11/17/2004 18,000,000
20,068,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.35 11/18/2004 20,068,000
20,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.40 12/09/2004 20,000,000
8,400,000 NORTH CAROLINA CAPITAL FACILITIES 1.50 11/17/2004 8,400,000
6,500,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.08 10/07/2004 6,500,000
22,000,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.43 11/12/2004 22,000,000
6,000,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.38 11/17/2004 6,000,000
2,100,000 ROCHESTER MN HEALTH CARE 1.15 10/13/2004 2,100,000
4,500,000 ROCHESTER MN HEALTH CARE 1.15 10/13/2004 4,500,000
7,000,000 ROCHESTER MN HEALTH CARE 1.37 11/08/2004 7,000,000
2,000,000 ROCHESTER MN HEALTH CARE 1.23 11/09/2004 2,000,000
6,500,000 ROCHESTER MN HEALTH CARE 1.35 11/16/2004 6,500,000
5,000,000 TEXAS TECHNICAL UNIVERSITY 1.35 10/12/2004 5,000,000
24,755,000 UNIVERSITY OF CALIFORNIA 1.15 10/14/2004 24,755,000
11,500,000 WISCONSIN STATE HEALTH & EDUCATIONAL
FACILITIES AUTHORITY REVENUE 1.40 10/13/2004 11,500,000
TOTAL COMMERCIAL PAPER (COST $250,246,000) 250,246,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,273,995,953)* 100.95% $ 2,273,995,953
OTHER ASSETS AND LIABILITIES, NET (0.95) (21,433,104)
------ ----------------
TOTAL NET ASSETS 100.00% $ 2,252,562,849
------ ----------------
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
+/- VARIABLE RATE SECURITIES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
44
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
TREASURY PLUS MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY SECURITIES - 33.14%
US TREASURY BILLS - 15.33%
$ 100,000,000 US TREASURY BILL^ 1.07% 10/21/2004 $ 99,940,556
125,000,000 US TREASURY BILL^ 1.38 11/26/2004 124,732,639
125,000,000 US TREASURY BILL^ 1.75 03/03/2005 124,072,969
75,000,000 US TREASURY BILL^ 1.88 03/24/2005 74,320,312
125,000,000 US TREASURY BILL^ 1.91 03/24/2005 123,849,062
75,000,000 US TREASURY BILL^ 1.95 03/31/2005 74,266,573
621,182,111
----------------
US TREASURY BONDS - 2.60%
103,845,000 US TREASURY BOND 11.63 11/15/2004 105,156,815
----------------
US TREASURY NOTES - 15.21%
125,000,000 US TREASURY NOTE 2.13 10/31/2004 125,107,362
190,000,000 US TREASURY NOTE 5.88 11/15/2004 191,097,782
100,000,000 US TREASURY NOTE 2.00 11/30/2004 100,120,413
150,000,000 US TREASURY NOTE 1.75 12/31/2004 150,142,065
50,000,000 US TREASURY NOTE 1.63 01/31/2005 50,013,642
616,481,264
----------------
TOTAL US TREASURY SECURITIES (COST $1,342,820,190) 1,342,820,190
----------------
REPURCHASE AGREEMENTS - 66.71%
50,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $50,002,329) 1.70 10/01/2004 50,000,000
700,000,000 BEAR STEARNS & COMPANY INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $700,034,137) 1.78 10/01/2004 700,000,000
40,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $40,001,981) 1.75 10/01/2004 40,000,000
63,434,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $63,436,920) 1.68 10/01/2004 63,434,000
900,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $900,042,904) 1.74 10/01/2004 900,000,000
800,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES MATURITY VALUE $800,038,137) 1.74 10/01/2004 800,000,000
150,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $150,007,068) 1.72 10/01/2004 150,000,000
TOTAL REPURCHASE AGREEMENTS (COST $2,703,434,000) 2,703,434,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $4,046,254,190)* 99.85% $ 4,046,254,190
OTHER ASSETS AND LIABILITIES, NET 0.15 6,168,926
------ ----------------
TOTAL NET ASSETS 100.00% $ 4,052,423,116
------ ----------------
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
45
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
100% TREASURY MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY SECURITIES - 100.12%
US TREASURY BILLS - 100.12%
$ 81,605,000 US TREASURY BILL^ 1.52% 10/07/2004 $ 81,584,395
200,000,000 US TREASURY BILL^ 1.54 10/07/2004 199,948,833
100,000,000 US TREASURY BILL^ 1.03 10/14/2004 99,962,986
50,000,000 US TREASURY BILL^ 1.06 10/14/2004 49,980,951
100,000,000 US TREASURY BILL^ 1.53 10/14/2004 99,944,750
150,000,000 US TREASURY BILL^ 1.61 10/21/2004 149,866,250
100,000,000 US TREASURY BILL^ 1.42 10/28/2004 99,893,875
100,000,000 US TREASURY BILL^ 1.43 10/28/2004 99,892,750
225,000,000 US TREASURY BILL^ 1.60 10/28/2004 224,730,000
125,000,000 US TREASURY BILL^ 1.44 11/04/2004 124,830,000
100,000,000 US TREASURY BILL^ 1.47 11/04/2004 99,861,639
100,000,000 US TREASURY BILL^ 1.47 11/12/2004 99,829,083
75,000,000 US TREASURY BILL^ 1.62 11/12/2004 74,858,688
100,000,000 US TREASURY BILL^ 1.33 11/18/2004 99,822,667
50,000,000 US TREASURY BILL^ 1.44 11/18/2004 49,904,000
100,000,000 US TREASURY BILL^ 1.47 11/18/2004 99,804,667
75,000,000 US TREASURY BILL^ 1.38 11/26/2004 74,839,583
100,000,000 US TREASURY BILL^ 1.51 11/26/2004 99,765,111
75,000,000 US TREASURY BILL^ 1.40 12/02/2004 74,819,813
150,000,000 US TREASURY BILL^ 1.58 12/02/2004 149,591,833
16,000,000 US TREASURY BILL^ 1.59 12/09/2004 15,951,240
89,625,000 US TREASURY BILL^ 1.63 12/09/2004 89,345,855
75,000,000 US TREASURY BILL^ 1.73 12/16/2004 74,726,875
100,000,000 US TREASURY BILL^ 1.57 12/23/2004 99,639,181
100,000,000 US TREASURY BILL^ 1.68 12/30/2004 99,581,250
100,000,000 US TREASURY BILL^ 1.75 01/20/2005 99,461,958
100,000,000 US TREASURY BILL^ 1.74 01/27/2005 99,429,667
125,000,000 US TREASURY BILL^ 1.77 01/27/2005 124,276,840
60,325,000 US TREASURY BILL^ 1.82 02/10/2005 59,922,431
100,000,000 US TREASURY BILL^ 1.86 03/10/2005 99,173,333
75,000,000 US TREASURY BILL^ 1.95 03/31/2005 74,266,573
3,089,507,077
----------------
TOTAL US TREASURY SECURITIES (COST $3,089,507,077) 3,089,507,077
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,089,507,077)* 100.12% $ 3,089,507,077
OTHER ASSETS AND LIABILITIES, NET (0.12) (3,622,088)
------ ----------------
TOTAL NET ASSETS 100.00% $ 3,085,884,989
------ ----------------
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
46
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO MONEY MARKET FUNDS
STATEMENT OF ASSETS AND LIABILITIES -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA
TAX-FREE GOVERNMENT MINNESOTA
MONEY MARKET MONEY MARKET MONEY
FUND FUND MARKET FUND
- ------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ......................... $ 2,508,118,201 $ 5,948,067,878 $ 94,983,628
REPURCHASE AGREEMENTS .................................. 0 4,763,962,000 0
--------------- ---------------- ----------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ........ 2,508,118,201 10,712,029,878 94,983,628
--------------- ---------------- ----------------
CASH ................................................... 75,361 50,305 67,552
RECEIVABLE FOR FUND SHARES ISSUED ...................... 330,000 0 0
RECEIVABLES FOR DIVIDENDS AND INTEREST ................. 6,358,540 8,247,992 205,424
--------------- ---------------- ----------------
TOTAL ASSETS ............................................. 2,514,882,102 10,720,328,175 95,256,604
--------------- ---------------- ----------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ...................... 37,986,750 236,741,242 0
DIVIDENDS PAYABLE ...................................... 1,603,710 9,839,257 49,786
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .. 770,879 1,866,377 36,282
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ................ 530,457 1,386,802 20,628
ACCRUED EXPENSES AND OTHER LIABILITIES ................. 213,907 297,307 87,275
--------------- ---------------- ----------------
TOTAL LIABILITIES ........................................ 41,105,703 250,130,985 193,971
--------------- ---------------- ----------------
TOTAL NET ASSETS ......................................... $ 2,473,776,399 $ 10,470,197,190 $ 95,062,633
=============== ================ ================
NET ASSETS CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ........................................ $ 2,473,654,205 $ 10,470,155,311 $ 95,057,754
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............. (91,023) 23,011 (16,184)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS .. 213,217 18,868 21,063
--------------- ---------------- ----------------
TOTAL NET ASSETS ......................................... $ 2,473,776,399 $ 10,470,197,190 $ 95,062,633
--------------- ---------------- ----------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
PER SHARE(1)
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ................................... $ 2,162,436,413 $ 435,517,145 $ 95,062,633
SHARES OUTSTANDING - CLASS A ........................... 2,162,282,622 435,516,439 95,057,529
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS A . $ 1.00 $ 1.00 $ 1.00
NET ASSETS - CLASS B ................................... N/A N/A N/A
SHARES OUTSTANDING - CLASS B ........................... N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B . N/A N/A N/A
NET ASSETS -ADMINISTRATOR CLASS ........................ N/A $ 415,263,626 N/A
SHARES OUTSTANDING - ADMINISTRATOR CLASS ............... N/A 415,264,000 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
ADMINISTRATOR CLASS .................................. N/A $ 1.00 N/A
NET ASSETS - INSTITUTIONAL CLASS ....................... N/A $ 2,828,969,694 N/A
SHARES OUTSTANDING - INSTITUTIONAL CLASS ............... N/A 2,828,972,806 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
INSTITUTIONAL CLASS .................................. N/A $ 1.00 N/A
NET ASSETS - SERVICE CLASS ............................. $ 311,339,986 $ 6,790,446,725 N/A
SHARES OUTSTANDING - SERVICE CLASS ..................... 311,319,039 6,790,441,540 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
SERVICE CLASS ....................................... $ 1.00 $ 1.00 N/A
--------------- ---------------- ----------------
INVESTMENTS AT COST ...................................... $ 2,508,118,201 $ 10,712,029,878 $ 94,983,628
=============== ================ ================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TREASURY
MONEY TAX-FREE PLUS 100% TREASURY
MARKET MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ......................... $ 5,256,174,900 $ 2,273,995,953 $ 1,342,820,190 $ 3,089,507,077
REPURCHASE AGREEMENTS .................................. 1,510,732,000 0 2,703,434,000 0
--------------- --------------- --------------- ---------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ....... 6,766,906,900 2,273,995,953 4,046,254,190 3,089,507,077
--------------- --------------- --------------- ---------------
CASH ................................................... 50,151 133,043 100,830 217,915
RECEIVABLE FOR FUND SHARES ISSUED ...................... 24,217 0 26,120 3,318
RECEIVABLES FOR DIVIDENDS AND INTEREST ................. 10,979,588 5,632,569 11,485,254 0
--------------- --------------- --------------- ---------------
TOTAL ASSETS ............................................. 6,777,960,856 2,279,761,565 4,057,866,394 3,089,728,310
--------------- --------------- --------------- ---------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ...................... 0 24,386,440 0 0
DIVIDENDS PAYABLE ...................................... 4,145,656 1,811,482 3,500,697 2,416,878
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .. 2,824,365 482,848 1,057,484 602,351
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ................ 2,340,730 389,762 671,687 622,964
ACCRUED EXPENSES AND OTHER LIABILITIES ................. 66,526 128,184 213,410 201,128
--------------- --------------- --------------- ---------------
TOTAL LIABILITIES ........................................ 9,377,277 27,198,716 5,443,278 3,843,321
--------------- --------------- --------------- ---------------
TOTAL NET ASSETS ......................................... $ 6,768,583,579 $ 2,252,562,849 $ 4,052,423,116 $ 3,085,884,989
=============== =============== =============== ===============
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ........................................ $ 6,768,787,214 $ 2,252,337,311 $ 4,052,566,712 $ 3,085,820,591
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............. (4,478) (142,605) (8,036) (7,623)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS .. (199,157) 368,143 (135,560) 72,021
--------------- --------------- --------------- ---------------
TOTAL NET ASSETS ......................................... $ 6,768,583,579 $ 2,252,562,849 $ 4,052,423,116 $ 3,085,884,989
--------------- --------------- --------------- ---------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ................................... $ 5,293,495,225 $ 664,786,966 $ 2,221,390,353 $ 149,759,798
SHARES OUTSTANDING - CLASS A ........................... 5,293,073,202 664,699,159 2,221,506,625 149,723,345
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS A . $ 1.00 $ 1.00 $ 1.00 $ 1.00
NET ASSETS - CLASS B ................................... $ 1,475,088,354 N/A N/A N/A
SHARES OUTSTANDING - CLASS B ........................... 1,475,036,140 N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B . $ 1.00 N/A N/A N/A
NET ASSETS -ADMINISTRATOR CLASS ........................ N/A N/A N/A N/A
SHARES OUTSTANDING - ADMINISTRATOR CLASS ............... N/A N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
ADMINISTRATOR CLASS .................................. N/A N/A N/A N/A
NET ASSETS - INSTITUTIONAL CLASS ....................... N/A $ 462,623,421 $ 945,004,287 N/A
SHARES OUTSTANDING - INSTITUTIONAL CLASS ............... N/A 462,611,625 945,208,117 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
INSTITUTIONAL CLASS .................................. N/A $ 1.00 $ 1.00 N/A
NET ASSETS - SERVICE CLASS ............................. N/A $ 1,125,152,462 $ 886,028,476 $ 2,936,125,191
SHARES OUTSTANDING - SERVICE CLASS ..................... N/A 1,124,868,136 886,068,234 2,936,102,155
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
SERVICE CLASS ....................................... N/A $ 1.00 $ 1.00 $ 1.00
--------------- --------------- --------------- ---------------
INVESTMENTS AT COST ...................................... $ 6,766,906,900 $ 2,273,995,953 $ 4,046,254,190 $ 3,089,507,077
=============== =============== =============== ===============
48 & 49
WELLS FARGO MONEY MARKET FUNDS
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA
TAX-FREE GOVERNMENT MINNESOTA
MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ........................................ $ 14,451,730 $ 56,834,687 $ 548,898 $ 46,329,295
------------- ------------- ------------- -------------
TOTAL INVESTMENT INCOME ............................ 14,451,730 56,834,687 548,898 46,329,295
------------- ------------- ------------- -------------
EXPENSES
ADVISORY FEES ................................... 3,780,074 4,357,006 144,789 12,781,259
ADMINISTRATION FEES
FUND LEVEL ................................... 640,669 2,094,889 24,132 1,749,016
CLASS A ...................................... 2,471,333 450,546 106,178 6,160,891
CLASS B ...................................... N/A N/A N/A 1,675,933
ADMINISTRATOR CLASS .......................... N/A 158,284 N/A N/A
INSTITUTIONAL CLASS .......................... N/A 1,056,186 N/A N/A
SERVICE CLASS ................................ 189,605 3,208,435 N/A N/A
CUSTODY FEES .................................... 256,267 871,401 9,653 712,438
SHAREHOLDER SERVICING FEES ...................... 2,938,284 7,354,508 120,657 8,905,481
ACCOUNTING FEES ................................. 83,063 261,384 12,778 213,072
DISTRIBUTION FEES (NOTE 3)
CLASS B ...................................... N/A N/A N/A 5,713,407
AUDIT FEES ...................................... 9,026 9,124 7,521 11,531
LEGAL FEES ...................................... 24,066 57,658 501 62,672
REGISTRATION FEES ............................... 501 75,206 501 32,589
SHAREHOLDER REPORTS ............................. 501 120,328 501 75,206
TRUSTEES' FEES .................................. 3,402 3,402 3,402 3,402
OTHER FEES AND EXPENSES ......................... 23,314 57,800 1,404 71,301
------------- ------------- ------------- -------------
TOTAL EXPENSES ..................................... 10,420,105 20,136,157 432,017 38,168,198
------------- ------------- ------------- -------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .... (2,408,326) (2,244,069) (45,914) (7,772,153)
NET EXPENSES .................................... 8,011,779 17,892,088 386,103 30,396,045
------------- ------------- ------------- -------------
NET INVESTMENT INCOME (LOSS) ....................... 6,439,951 38,942,599 162,795 15,933,250
------------- ------------- ------------- -------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS .......... 123,180 12,629 (15,025) (186,559)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ....................................... $ 6,563,131 $ 38,955,228 $ 147,770 $ 15,746,691
============= ============= ============= =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TREASURY
TAX-FREE PLUS 100% TREASURY
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
- ------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ........................................ $ 12,757,781 $ 30,245,621 $ 17,692,164
------------- ------------- -------------
TOTAL INVESTMENT INCOME ............................ 12,757,781 30,245,621 17,692,164
------------- ------------- -------------
EXPENSES
ADVISORY FEES ................................... 1,120,156 2,550,341 5,001,663
ADMINISTRATION FEES
FUND LEVEL ................................... 560,078 1,275,171 761,327
CLASS A ...................................... 750,957 2,596,518 185,508
CLASS B ...................................... N/A N/A N/A
ADMINISTRATOR CLASS .......................... N/A N/A N/A
INSTITUTIONAL CLASS .......................... 149,952 615,621 N/A
SERVICE CLASS ................................ 709,647 720,695 1,725,999
CUSTODY FEES .................................... 224,031 510,068 304,531
SHAREHOLDER SERVICING FEES ...................... 2,331,790 4,452,037 1,372,593
ACCOUNTING FEES ................................. 73,875 155,396 96,818
DISTRIBUTION FEES (NOTE 3)
CLASS B ...................................... N/A N/A N/A
AUDIT FEES ...................................... 8,524 9,026 9,026
LEGAL FEES ...................................... 12,534 47,629 25,069
REGISTRATION FEES ............................... 501 47,629 7,521
SHAREHOLDER REPORTS ............................. 501 87,739 67,684
TRUSTEES' FEES .................................. 3,402 3,402 3,402
OTHER FEES AND EXPENSES ......................... 5,034 45,124 24,066
------------- ------------- -------------
TOTAL EXPENSES ..................................... 5,950,982 13,116,396 9,585,207
------------- ------------- -------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .... (699,558) (902,909) (1,845,839)
NET EXPENSES .................................... 5,251,424 12,213,487 7,739,368
------------- ------------- -------------
NET INVESTMENT INCOME (LOSS) ....................... 7,506,357 18,032,134 9,952,796
------------- ------------- -------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS .......... 50,170 (135,348) 6,738
------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ....................................... $ 7,556,527 $ 17,896,786 $ 9,959,534
============= ============= =============
50 & 51
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE GOVERNMENT
MONEY MARKET FUND MONEY MARKET FUND
--------------------------------- -------------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2004 2004 2004 2004(1)
- -------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................ $ 2,630,173,391 $ 2,662,105,499 $ 6,765,162,199 $ 5,083,245,155
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .................... 6,439,951 10,069,203 38,942,599 41,364,604
NET REALIZED GAIN (LOSS) ON INVESTMENTS ......... 123,180 90,037 12,629 15,164
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS .................................. 6,563,131 10,159,240 38,955,228 41,379,768
--------------- --------------- ----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................... (5,448,970) (8,140,217) (1,308,641) (1,386,897)
CLASS B ......................................... N/A N/A N/A N/A
ADMINISTRATOR CLASS ............................. N/A N/A (1,560,158) (470,158)
INSTITUTIONAL CLASS ............................. N/A N/A (14,562,169) (7,016,487)
SERVICE CLASS ................................... (1,081,018) (1,965,819) (21,519,638) (32,531,372)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ............. 1,883,610,347 3,601,704,162 264,397,992 550,880,065
REINVESTMENT OF DISTRIBUTIONS - CLASS A ......... 3,631,219 7,990,324 950,843 1,439,561
COST OF SHARES REDEEMED - CLASS A ............... (1,987,789,104) (3,704,540,683) (195,001,206) (432,791,496)
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS A ........ (100,547,538) (94,846,197) 70,347,629 119,528,130
--------------- --------------- ----------------- -----------------
PROCEEDS FROM SHARES SOLD - CLASS B ............. N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B ......... N/A N/A N/A N/A
COST OF SHARES REDEEMED - CLASS B ............... N/A N/A N/A N/A
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS B ........ N/A N/A N/A N/A
--------------- --------------- ----------------- -----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS . N/A N/A 2,848,117,718 2,444,949,529
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR
CLASS ......................................... N/A N/A 504,893 149,018
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ... N/A N/A (2,593,866,580) (2,284,590,578)
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ............................. N/A N/A 254,756,031 160,507,969
--------------- --------------- ----------------- -----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS . N/A N/A 18,902,816,065 9,872,411,140
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL
CLASS ......................................... N/A N/A 1,763,959 1,856,274
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ... N/A N/A (17,547,322,464) (8,402,552,128)
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ............................. N/A N/A 1,357,257,560 1,471,715,286
--------------- --------------- ----------------- -----------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS ....... 282,333,131 827,986,814 19,593,986,797 35,380,968,454
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS ... 616,487 1,644,614 3,086,813 7,382,031
COST OF SHARES REDEEMED - SERVICE CLASS ......... (338,832,215) (766,770,543) (17,574,404,461) (35,458,159,680)
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - SERVICE CLASS .. (55,882,597) 62,860,885 2,022,669,149 (69,809,195)
--------------- --------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS .................. (156,430,135) (31,985,312) 3,705,030,369 1,681,942,190
=============== =============== ================= =================
NET INCREASE (DECREASE) IN NET ASSETS .............. (156,396,992) (31,932,108) 3,705,034,991 1,681,917,044
=============== =============== ================= =================
ENDING NET ASSETS .................................. $ 2,473,776,399 $ 2,630,173,391 $ 10,470,197,190 $ 6,765,162,199
=============== =============== ================= =================
(1) "PROCEEDS FROM SHARES SOLD" AND "SHARES SOLD" INCLUDE AMOUNTS RELATING TO
FUND MERGERS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
MINNESOTA
MONEY MARKET FUND MONEY MARKET FUND
----------------------------- -------------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2004 2004 2004 2004
- ---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................ $ 117,236,798 $ 127,192,911 $ 7,285,971,813 $ 8,610,935,861
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .................... 162,795 362,597 15,933,250 27,756,854
NET REALIZED GAIN (LOSS) ON INVESTMENTS ......... (15,025) 39,107 (186,559) (12,598)
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS .................................. 147,770 401,704 15,746,691 27,744,256
------------- ------------- ----------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................... (178,980) (362,596) (15,122,059) (25,717,798)
CLASS B ......................................... N/A N/A (815,671) (2,040,607)
ADMINISTRATOR CLASS ............................. N/A N/A N/A N/A
INSTITUTIONAL CLASS ............................. N/A N/A N/A N/A
SERVICE CLASS ................................... N/A N/A N/A N/A
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ............. 63,055,408 153,598,739 3,029,869,301 5,305,356,826
REINVESTMENT OF DISTRIBUTIONS - CLASS A ......... 127,413 405,225 10,580,911 27,856,669
COST OF SHARES REDEEMED - CLASS A ............... (85,325,776) (163,999,185) (3,441,715,912) (6,366,410,052)
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS A ........ (22,142,955) (9,995,221) (401,265,700) (1,033,196,557)
------------- ------------- ----------------- ----------------
PROCEEDS FROM SHARES SOLD - CLASS B ............. N/A N/A 1,148,488,693 2,423,682,969
REINVESTMENT OF DISTRIBUTIONS - CLASS B ......... N/A N/A 639,050 2,277,975
COST OF SHARES REDEEMED - CLASS B ............... N/A N/A (1,265,059,238) (2,717,714,286)
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS B ........ N/A N/A (115,931,495) (291,753,342)
------------- ------------- ----------------- ----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS . N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR
CLASS ......................................... N/A N/A N/A N/A
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ... N/A N/A N/A N/A
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ............................. N/A N/A N/A N/A
------------- ------------- ----------------- ----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS . N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL
CLASS ......................................... N/A N/A N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ... N/A N/A N/A N/A
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ............................. N/A N/A N/A N/A
------------- ------------- ----------------- ----------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS ....... N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS ... N/A N/A N/A N/A
COST OF SHARES REDEEMED - SERVICE CLASS ......... N/A N/A N/A N/A
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - SERVICE CLASS .. N/A N/A N/A N/A
------------- ------------- ----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS .................. (22,142,955) (9,995,221) (517,197,195) (1,324,949,899)
============= ============= ================= ================
NET INCREASE (DECREASE) IN NET ASSETS .............. (22,174,165) (9,956,113) (517,388,234) (1,324,964,048)
============= ============= ================= ================
ENDING NET ASSETS .................................. $ 95,062,633 $ 117,236,798 $ 6,768,583,579 $ 7,285,971,813
============= ============= ================= ================
52 & 53
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE GOVERNMENT
MONEY MARKET FUND MONEY MARKET FUND
-------------------------------- ------------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
SEPTEMBER MARCH SEPTEMBER MARCH
30, 2004 31, 2004 30, 2004 31, 2004(1)
-------------- -------------- ---------------- ----------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A .............................. 1,883,610,346 3,601,704,162 264,397,992 550,880,064
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A .......................... 3,631,220 7,990,324 950,843 1,439,561
SHARES REDEEMED - CLASS A .......................... (1,987,789,104) (3,704,540,683) (195,001,206) (432,791,496)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A (100,547,538) (94,846,197) 70,347,629 119,528,129
-------------- -------------- ---------------- ----------------
SHARES SOLD - CLASS B .............................. N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS B ........................... N/A N/A N/A N/A
SHARES REDEEMED - CLASS B .......................... N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
SHARES SOLD - ADMINISTRATOR CLASS .................. N/A N/A 2,848,117,718 2,444,949,529
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS ............... N/A N/A 504,893 149,018
SHARES REDEEMED - ADMINISTRATOR CLASS .............. N/A N/A (2,593,866,580) (2,284,590,578)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS .................... N/A N/A 254,756,031 160,507,969
-------------- -------------- ---------------- ----------------
SHARES SOLD - INSTITUTIONAL CLASS .................. N/A N/A 18,902,816,065 9,872,411,099
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS ............... N/A N/A 1,763,959 1,856,274
SHARES REDEEMED -INSTITUTIONAL CLASS ............... N/A N/A (17,547,322,464) (8,402,552,128)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS .................... N/A N/A 1,357,257,560 1,471,715,245
-------------- -------------- ---------------- ----------------
SHARES SOLD - SERVICE CLASS ........................ 282,333,131 827,986,814 19,593,986,797 35,380,913,143
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - SERVICE CLASS ..................... 616,487 1,644,614 3,086,813 7,382,031
SHARES REDEEMED - SERVICE CLASS .................... (338,832,215) (766,770,543) (17,574,404,461) (35,458,159,680)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - SERVICE CLASS .......................... (55,882,597) 62,860,885 2,022,669,149 (69,864,506)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS (156,430,135) (31,985,312) 3,705,030,369 1,681,886,837
============== ============== ================ ================
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) ............................. $ (91,023) $ (986) $ 23,011 $ 31,018
============== ============== ================ ================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
MINNESOTA
MONEY MARKET FUND MONEY MARKET FUND
-------------------------------- ------------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
SEPTEMBER MARCH SEPTEMBER MARCH
30, 2004 31, 2004 30, 2004 31, 2004
-------------- -------------- ---------------- ----------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A .............................. 63,055,408 153,598,739 3,029,869,300 5,305,356,829
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A .......................... 127,413 405,225 10,580,911 27,856,669
SHARES REDEEMED - CLASS A .......................... (85,325,776) (163,999,185) (3,441,715,910) (6,366,410,052)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A (22,142,955) (9,995,221) (401,265,699) (1,033,196,554)
-------------- -------------- ---------------- ----------------
SHARES SOLD - CLASS B .............................. N/A N/A 1,148,488,692 2,423,682,969
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS B ........................... N/A N/A 639,050 2,277,975
SHARES REDEEMED - CLASS B .......................... N/A N/A (1,265,059,238) (2,717,714,286)
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B N/A N/A (115,931,496) (291,753,342)
-------------- -------------- ---------------- ----------------
SHARES SOLD - ADMINISTRATOR CLASS .................. N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS ............... N/A N/A N/A N/A
SHARES REDEEMED - ADMINISTRATOR CLASS .............. N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS .................... N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
SHARES SOLD - INSTITUTIONAL CLASS .................. N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS ............... N/A N/A N/A N/A
SHARES REDEEMED -INSTITUTIONAL CLASS ............... N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS .................... N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
SHARES SOLD - SERVICE CLASS ........................ N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - SERVICE CLASS ..................... N/A N/A N/A N/A
SHARES REDEEMED - SERVICE CLASS .................... N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - SERVICE CLASS .......................... N/A N/A N/A N/A
-------------- -------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS (22,142,955) (9,995,221) (517,197,195) (1,324,949,896)
============== ============== ================ ================
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) ............................. $ (16,184) $ 1 $ (4,478) $ 2
============== ============== ================ ================
54 & 55
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE
MONEY MARKET FUND
-----------------------------------
(UNAUDITED)
FOR THE
SIX MONTHS FOR THE
ENDED YEAR ENDED
SEPTEMBER MARCH
30, 2004 31, 2004(1)
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .............................. $ 2,186,314,686 $ 1,528,551,577
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ...................... 7,506,357 11,088,186
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... 50,170 319,581
--------------- ---------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS .................... 7,556,527 11,407,767
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:-
NET INVESTMENT INCOME
CLASS A ........................................... (1,718,436) (1,640,214)
CLASS B ........................................... N/A N/A
ADMINISTRATOR CLASS ............................... N/A N/A
INSTITUTIONAL CLASS ............................... (1,800,334) (1,416,669)
SERVICE CLASS ..................................... (4,130,192) (8,041,932)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ............... 713,269,627 1,399,010,816
REINVESTMENT OF DISTRIBUTIONS - CLASS A ........... 1,254,258 1,744,755
COST OF SHARES REDEEMED - CLASS A ................. (671,371,323) (779,189,103)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A . 43,152,562 621,566,468
--------------- ---------------
PROCEEDS FROM SHARES SOLD - CLASS B ............... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B ........... N/A N/A
COST OF SHARES REDEEMED - CLASS B ................. N/A N/A
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B . N/A N/A
--------------- ---------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS N/A N/A
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ..... N/A N/A
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ............................... N/A N/A
--------------- ---------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ... 2,397,115,278 1,282,046,088
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS 716,310 686,683
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ..... (2,237,329,263) (1,107,592,826)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ............................... 160,502,325 175,139,945
--------------- ---------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS ......... 974,345,757 2,154,668,524
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS ..... 1,185,975 3,080,212
COST OF SHARES REDEEMED - SERVICE CLASS ........... (1,112,846,021) (2,297,000,992)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - SERVICE CLASS ..... (137,314,289) (139,252,256)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS ........... 66,340,598 657,454,157
=============== ===============
NET INCREASE (DECREASE) IN NET ASSETS ................ 66,248,163 657,763,109
=============== ===============
ENDING NET ASSETS .................................... $ 2,252,562,849 $ 2,186,314,686
=============== ===============
(1) "PROCEEDS FROM SHARES SOLD" AND "SHARES SOLD" INCLUDE AMOUNTS RELATING TO
FUND MERGERS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
56
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
TREASURY PLUS 100% TREASURY
MONEY MARKET FUND MONEY MARKET TRUST
------------------------------------ -----------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
SEPTEMBER MARCH SEPTEMBER MARCH
30, 2004 31, 2004(1) 30, 2004 31, 2004
---------------- ---------------- --------------- ----------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .............................. $ 5,747,241,499 $ 2,773,473,140 $ 3,140,902,133 $ 2,934,927,382
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ...................... 18,032,134 30,405,550 9,952,796 15,457,310
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (135,348) 696 6,738 89,370
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS .................... 17,896,786 30,406,246 9,959,534 15,546,680
---------------- ---------------- --------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:-
NET INVESTMENT INCOME
CLASS A ........................................... (6,569,373) (6,292,757) (431,772) (736,608)
CLASS B ........................................... N/A N/A N/A N/A
ADMINISTRATOR CLASS ............................... N/A N/A N/A N/A
INSTITUTIONAL CLASS ............................... (7,305,534) (16,199,925) N/A N/A
SERVICE CLASS ..................................... (4,161,822) (7,912,868) (9,593,228) (14,720,799)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ............... 5,604,695,612 8,521,232,089 176,227,394 449,479,514
REINVESTMENT OF DISTRIBUTIONS - CLASS A ........... 1,353,545 1,760,169 318,806 820,154
COST OF SHARES REDEEMED - CLASS A ................. (5,842,452,049) (6,065,128,821) (189,665,720) (496,707,697)
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A . (236,402,892) 2,457,863,437 (13,119,520) (46,408,029)
---------------- ---------------- --------------- ----------------
PROCEEDS FROM SHARES SOLD - CLASS B ............... N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B ........... N/A N/A N/A N/A
COST OF SHARES REDEEMED - CLASS B ................. N/A N/A N/A N/A
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B . N/A N/A N/A N/A
---------------- ---------------- --------------- ----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ... N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS N/A N/A N/A N/A
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ..... N/A N/A N/A N/A
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ............................... N/A N/A N/A N/A
---------------- ---------------- --------------- ----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ... 24,778,275,714 72,140,884,611 N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS 1,299,876 2,467,118 N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ..... (25,798,971,928) (71,744,782,379) N/A N/A
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ............................... (1,019,396,338) 398,569,350 N/A N/A
---------------- ---------------- --------------- ----------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS ......... 9,896,944,626 13,125,490,912 8,712,331,138 17,576,961,049
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS ..... 496,420 1,767,648 889,222 2,820,208
COST OF SHARES REDEEMED - SERVICE CLASS ........... (10,336,320,256) (13,009,923,684) (8,755,052,518) (17,327,487,750)
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - SERVICE CLASS ..... (438,879,210) 117,334,876 (41,832,158) 252,293,507
---------------- ---------------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS ........... (1,694,678,440) 2,973,767,663 (54,951,678) 205,885,478
================ ================ =============== ================
NET INCREASE (DECREASE) IN NET ASSETS ................ (1,694,818,383) 2,973,768,359 (55,017,144) 205,974,751
================ ================ =============== ================
ENDING NET ASSETS .................................... $ 4,052,423,116 $ 5,747,241,499 $ 3,085,884,989 $ 3,140,902,133
================ ================ =============== ================
57
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE
MONEY MARKET FUND
----------------------------------
(UNAUDITED)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
2004 2004(1)
---------------- ---------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A .............................. 713,269,627 1,398,990,945
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
CLASS A .......................................... 1,254,258 1,744,755
SHARES REDEEMED - CLASS A .......................... (671,371,323) (779,189,103)
---------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A 43,152,562 621,546,597
---------------- ---------------
SHARES SOLD - CLASS B .............................. N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
CLASS B .......................................... N/A N/A
SHARES REDEEMED - CLASS B .......................... N/A N/A
---------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B N/A N/A
---------------- ---------------
SHARES SOLD - ADMINISTRATOR CLASS .................. N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .............................. N/A N/A
SHARES REDEEMED - ADMINISTRATOR CLASS .............. N/A N/A
---------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ................................. N/A N/A
---------------- ---------------
SHARES SOLD - INSTITUTIONAL CLASS .................. 2,397,115,278 1,282,046,089
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .............................. 716,310 686,683
SHARES REDEEMED -INSTITUTIONAL CLASS ............... (2,237,329,263) (1,107,592,826)
---------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS .................................. 160,502,325 175,139,946
---------------- ---------------
SHARES SOLD - SERVICE CLASS ........................ 974,345,757 2,154,668,543
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SERVICE CLASS .................................... 1,185,975 3,080,212
SHARES REDEEMED - SERVICE CLASS .................... (1,112,846,021) (2,297,000,992)
---------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SERVICE CLASS ....................................... (137,314,289) (139,252,237)
---------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ..................... 66,340,598 657,434,306
================ ===============
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ....................................... $ (142,605) $ 0
================ ===============
(1) "PROCEEDS FROM SHARES SOLD" AND "SHARES SOLD" INCLUDE AMOUNTS RELATING TO
FUND MERGERS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
58
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
TREASURY PLUS 100% TREASURY
MONEY MARKET FUND MONEY MARKET FUND
------------------------------------- -----------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2004 2004(1) 2004 2004(1)
------------------ ---------------- ---------------- ----------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A .............................. 5,604,695,612 8,521,278,167 176,227,396 449,479,514
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
CLASS A .......................................... 1,353,545 1,760,169 318,806 820,154
SHARES REDEEMED - CLASS A .......................... (5,842,452,048) (6,065,128,821) (189,665,719) (496,707,697)
----------------- ---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
CLASS A ............................................. (236,402,891) 2,457,909,515 (13,119,517) (46,408,029)
----------------- ---------------- ---------------- ----------------
SHARES SOLD - CLASS B .............................. N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
CLASS B .......................................... N/A N/A N/A N/A
SHARES REDEEMED - CLASS B .......................... N/A N/A N/A N/A
----------------- ---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
CLASS B .............................................. N/A N/A N/A N/A
----------------- ---------------- ---------------- ----------------
SHARES SOLD - ADMINISTRATOR CLASS .................. N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .............................. N/A N/A N/A N/A
SHARES REDEEMED - ADMINISTRATOR CLASS .............. N/A N/A N/A N/A
----------------- ---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ................................. N/A N/A N/A N/A
----------------- ---------------- ---------------- ----------------
SHARES SOLD - INSTITUTIONAL CLASS .................. 24,778,275,714 72,140,884,610 N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .............................. 1,299,876 2,467,118 N/A N/A
SHARES REDEEMED -INSTITUTIONAL CLASS ............... (25,798,971,928) (71,744,782,379) N/A N/A
----------------- ---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ................................. (1,019,396,338) 398,569,349 N/A N/A
----------------- ---------------- ---------------- ----------------
SHARES SOLD - SERVICE CLASS ........................ 9,896,944,626 13,125,490,912 8,712,331,138 17,576,961,049
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SERVICE CLASS .................................... 496,420 1,767,648 889,222 2,820,208
SHARES REDEEMED - SERVICE CLASS .................... (10,336,320,256) (13,009,923,684) (8,755,052,518) (17,327,487,745)
----------------- ---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SERVICE CLASS ....................................... (438,879,210) 117,334,876 (41,832,158) 252,293,512
----------------- ---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ...................... (1,694,678,439) 2,973,813,740 (54,951,675) 205,885,483
================= ================ ================ ================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME
(LOSS) ............................................... $ (8,036) $ (3,441) $ (7,623) $ 64,581
================= ================ ================ ================
59
WELLS FARGO MONEY MARKET FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING AND
NET ASSET NET UNREALIZED
VALUE PER INVESTMENT GAIN (LOSS) ON
SHARE INCOME INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. $ 1.00 0.00 0.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. $ 1.00 0.01 0.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. $ 1.00 0.02 0.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. $ 1.00 0.03 0.00
APRIL 1, 1999 TO MARCH 31, 2000 ............................. $ 1.00 0.02 0.00
GOVERNMENT MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. $ 1.00 0.00 0.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. $ 1.00 0.01 0.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. $ 1.00 0.03 0.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. $ 1.00 0.06 0.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000........................ $ 1.00 0.02 0.00
MINNESOTA MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. $ 1.00 0.00 0.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. $ 1.00 0.01 0.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. $ 1.00 0.02 0.00
AUGUST 14, 2000(3) TO MARCH 31, 2001 ........................ $ 1.00 0.02 0.00
MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. $ 1.00 0.00 0.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. $ 1.00 0.01 0.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. $ 1.00 0.03 0.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. $ 1.00 0.06 0.00
APRIL 1, 1999 TO MARCH 31, 2000 ............................. $ 1.00 0.05 0.00
CLASS B
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. $ 1.00 0.00 0.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. $ 1.00 0.00 0.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. $ 1.00 0.02 0.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. $ 1.00 0.05 0.00
APRIL 1, 1999 TO MARCH 31, 2000(4) .......................... $ 1.00 0.04 0.00
NATIONAL TAX-FREE MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... $ 1.00 0.00 0.00
TREASURY PLUS MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... $ 1.00 0.00 0.00
100% TREASURY MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. $ 1.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. $ 1.00 0.00 0.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. $ 1.00 0.01 0.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. $ 1.00 0.02 0.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. $ 1.00 0.05 0.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... $ 1.00 0.02 0.00
DIVIDENDS DISTRIBUTIONS ENDING
FROM NET FROM NET NET ASSET
INVESTMENT REALIZED VALUE PER
INCOME GAINS SHARE
- ---------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. (0.01) 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. (0.02) 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. (0.03) 0.00 $ 1.00
APRIL 1, 1999 TO MARCH 31, 2000 ............................. (0.02) 0.00 $ 1.00
GOVERNMENT MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. (0.01) 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. (0.03) 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. (0.06) 0.00 $ 1.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... (0.02) 0.00 $ 1.00
MINNESOTA MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. (0.01) 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. (0.02) 0.00 $ 1.00
AUGUST 14, 2000(3) TO MARCH 31, 2001 ........................ (0.02) 0.00 $ 1.00
MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. (0.01) 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. (0.03) 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. (0.06) 0.00 $ 1.00
APRIL 1, 1999 TO MARCH 31, 2000 ............................. (0.05) 0.00 $ 1.00
CLASS B
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. (0.02) 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. (0.05) 0.00 $ 1.00
APRIL 1, 1999 TO MARCH 31, 2000(4) .......................... (0.04) 0.00 $ 1.00
NATIONAL TAX-FREE MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... 0.00 0.00 $ 1.00
TREASURY PLUS MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... 0.00 0.00 $ 1.00
100% TREASURY MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.00 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............................. (0.01) 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............................. (0.02) 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............................. (0.05) 0.00 $ 1.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... (0.02) 0.00 $ 1.00
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
-----------------------------------------------------------------
NET INVESTMENT GROSS EXPENSE NET
INCOME (LOSS) EXPENSES WAIVED EXPENSES
- --------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.48% 0.85% (0.20)% 0.65%
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.36% 0.85% (0.20)% 0.65%
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.72% 0.77% (0.12)% 0.65%
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 1.52% 0.77% (0.12)% 0.65%
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 2.93% 0.77% (0.12)% 0.65%
APRIL 1, 1999 TO MARCH 31, 2000 ............................. 2.48% 0.96% (0.31)% 0.65%
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.64% 0.65% 0.00% 0.65%
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.46% 0.71% (0.04)% 0.67%
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.97% 0.81% (0.06)% 0.75%
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 2.33% 1.00% (0.25)% 0.75%
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 5.69% 0.81% (0.06)% 0.75%
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... 4.99% 0.81% (0.06)% 0.75%
MINNESOTA MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.34% 0.90% (0.10)% 0.80%
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.28% 0.90% (0.10)% 0.80%
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.72% 0.83% (0.03)% 0.80%
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 1.65% 0.83% (0.03)% 0.80%
AUGUST 14, 2000(3) TO MARCH 31, 2001 ........................ 2.03% 0.56% (0.05)% 0.51%
MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.54% 0.91% (0.15)% 0.76%
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.41% 0.93% (0.17)% 0.76%
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 1.01% 0.97% (0.21)% 0.76%
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 2.58% 0.97% (0.21)% 0.76%
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 5.60% 0.95% (0.19)% 0.76%
APRIL 1, 1999 TO MARCH 31, 2000 ............................. 4.78% 1.01% (0.26)% 0.75%
CLASS B
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.11% 1.66% (0.46)% 1.20%
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.12% 1.68% (0.63)% 1.05%
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.32% 1.61% (0.15)% 1.46%
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 1.76% 1.60% (0.09)% 1.51%
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 4.86% 1.69% (0.18)% 1.51%
APRIL 1, 1999 TO MARCH 31, 2000(4) .......................... 4.06% 1.65% (0.19)% 1.46%
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.49% 0.65% 0.00% 0.65%
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... 0.37% 0.65% 0.00% 0.65%
TREASURY PLUS MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.28% 0.66% (0.01)% 0.65%
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... 0.39% 0.66% (0.01)% 0.65%
100% TREASURY MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.51% 0.88% (0.23)% 0.65%
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.37% 0.90% (0.25)% 0.65%
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.94% 0.81% (0.16)% 0.65%
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 2.33% 0.79% (0.14)% 0.65%
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 5.28% 0.74% (0.09)% 0.65%
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... 4.89% 0.82% (0.17)% 0.65%
NET ASSETS AT
TOTAL END OF PERIOD
RETURN(2) (000'S OMITTED)
- ----------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.24% $ 2,162,436
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.36% $ 2,262,957
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.73% $ 2,357,684
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 1.54% $ 2,448,719
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 2.99% $ 2,528,345
APRIL 1, 1999 TO MARCH 31, 2000 ............................. 2.51% $ 2,464,890
GOVERNMENT MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.32% $ 435,517
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.47% $ 365,169
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 1.02% $ 245,642
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 2.60% $ 144,577
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 5.70% $ 72,460
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... 1.99% $ 58,960
MINNESOTA MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.19% $ 95,063
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.28% $ 117,237
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.73% $ 127,193
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 1.75% $ 141,873
AUGUST 14, 2000(3) TO MARCH 31, 2001 ........................ 2.07% $ 113,871
MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.27% $ 5,293,495
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.41% $ 5,694,911
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 1.01% $ 6,728,119
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 2.54% $ 7,835,864
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 5.77% $ 14,406,458
APRIL 1, 1999 TO MARCH 31, 2000 ............................. 4.84% $ 13,441,754
CLASS B
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.05% $ 1,475,088
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.12% $ 1,591,061
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.31% $ 1,882,817
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 1.78% $ 2,373,287
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 4.99% $ 2,493,119
APRIL 1, 1999 TO MARCH 31, 2000(4) .......................... 4.10% $ 1,736,843
NATIONAL TAX-FREE MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.25% $ 664,787
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... 0.25% $ 621,663
TREASURY PLUS MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.28% $ 2,221,390
JULY 28, 2003(3) TO MARCH 31, 2004 .......................... 0.26% $ 2,457,864
100% TREASURY MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------
CLASS A
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ............. 0.26% $ 149,760
APRIL 1, 2003 TO MARCH 31, 2004 ............................. 0.36% $ 162,883
APRIL 1, 2002 TO MARCH 31, 2003 ............................. 0.96% $ 209,285
APRIL 1, 2001 TO MARCH 31, 2002 ............................. 2.48% $ 161,947
APRIL 1, 2000 TO MARCH 31, 2001 ............................. 5.39% $ 98,260
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ....................... 1.89% $ 2,047
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
60 & 61
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
(1) During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods
less than one year are not annualized.
(3) Commencement of operations.
(4) This class of shares was redesignated from Class S to Class B on November
8, 1999.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
62
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company. The Trust commenced operations on November 8,
1999, and is currently comprised of 75 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the California
Tax-Free Money Market Fund, Government Money Market Fund, Minnesota Money Market
Fund, Money Market Fund, National Tax-Free Money Market Fund, Treasury Plus
Money Market Fund, and 100% Treasury Money Market Fund.
Each Fund, except the California Tax-Free Money Market Fund and Minnesota
Money Market Fund is a diversified series of the Trust. The California Tax-Free
Money Market Fund and Minnesota Money Market Fund are non-diversified series of
the Trust.
Effective at the close of business on June 6, 2003, the Wells Fargo
Government Money Market Fund acquired all of the net assets of the Montgomery
Government Money Market Fund. The Montgomery Government Money Market Fund
exchanged its 180,530,053 Class R shares (valued at $180,585,365) for
180,530,053 Service Class shares of the Wells Fargo Government Money Market
Fund.
Effective at the close of business on July 25, 2003, the Government Money
Market Fund acquired all of the net assets of the Government Institutional Money
Market Fund. The Government Institutional Money Market Fund exchanged its
1,081,553,886 Institutional Class shares (valued at $1,081,553,928) for
1,081,553,886 Institutional Class shares of the Government Money Market Fund.
Effective at the close of business on July 25, 2003, the National Tax-Free
Money Market Fund (formerly named the National Tax-Free Institutional Money
Market Fund) (the "Acquiring Fund") acquired all of the net assets of the
National Tax-Free Money Market Fund (the "Target Fund"). The Target Fund
exchanged its 667,850,273 Class A shares (valued at $667,870,144) for
667,850,273 Class A shares of the Acquiring Fund.
Effective at the close of business on July 25, 2003, the Treasury Plus
Money Market Fund (formerly named the Treasury Plus Institutional Money Market
Fund) (the "Acquiring Fund") acquired all of the net assets of the Treasury Plus
Money Market Fund (the "Target Fund"). The Target Fund exchanged its
2,352,982,205 Class A shares (valued at $2,352,936,127) for 2,352,982,205 Class
A shares of the Acquiring Fund.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of a Fund, earn
income from the portfolio and are allocated unrealized gains and losses pro rata
based on the average daily net assets of each class, without distinction between
share classes. Dividends are determined separately for each class based on
income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholding
servicing and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
In the normal course of business, the Trust may enter into contracts that
provide certain indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Funds
and, therefore, cannot be estimated; however, based on experience, the risk of
loss from such claims is considered remote.
SECURITY VALUATION
The Fund(s) invests only in securities with remaining maturities not
exceeding 397 days (13 months). Certain floating- and variable-rate instruments
in the portfolio may have maturities in excess of 397 days, but carry a demand
feature that permits the holder to tender the instruments back to the issuer at
par value prior to maturity.
The amortized cost method is used to value portfolio securities. The
amortized cost method involves valuing a security at its cost, plus accretion of
discount or minus amortization of premium over the period until maturity, which
approximates market value. The Fund(s) seeks to maintain a constant net asset
value of $1.00 per share, although there is no assurance that it will be able to
do so.
63
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to
shareholders monthly. Distributions to shareholders from net realized capital
gains, if any, are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at September 30, 2004.
At March 31, 2004, current year deferred post-October capital losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Deferred Post-October
Fund Capital Loss
GOVERNMENT MONEY MARKET FUND $ 1,768
MONEY MARKET FUND 17,077
TREASURY PLUS MONEY MARKET FUND 4,808
100% TREASURY MONEY MARKET FUND 6,921
REPURCHASE AGREEMENTS
The Fund(s) may invest in repurchase agreements and may participate in
pooled repurchase agreement transactions with other funds advised by Wells Fargo
Funds Management, LLC. The repurchase agreements must be fully collateralized
based on values that are marked to market daily. The collateral may be held by
an agent bank under a tri-party agreement. It is the custodian's responsibility
to value collateral daily and to take action to obtain additional collateral as
necessary to maintain market value equal to or greater than the resale price.
The repurchase agreements are collateralized by instruments such as U.S.
Treasury, federal agency, or high-grade corporate obligations. There could be
potential loss to a Fund in the event that such Fund is delayed or prevented
from exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser responsible for day-to-day portfolio management.
64
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment sub-advisers to provide daily portfolio
management. The fees related to sub-advisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment sub-adviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fee* Sub-advisory Fee
(% of Average (% of Average
Average Daily Daily Net Average Daily Daily Net
Fund Net Assets Assets) Sub-adviser Net Assets Assets)
CALIFORNIA TAX-FREE $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05%
MONEY MARKET FUND $500 - 999 million 0.300 Management > $1 billion 0.04
$1 - $2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
GOVERNMENT $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
MINNESOTA MONEY $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05
MARKET FUND $500 - 999 million 0.300 Management > $1 billion 0.04
$1 - $2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
MONEY MARKET FUND $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05
$500 - 999 million 0.300 Management > $1 billion 0.04
$1 - $2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
NATIONAL TAX-FREE $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
TREASURY PLUS $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
100% TREASURY $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.300 Management > $1 billion 0.04
$1 - $2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
* Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a monthly advisory fee at the following annual rates:
65
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Advisory Fee
Fund (% Of Average Daily Net Assets)
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.30
GOVERNMENT MONEY MARKET FUND 0.10
MINNESOTA MONEY MARKET FUND 0.30
MONEY MARKET FUND 0.40
NATIONAL TAX-FREE MONEY MARKET FUND 0.10
TREASURY PLUS MONEY MARKET FUND 0.10
100% TREASURY MONEY MARKET FUND 0.35
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers out of the
fees it receives as administrator, Funds Management is entitled to receive the
following annual fees:
Average Daily Admin Fee **
Net Assets % Of Average Daily Net Assets
FUND LEVEL $0 - 4.99 billion 0.05
$5 - 9.99 billion 0.04
> $9.99 billion 0.03
CLASS A 0.22
CLASS B 0.22
** Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a fund level administration fee of 0.05% of average daily
net assets.
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to certain transaction charges plus a monthly fee for
custody services at the following annual rates:
% Of Average
Daily Net Assets
ALL FUNDS 0.02
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
Administrator Institutional
Fund Class A Class B Class Class Service Class
CALIFORNIA TAX-FREE
MONEY MARKET FUND 0.25% N/A N/A N/A 0.25%
GOVERNMENT MONEY
MARKET FUND 0.25% N/A 0.10% 0.00% 0.25%
MINNESOTA MONEY
MARKET FUND 0.25% N/A N/A N/A N/A
MONEY MARKET FUND 0.25% 0.25% N/A N/A N/A
NATIONAL TAX-FREE
MONEY MARKET FUND 0.25% N/A N/A 0.00% 0.25%
TREASURY PLUS MONEY
MARKET FUND 0.25% N/A N/A 0.00% 0.25%
100% TREASURY MONEY
MARKET FUND 0.25% N/A N/A N/A 0.25%
66
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
For the six months ended September 30, 2004, shareholder servicing fees
paid were as follows:
Administrator Institutional
Fund Class A Class B Class Class Service Class
CALIFORNIA TAX-FREE
MONEY MARKET FUND $2,808,333 N/A N/A N/A $ 129,951
GOVERNMENT MONEY
MARKET FUND 511,984 N/A 158,284 0 6,684,240
MINNESOTA MONEY
MARKET FUND 120,657 N/A N/A N/A N/A
MONEY MARKET FUND 7,001,012 1,904,469 N/A N/A N/A
NATIONAL TAX-FREE
MONEY MARKET FUND 853,360 N/A N/A 0 1,478,430
TREASURY PLUS MONEY
MARKET FUND 2,950,589 N/A N/A 0 1,501,448
100% TREASURY MONEY
MARKET FUND 210,804 N/A N/A N/A 1,161,789
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B shares
of the Money Market Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution
fees are charged to the Class B shares and paid to Stephens Inc. ("Stephens") at
an annual rate of 0.75% of average daily net assets.
For the six months ended September 30, 2004, distribution fees paid are
disclosed on the Statement of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee, and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statement
of Operations, for the six months ended September 30, 2004, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. The Fund's Adviser has committed to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense limitation for the Fund(s). Net operating expense limitations during the
period were as follows:
NET OPERATING EXPENSE LIMITATIONS
FUND CLASS A CLASS B
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.65% N/A
GOVERNMENT MONEY MARKET FUND 0.65% N/A
MINNESOTA MONEY MARKET FUND 0.80% N/A
MONEY MARKET FUND 0.76% 1.20%
NATIONAL TAX-FREE MONEY MARKET FUND 0.65% N/A
TREASURY PLUS MONEY MARKET FUND 0.65% N/A
100% TREASURY MONEY MARKET FUND 0.65% N/A
67
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
4. SUBSEQUENT EVENTS
- --------------------------------------------------------------------------------
REORGANIZATION AND MEETING OF SHAREHOLDERS
On May 26, 2004, Wells Fargo & Company and Strong Financial Corporation
reached an agreement that provided for Wells Fargo to acquire $34 billion in
assets under management from Strong. Included among those assets under
management were the Strong Funds family of mutual funds. In September 2004, the
Strong Funds' Board of Directors and the WELLS FARGO FUNDS Board of Trustees
unanimously approved the reorganization of the Strong Funds into WELLS FARGO
FUNDS. The reorganization is subject to the approval of Strong Funds'
shareholders at a special meeting on December 10, 2004. If approved by
shareholders, the reorganization will add 43 new mutual funds to WELLS FARGO
FUNDS and is expected to be consummated during the second quarter of 2005.
The WELLS FARGO FUNDS Board of Trustees also has approved, and recommended
that Wells Fargo Funds shareholders approve, the merger of certain WELLS FARGO
FUNDS into other WELLS FARGO FUNDS. Proxy materials soliciting approval of these
proposed mergers was mailed to WELLS FARGO FUNDS shareholders in November 2004,
and a meeting of WELLS FARGO FUNDS shareholders has been scheduled for January
2005. If Wells Fargo Funds shareholders approve such proposed mergers, the
mergers are planned to take place during the second quarter of 2005 concurrently
with the reorganization of the Strong Funds into the WELLS FARGO FUNDS.
68
WELLS FARGO MONEY MARKET FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities and information
regarding the results of such voting is available without charge, upon request,
by calling 1-800-222-8222, visiting our website at www.wellsfargofunds.com or
visiting the SEC website at www.sec.gov.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 100 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Nominating Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 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.
INTERESTED TRUSTEES**
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------
Robert C. Brown Trustee since 1992 Retired. None
73
- -------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee since 1987 Private Investor/Real Estate None
60 Developer; Chairman of White
Point Capital, LLC.
- -------------------------------------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES
- -------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee since 1987 Wake Forest University, None
62 Calloway School of Business
and Accountancy, Associate
Professor of Finance.
- -------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee since 1998 Chairman, CEO, and Co- None
62 (Lead Trustee since Founder of Crystal Geyser
2001) Water Company and President
of Crystal Geyser Roxane Water
Company.
- -------------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee since 1987 Retired. Prior thereto, President None
71 of Richard M. Leach Associates
(a financial consulting firm).
- -------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee since 1996 Senior Counselor to the public None
52 relations firm of Himle-Horner
and Senior Fellow at the
Humphrey Institute,
Minneapolis, Minnesota (a
public policy organization).
- -------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee since 1996 Principal in the law firm of None
64 Willeke & Daniels.
- -------------------------------------------------------------------------------------------------------------
69
OTHER INFORMATION (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
OFFICERS
- -------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President since 2003 Executive Vice President of None
45 Wells Fargo Bank, N.A.
President of Wells Fargo Funds
Management, LLC. Senior Vice
President and Chief
Administrative Officer of Wells
Fargo Funds Management, LLC
from 2001 to 2003. Vice
President of Wells Fargo Bank,
N.A. from 1997 to 2000.
- -------------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo Treasurer since 2003 Senior Vice President of Wells None
35 Fargo Bank, N.A. Senior Vice
President of Operations for
Wells Fargo Funds
Management, LLC. Prior
thereto, Operations Manager at
Scudder Weisel Capital, LLC
(2000 to 2001), Director of
Shareholder Services at BISYS
Fund Services (1999 to 2000)
and Assistant Vice President of
Operations with Nicholas-
Applegate Capital Management
(1993 to 1999).
- -------------------------------------------------------------------------------------------------------------
C. David Messman Secretary since 2000 Vice President and Managing None
44 Senior Counsel of Wells Fargo
Bank, N.A. Senior Vice President
and Secretary of Wells Fargo
Funds Management, LLC. Vice
President and Senior Counsel of
Wells Fargo Bank, N.A. from
1996 to 2003.
- -------------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222.
** Currently, two of the seven Trustees are considered "interested persons"
of the Trusts as defined in the Investment Company Act of 1940. One of the
interested Trustees, Robert C. Brown, owns securities of Wells Fargo &
Company, and one of the interested Trustees, J. Tucker Morse, is
affiliated with a government securities dealer that is registered under
the Securities Exchange Act of 1934, which is not itself affiliated with
Wells Fargo Funds Management, LLC.
*** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
70
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depository Receipts
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CMT -- Constant Maturity Treasury
COFI -- Cost of Funds Index
Connie Lee -- Connie Lee Insurance Company
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
EDFA -- Education Finance Authority
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Notes
FSA -- Financial Security Assurance, Inc
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
MTN -- Medium Term Note
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PLC -- Private Placement
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFMR -- Single Family Mortgage Revenue
STEERS -- Structured Enhanced Return Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
WEBS -- World Equity Benchmark Shares
71
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
- --------------------------------------------------------------------------------
MORE INFORMATION ABOUT WELLS FARGO FUNDS(R)IS AVAILABLE FREE UPON REQUEST.
TO OBTAIN LITERATURE, PLEASE WRITE OR CALL:
WELLS FARGO FUNDS
PO BOX 8266
BOSTON, MA 02266-8266
WELLS FARGO FUNDS INVESTOR SERVICES: 1-800-222-8222 OR VISIT OUR WEB SITE AT
WWW.WELLSFARGOFUNDS.COM.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED
OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE
INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
WELLS FARGO FUNDS MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &
COMPANY, PROVIDES INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES FOR THE WELLS
FARGO FUNDS. OTHER AFFILIATES OF WELLS FARGO & COMPANY PROVIDE SUB-ADVISORY AND
OTHER SERVICES FOR THE FUNDS. THE FUNDS ARE DISTRIBUTED BY STEPHENS INC., MEMBER
NYSE/SIPC. WELLS FARGO & COMPANY AND ITS AFFILIATES ARE NOT AFFILIATED WITH
STEPHENS INC.
-------------------------------------------------------
NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
-------------------------------------------------------
(C)2004 Wells Fargo Funds Management, LLC. All rightS reserved. SAR 004 (11/04)
[GRAPHIC OMITTED]
[LOGO]
WELLS
FARGO
FUNDS
Wells Fargo Money Market Funds
Semi-Annual Report
Wells Fargo California Tax-Free Money Market Fund
Wells Fargo Cash Investment Money Market Fund
Wells Fargo Government Money Market Fund
Wells Fargo National Tax-Free Money Market Fund
Wells Fargo Prime Investment Money Market Fund
Wells Fargo Treasury Plus Money Market Fund
Wells Fargo 100% Treasury Money Market Fund
ADMINISTRATOR, INSTITUTIONAL AND SERVICE CLASSES
September 30, 2004
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders ................................................... 1
- --------------------------------------------------------------------------------
Money Market Overview .................................................... 2
- --------------------------------------------------------------------------------
Primary Investments ...................................................... 4
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
California Tax-Free Money Market Fund ................................. 5
Cash Investment Money Market Fund ..................................... 6
Government Money Market Fund .......................................... 7
National Tax-Free Money Market Fund ................................... 8
Prime Investment Money Market Fund .................................... 9
Treasury Plus Money Market Fund ....................................... 10
100% Treasury Money Market Fund ....................................... 11
Fund Expenses ............................................................ 12
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
California Tax-Free Money Market Fund ................................. 14
Cash Investment Money Market Fund ..................................... 23
Government Money Market Fund .......................................... 27
National Tax-Free Money Market Fund ................................... 30
Prime Investment Money Market Fund .................................... 44
Treasury Plus Money Market Fund ....................................... 46
100% Treasury Money Market Fund ....................................... 47
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities ................................... 48
Statement of Operations ............................................... 50
Statements of Changes in Net Assets ................................... 52
Financial Highlights .................................................. 56
Notes to Financial Highlights ............................................ 60
- --------------------------------------------------------------------------------
Notes to Financial Statements ............................................ 61
- --------------------------------------------------------------------------------
Other Information ........................................................ 66
- --------------------------------------------------------------------------------
List of Abbreviations .................................................... 68
- --------------------------------------------------------------------------------
-------------------------------------------------------
NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
-------------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
We are pleased to provide you with this Wells Fargo Money Market Funds
(the Funds) semi-annual report for the six-month period ended September 30,
2004. On the following pages, you will find the money market overview and facts
and figures about each Fund's investment portfolio.
RATES ON THE RISE
- --------------------------------------------------------------------------------
On June 30, 2004, the Federal Open Market Committee (the FOMC or the Fed)
raised the federal funds target rate from 1% to 1.25%. By the end of September
2004, the federal funds rate was 0.50% higher, at 1.75%. Long-term yields
trended lower, shrugging off these successive rate hikes.
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Money market funds invest in short-term debt obligations, such as
commercial paper, treasury bills, government agency securities and tax-free
securities. The amount of top-rated commercial paper outstanding declined again
during the third quarter of 2004, albeit at a slower pace, as issuers continued
to take advantage of record low bond yields to extend the maturity of their
debt. The credit picture improved dramatically during the reporting period. The
pace of downgrades recorded the largest drop this year.
Yield spreads between prime money-market instruments, federal agency
securities and U.S. Treasury bills widened over the reporting period. While U.S.
Treasury yields generally increased during 2004, they did so at a more moderate
pace than prime money market investments. Toward the end of the reporting
period, some U.S. Treasury yields even decreased as other yields were rising.
For buyers of municipal variable-rate demand notes, massive supplies of
new bond issuances, coupled with the rising fed funds rate, have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels.
LOOKING AHEAD
- --------------------------------------------------------------------------------
As the economy continues to improve, increased inflationary pressures
could lead to higher interest rates. This, in turn, could potentially lead to
higher yields for investors in money market funds. The Fund managers will
continue to manage the Funds in a manner that will seek to provide for a stable
net asset value. Regardless of what lies ahead, investors should continue to
follow the fundamentals of investing - asset allocation and diversification - in
an effort to help achieve their long-term financial goals.
Thank you for your investment in WELLS FARGO FUNDS. We appreciate the
confidence that you have placed in us. If you have any questions or need further
information, please contact your investment professional, or call us at
1-800-222-8222. You may also visit our Web site at www.wellsfargofunds.com
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO FUNDS
1
WELLS FARGO MONEY MARKET FUNDS MONEY MARKET OVERVIEW
- --------------------------------------------------------------------------------
MONEY MARKET OVERVIEW
This report covers the six-month period ended September 30, 2004.
PRIME MONEY MARKET SECURITIES
- --------------------------------------------------------------------------------
By the end of the reporting period, the money market yield curve had
become steeper compared to the prior six-months. By September 30, 2004, the
federal funds rate increased to 1.75%, while the 12-month London Interbank
Offered Rate (LIBOR) increased to 2.43%, a spread of 0.68%. In contrast, on
March 31, 2004, the federal funds rate was 1.00%, and the 12-month LIBOR was
1.35%, with a spread of only 0.35%.
The Federal Open Market Committee (the FOMC or the Fed) stuck to its
balanced approach to stimulating the economy by keeping the overnight federal
funds rate constant at 1% during April and May 2004. However, increasing signs
that the economic picture was improving triggered rate hikes of 0.25% starting
in June 2004 and continuing over the following three months. The markets reacted
to the rate hikes, with one-month rates increasing by 0.75% over the reporting
period and one-year rates increasing by 1.07%.
The amount of top-rated commercial paper outstanding declined again during
the third quarter of 2004, albeit at a slower pace, as issuers continued to take
advantage of record low bond yields to extend the maturity of their debt. The
amount of top-rated commercial paper outstanding fell by just over 2.1% during
the second half of the year, from $1.20 trillion at the end of March 2004, to
$1.18 trillion at the end of September 2004. This represents almost a 17%
decline in issuance since the peak of $1.41 trillion in December 2000, and is
reflected broadly over various sub-sectors, such as asset-backed commercial
paper and directly placed commercial paper.
Unlike the previous six months, the credit picture improved dramatically
during the reporting period. The pace of downgrades recorded the largest drop
this year, and for the first time since January 1998, Moody's reported no
defaults on any of its rated securities. Additionally, many of the corporate
accounting scandals and mutual fund trading investigations were resolved,
leading to increased investor confidence and hopes that the worst of the
corporate governance crisis was past. The only outstanding stresses to the
credit market relate to some widely known, but fairly uneventful, issues with
some of Government Sponsored Entities (GSEs); these are expected to be resolved
shortly and, we believe, could leave the affected GSEs in a much stronger
position.
U.S. GOVERNMENT AGENCY SECURITIES
- --------------------------------------------------------------------------------
Yield spreads between federal agency securities and prime money-market
instruments widened in the first three months of the period and then narrowed
after yielding as much as 0.20% less than the three-month LIBOR. The spread
narrowed to less than 0.10% near the end of September 2004. Spreads between
federal agency securities and U.S. Treasury bills also widened during this
period to over 0.20% near the end of September 2004, after having traded at the
same yield in June 2004.
At the end of the quarter, the Office of Federal Housing Enterprise
Oversight (OFHEO) issued its anticipated report on the Federal National Mortgage
Association (Fannie Mae) about alleged irregularities in financial controls and
accounting policies. Fannie Mae has agreed with OFHEO to boost its capital by
30% above the minimum within nine months. Estimates are that Fannie Mae will
need to increase its capital by $4 to $5 billion during this period and is
likely to use a combination of retaining its earnings and lowering its debt
issuance. This will necessitate a contraction in its mortgage portfolio. We
believe that these developments could prove to be positive for agency debt
holders, as yield spreads narrow due to less supply and improved investor
confidence. The senior debt ratings of Fannie Mae and other GSEs are stable at
this time at triple-A ratings.
U.S. TREASURY SECURITIES
- --------------------------------------------------------------------------------
While U.S. Treasury yields generally increased during 2004, they did so at
a more moderate pace than prime money market investments. Toward the end of the
reporting period, some U.S. Treasury yields even decreased as other yields were
rising. Some investors were buying short-maturity U.S. Treasury bills in the
hopes of reinvesting at higher rates, while others were using the short maturity
bills as a safe haven given election year terrorism fears. Recent strong buying
by Central Banks combined with tactical short selling by the primary government
securities dealers has increased demand for U.S. Treasuries, leading to higher
prices. As of September 30, 2004, the six-month U.S. Treasury bill yielded 0.29%
more than the three-month U.S. Treasury bill, whereas the yield differential at
the end of March 2004 was just 0.05%.
The extreme steepness of the yield curve in the U.S. Treasury bill market
occurred just after the first tightening at the Fed's June meeting, when the
pick-up from three- to six-month bills was 0.38%. Because the Fed reiterated it
would tighten at a measured pace, that steepness backed off to just over 0.25%
in September 2004.
TAX-FREE SECURITIES
- --------------------------------------------------------------------------------
In the past six months, news in the municipal markets was dominated by the
financial problems of the State of California as it faced a severe cash
shortage. The State was able to avoid a crisis by issuing $11 billion in
Economic Recovery Bonds. Rating agencies, in turn, raised California's ratings
from triple-B to single-A. These financial problems won't go away, as many of
the one-time measures that have been used to fill the budget deficit will expire
over the next two years.
2
MONEY MARKET OVERVIEW WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
For buyers of municipal variable rate demand notes, massive supplies of
new bond issuances coupled with the rising federal funds rate have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels. Variable rate demand notes averaged 85% of the one-month LIBOR
throughout the period, compared to the long-term historical average of 65%.
There continue to be reasons for concern about the general quality of
municipal credit. One of the issues that faced municipalities the past six
months was their unfunded pension obligations. During the stock market bubble,
rising equity values enabled municipalities to skip pension fund contributions
and increase benefit payouts. Since the bubble burst, pension funds are no
longer overvalued and these skipped payments and increased payouts have come to
haunt municipalities. For example, the State of Illinois is now faced with
approximately $45 billion in unfunded pension obligations. In addition to
Illinois, the city of San Diego's ratings have recently been removed for, among
other things, failing to properly disclose pension obligations.
Lastly, municipalities have increased their use of swaps. Some are used
appropriately as a form of creating synthetic fixed-rate securities as a cheaper
alternative to regular fixed-rate bonds. Our fear is that some smaller issuers
may be enhancing their investment returns by speculating in their use of these
derivatives. We continue to monitor these issues looming over municipalities.
STRATEGIC OUTLOOK
- --------------------------------------------------------------------------------
The interest rate rise was widely anticipated and the measured pace of the
tightening of rates by the Fed caused no market disruption. Fund yields were
largely responsive to these increases in the federal funds rate, and the Wells
Fargo Money Market Funds (the Funds) experienced minimal changes in assets. We
believe the Funds were positioned to take advantage of the additional yield
available in longer-term investments, while enjoying sensitivity to rate changes
offered by shorter-term investments.
THE VIEWS EXPRESSED ARE AS OF SEPTEMBER 30, 2004, AND ARE THOSE OF THE
FUNDS' MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO
CHANGING CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR
GUARANTEE THE FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR
THE MARKETS GENERALLY, OR THE WELLS FARGO MONEY MARKET FUNDS.
3
WELLS FARGO MONEY MARKET FUNDS MONEY MARKET OVERVIEW
- --------------------------------------------------------------------------------
PRIMARY INVESTMENTS*
- --------------------------------------------------------------------------------
Certificates
Wells Fargo U.S. U.S. of Deposit/ Floating/
Money Market Treasury Repurchase Government Commercial Bankers Time Variable Rate
Fund Name Securities Agreements Obligations Paper Acceptances Deposits Notes/Bonds
100% Treasury X
Treasury Plus X X
Government X X X
Prime Investment X X X X X X X
Cash Investment X X X X X X X
National Tax-Free
California Tax-Free
Mortgage-
and Other
Wells Fargo Asset-
Money Market Backed Corporate Municipal
Fund Name Securities Notes/Bonds Obligations
100% Treasury
Treasury Plus
Government
Prime Investment X X
Cash Investment X X
National Tax-Free X
California Tax-Free X
- --------------------------------------------------------------------------------
* The chart highlights some of the primary investments that the Funds may
make as part of their investment strategies. The chart does not identify
all of the permitted investments for each Fund.
4
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
WELLS FARGO CALIFORNIA TAX-FREE MONEY MARKET FUND -- SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo California Tax-Free Money Market Fund (the Fund) seeks
current income exempt from federal income tax and California individual income
tax, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 01/01/92
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo California Tax-Free Money Market Fund - Service Class 0.34 0.62 1.62 2.21
Benchmark
iMoneyNet California State Specific Institutional Money Fund Average(2) 0.33 0.61 1.78 2.67
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 1.07%
7-Day Compound Yield 1.08%
30-Day Simple Yield 0.94%
30-Day Compound Yield 0.94%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 39 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Commercial Paper (6%)
Municipal Bonds (10%)
Municipal Demand Notes (84%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (19%)
2-14 days (63%)
15-29 days (2%)
30-59 days (3%)
60-89 days (2%)
90-179 days (1%)
180-269 days (2%)
270+ days (8%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 0.79%.
Performance shown for the Service Class shares of the Wells Fargo
California Tax-Free Money Market Fund for periods prior to November 8,
1999, reflects performance of the Class A shares of the Stagecoach
California Tax-Free Money Market Fund,its predecessor fund. Effective at
the close of business November 5,1999, the Stagecoach Funds were
reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet California State Specific Institutional Money Fund Average
is an average of California institutional state tax-free and municipal
money funds.
(3) Portfolio holdings and characteristics are subject to change.
5
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO CASH INVESTMENT MONEY MARKET FUND --ADMINISTRATOR,
INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Cash Investment Money Market Fund (the Fund) seeks current
income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 10/14/87
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo Cash Investment Money Market Fund - Administrator Class 0.48 0.88 2.89 4.08
Wells Fargo Cash Investment Money Market Fund - Institutional Class 0.56 1.04 3.10 4.19
Wells Fargo Cash Investment Money Market Fund - Service Class 0.41 0.73 2.85 4.06
Benchmark
iMoneyNet First Tier Institutional Money Fund Average(2) 0.45 0.81 3.07 5.03
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Administrator Institutional Service
7-Day Current Yield 1.38% 1.53% 1.23%
7-Day Compound Yield 1.39% 1.54% 1.24%
30-Day Simple Yield 1.30% 1.45% 1.15%
30-Day Compound Yield 1.31% 1.46% 1.16%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 36 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Commercial Paper (42%)
Certificates of Deposit (5%)
Floating/Variable Rate Bonds/Notes (15%)
Repurchase Agreements (18%)
Time Deposits (10%)
Corporate Bonds (7%)
Demand Notes (1%)
FHLMC (2%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (22%)
2-14 days (34%)
15-29 days (9%)
30-59 days (10%)
60-89 days (19%)
90-179 days (2%)
180-269 days (2%)
270+ days (2%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Fund's 7-day current yield would have been 1.37% for the
Administrator Class shares, 1.49% for the Institutional Class shares and
1.19% for the Service Class shares.
Performance shown for the Administrator Class shares of the Wells
Fargo Cash Investment Money Market Fund for the period prior to July 31,
2003, reflects performance of the Fund's Service Class shares, and
includes fees and expenses that are not applicable to the Administrator
Class shares. The Service Class shares annual returns are substantially
similar to what the Administrator Class shares would be because the shares
are invested in the same portfolio of securities and the annual returns
differ only to the extent that the Classes do not have the same fees and
expenses. Performance shown for the Institutional and Service Class shares
of the Wells Fargo Cash Investment Money Market Fund for the periods prior
to November 8, 1999, reflects performance of the Service Class (formerly
Single Class) shares of the Norwest Advantage Cash Investment Fund (the
accounting survivor of a merger of the Norwest Advantage Cash Investment
Fund and the Stagecoach Prime Money Market Fund at the close of business
on November 5, 1999), its predecessor fund. Effective at the close of
business November 5, 1999, the Stagecoach and Norwest Advantage Funds were
reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet First Tier Institutional Money Fund Average is an average of
non-governmental institutional funds that do not hold any second tier
securities. Portfolio holdings of first tier funds include U.S.Treasury
securities,U.S. other securities,repos,time deposits,domestic bank
obligations,foreign bank obligations,first tier commercial paper, floating
rate notes and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
6
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
WELLS FARGO GOVERNMENT MONEY MARKET FUND -- ADMINISTRATOR,
INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Government Money Market Fund (the Fund) seeks current
income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 11/16/87
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo Government Money Market Fund - Administrator Class 0.47 0.84 2.77 3.92
Wells Fargo Government Money Market Fund - Institutional Class 0.54 1.00 2.81 3.94
Wells Fargo Government Money Market Fund - Service Class 0.39 0.69 2.73 3.90
Benchmark
iMoneyNet Government Institutional Money Fund Average(2) 0.40 0.72 2.89 4.77
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Administrator Institutional Service
7-Day Current Yield 1.38% 1.53% 1.23%
7-Day Compound Yield 1.39% 1.54% 1.23%
30-Day Simple Yield 1.27% 1.42% 1.12%
30-Day Compound Yield 1.28% 1.43% 1.13%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 39 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
FHLB (9%)
FHLMC (18%)
FNMA (23%)
FFCB (5%)
Repurchase Agreements (45%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (50%)
2-14 days (7%)
15-29 days (8%)
30-59 days (6%)
60-89 days (11%)
90-179 days (16%)
180+ days (2%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Fund's 7-day current yield would have been 1.36% for the
Administrator Class shares, 1.48% for the Institutional Class shares and
1.19% for the Service Class shares.
Performance shown for the Administrator Class shares of the Wells
Fargo Government Money Market Fund for the period prior to July 31, 2003,
reflects performance of the Fund's Service Class shares, and includes fees
and expenses that are not applicable to the Administrator Class shares.
Performance shown for the Institutional Class shares of the Wells Fargo
Government Money Market Fund for the period prior to July 28, 2003,
reflects performance of the Fund's Service Class shares, and includes fees
and expenses that are not applicable to the Institutional Class shares.
The Service Class shares annual returns are substantially similar to what
the Administrator and Institutional Class shares would be because the
shares are invested in the same portfolio of securities and the annual
returns differ only to the extent that the Classes do not have the same
fees and expenses. Performance shown for the Service Class shares of the
Wells Fargo Government Money Market Fund for periods prior to November 8,
1999, reflects performance of the Service Class (formerly Single Class)
shares, adjusted for expenses, of the Norwest Advantage U.S. Government
Fund (the accounting survivor of a merger of the Norwest Advantage U.S.
Government Fund and the Stagecoach Government Money Market), its
predecessor fund. Effective at the close of business November 5, 1999, the
Stagecoach Funds and the Norwest Advantage Funds were reorganized into the
WELLS FARGO FUNDS(R).
(2) The iMoneyNet Government Institutional Money Fund Average is an average of
governmental institutional funds.
(3) Portfolio holdings and characteristics are subject to change.
7
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO NATIONAL TAX-FREE MONEY MARKET FUND --INSTITUTIONAL AND
SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo National Tax-Free Money Market Fund (the Fund) seeks
current income exempt from federal income taxes, while preserving capital and
liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 01/07/88
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo National Tax-Free Money Market Fund - Institutional Class 0.48 0.90 2.07 2.69
Wells Fargo National Tax-Free Money Market Fund - Service Class 0.35 0.65 1.89 2.60
Benchmark
iMoneyNet Tax-Free Institutional Money Fund Average(2) 0.36 0.66 1.95 2.90
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Institutional Service
7-Day Current Yield 1.36% 1.11%
7-Day Compound Yield 1.36% 1.11%
30-Day Simple Yield 1.21% 0.96%
30-Day Compound Yield 1.21% 0.96%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 30 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Demand Notes (78%)
Municipal Put Bonds (2%)
Municipal Commercial Paper (11%)
Municipal Bonds (9%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (22%)
2-14 days (61%)
15-29 days (2%)
30-59 days (6%)
60-89 days (2%)
90-179 days (2%)
180-269 days (1%)
270+ days (4%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Fund's 7-day current yield would have been 1.30% for the
Institutional Class shares and 1.01% for the Service Class shares.
Performance shown for the Institutional and Service Class shares of
the Wells Fargo National Tax-Free Money Market Fund for the periods prior
to November 8, 1999, reflects performance of the Service Class (formerly
Institutional Class) shares of the Norwest Advantage Municipal Money
Market Fund (the accounting survivor of a merger of the Norwest Municipal
Money Market Fund and the Stagecoach National Tax-Free Money Market Fund),
its predecessor fund. Effective at the close of business November 5, 1999,
the Stagecoach and Norwest Advantage Funds were reorganized into the WELLS
FARGO FUNDS(R).
(2) The iMoneyNet Tax-Free Institutional Money Fund Average is an average of
national and state tax-free and institutional municipal money funds.
Portfolio holdings of tax-free funds include rated and unrated demand
notes, rated and unrated general market notes, commercial paper, put bonds
under six months, put bonds over six months, AMT paper and other tax-free
holdings. It is made up of funds in the national tax-free institutional
and state specific institutional categories.
(3) Portfolio holdings and characteristics are subject to change.
8
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
WELLS FARGO PRIME INVESTMENT MONEY MARKET FUND -- INSTITUTIONAL AND
SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Prime Investment Money Market Fund (the Fund) seeks
current income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 09/02/98
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year Life of Fund
Wells Fargo Prime Investment Money Market Fund - Institutional Class 0.54 0.99 2.79 3.15
Wells Fargo Prime Investment Money Market Fund - Service Class 0.36 0.64 2.70 3.08
Benchmark
iMoneyNet First Tier Institutional Money Fund Average(2) 0.45 0.81 3.07 3.56
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1)(AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Institutional Service
7-Day Current Yield 1.56% 1.21%
7-Day Compound Yield 1.57% 1.21%
30-Day Simple Yield 1.45% 1.10%
30-Day Compound Yield 1.46% 1.10%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 16 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Commercial Paper (36%)
Corporate Bonds (4%)
Floating/Variable Rate Notes/Bonds (5%)
Repurchase Agreements (45%)
Time Deposits (10%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (53%)
2-14 days (10%)
15-29 days (31%)
30-59 days (2%)
60-89 days (1%)
90-179 days (2%)
180-269 days (1%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Fund's 7-day current yield would have been 1.51% for the
Institutional Class shares and 1.21% for the Service Class shares.
Performance shown for the Institutional Class shares of the Wells
Fargo Prime Investment Money Market Fund for periods prior to July 28,
2003 reflects performance of the Fund's Service Class shares, and includes
fees and expenses that are not applicable to the Institutional Class
shares. The Service Class shares annual returns are substantially similar
to what the Institutional Class shares would be because the shares are
invested in the same portfolio of securities and the annual returns differ
only to the extent that the Classes do not have the same fees and
expenses. Performance shown for the Service Class shares of the Wells
Fargo Prime Investment Money Market Fund for periods prior to November 8,
1999, reflects performance of the Service (formerly Public Entities)
shares of the Norwest Advantage Ready Cash Investment Fund, its
predecessor fund. Effective at the close of business November 5, 1999, the
Norwest Advantage Funds were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet First Tier Institutional Money Fund Average is an average of
non-governmental institutional funds that do not hold any second tier
securities. Portfolio holdings of first tier funds include U.S. Treasury
securities, U.S. other securities, repos, time deposits, domestic bank
obligations, foreign bank obligations, first tier commercial paper,
floating rate notes and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
9
WELLS FARGO MONEY MARKET FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO TREASURY PLUS MONEY MARKET FUND -- INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Treasury Plus Money Market Fund (the Fund) seeks current
income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 10/01/85
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo Treasury Plus Money Market Fund - Institutional Class 0.51 0.92 2.88 4.04
Wells Fargo Treasury Plus Money Market Fund - Service Class 0.36 0.62 2.62 3.83
Benchmark
iMoneyNet Treasury & Repo Institutional Money Fund Average(2) 0.38 0.66 2.82 4.66
91-Day U.S. Treasury Bill(3) 0.82 1.33 2.91 4.03
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Institutional Service
7-Day Current Yield 1.41% 1.11%
7-Day Compound Yield 1.42% 1.11%
30-Day Simple Yield 1.31% 1.01%
30-Day Compound Yield 1.32% 1.01%
FUND CHARACTERISTICS(4) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 31 days
PORTFOLIO COMPOSITION(4) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Treasury Bills (15%)
U.S. Treasury Notes (15%)
U.S. Treasury Bonds (3%)
Repurchase Agreements (67%)
MATURITY DISTRIBUTION(4) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (67%)
15-29 days (2%)
30-59 days (13%)
60-89 days (3%)
90-179 days (13%)
180+ days (2%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders.Without these
reductions, the Fund's 7-day current yield would have been 1.35% for the
Institutional Class shares and 1.05% for the Service Class shares.
Performance shown for the Institutional and Service Class shares of
the Wells Fargo Treasury Plus Money Market Fund for the periods prior to
November 8, 1999, reflects performance of the Institutional and Service
Class shares, respectively, of the Stagecoach Treasury Plus Money Market
Fund (the accounting survivor of a merger between the Norwest Advantage
Treasury Plus Fund and the Stagecoach Treasury Plus Money Market Fund),
its predecessor Fund. Effective at the close of business November 5, 1999,
the Stagecoach and Norwest Advantage Funds were reorganized into the WELLS
FARGO FUNDS(R). Performance shown for the periods between September 6,
1996 and October 1, 1995, reflects performance of the Pacific American
U.S.Treasury Portfolio, the predecessor portfolio. In July 1995, the
Pacific American U.S. Treasury Portfolio was renamed the Pacifica Treasury
Money Market Fund. For the periods prior to October 1, 1995, the
performance shown reflects the performance of the shares of the
predecessor portfolio.
(2) The iMoneyNet Treasury & Repo Institutional Money Fund Average is an
average of institutional government funds that hold U.S. Treasury
securities and repurchase agreements backed by the U.S. Treasury.
(3) Estimated monthly return (12th root of annualized discount rate) which is
based on the discount rate quoted on the last business day of the month of
91-Day U.S. Treasury Bills. These figures are calculated on a 365 day
basis.
(4) Portfolio holdings and characteristics are subject to change.
10
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
WELLS FARGO 100% TREASURY MONEY MARKET FUND -- SERVICE CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo 100% Treasury Money Market Fund (the Fund) seeks current
income exempt from most state and local individual income taxes, while
preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 12/03/90
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo 100% Treasury Money Market Fund - Service Class 0.34 0.56 2.54 3.69
Benchmark
iMoneyNet Treasury Institutional Money Fund Average(2) 0.37 0.65 2.79 4.59
91-Day U.S. Treasury Bill (3) 0.82 1.33 2.91 4.03
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 1.06%
7-Day Compound Yield 1.06%
30-Day Simple Yield 0.99%
30-Day Compound Yield 1.00%
FUND CHARACTERISTICS(4) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 58 days
PORTFOLIO COMPOSITION(4) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Treasury Bills (100%)
MATURITY DISTRIBUTION(4) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
2-14 days (17%)
15-29 days (19%)
30-59 days (27%)
60-89 days (16%)
90-179 days (19%)
180-269 days (2%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions,the Fund's 7-day current yield would have been 0.82%.
Performance shown for the Service Class of the Wells Fargo 100%
Treasury Money Market Fund for periods prior to November 8, 1999, reflects
performance of the Service Class (formerly Single Class) shares, adjusted
for expenses, of the Norwest Advantage Treasury Fund, its predecessor
fund. Effective at the close of business November 5, 1999, the Norwest
Advantage Funds were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet Treasury Institutional Money Fund Average includes only
institutional funds that hold 100% in U.S. Treasury securities.
(3) Estimated monthly return (12th root of annualized discount rate) which is
based on the discount rate quoted on the last business day of the month of
91-Day U.S. Treasury Bills. These figures are calculated on a 365-day
basis.
(4) Portfolio holdings and characteristics are subject to change.
11
WELLS FARGO MONEY MARKET FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any), and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) 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.
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
sales charges (loads), redemption fees, or exchange fees. Therefore, the second
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.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (April 1, 2004 to September 30,
2004).
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.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/04 9/30/04 the Period* Ratio
Wells Fargo California Tax-Free Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo California Tax-Free Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,003.40 $ 2.25 0.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.75 $ 2.28 0.45%
Wells Fargo Cash Investment Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Cash Investment Money Market Fund - Administrator Class
Actual $ 1,000.00 $ 1,004.80 $ 1.75 0.35%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.25 $ 1.77 0.35%
Wells Fargo Cash Investment Money Market Fund - Institutional Class
Actual $ 1,000.00 $ 1,005.60 $ 1.00 0.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.00 $ 1.01 0.20%
Wells Fargo Cash Investment Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,004.10 $ 2.51 0.50%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.50 $ 2.53 0.50%
Wells Fargo Government Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Government Money Market Fund - Administrator Class
Actual $ 1,000.00 $ 1,004.70 $ 1.75 0.35%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.25 $ 1.77 0.35%
Wells Fargo Government Money Market Fund - Institutional Class
Actual $ 1,000.00 $ 1,005.40 $ 1.00 0.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.00 $ 1.01 0.20%
Wells Fargo Government Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,003.90 $ 2.50 0.50%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.50 $ 2.53 0.50%
12
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/04 9/30/04 the Period* Ratio
Wells Fargo National Tax-Free Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo National Tax-Free Money Market Fund - Institutional Class
Actual $ 1,000.00 $ 1,004.80 $ 1.00 0.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.00 $ 1.01 0.20%
Wells Fargo National Tax-Free Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,003.50 $ 2.25 0.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.75 $ 2.28 0.45%
Wells Fargo Prime Investment Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Prime Investment Money Market Fund - Institutional Class
Actual $ 1,000.00 $ 1,005.40 $ 1.00 0.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.00 $ 1.01 0.20%
Wells Fargo Prime Investment Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,003.60 $ 2.75 0.55%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.25 $ 2.78 0.55%
Wells Fargo Treasury Plus Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Treasury Plus Money Market Fund - Institutional Class
Actual $ 1,000.00 $ 1,005.10 $ 1.00 0.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.00 $ 1.01 0.20%
Wells Fargo Treasury Plus Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,003.60 $ 2.50 0.50%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.50 $ 2.53 0.50%
Wells Fargo 100% Treasury Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo 100% Treasury Money Market Fund - Service Class
Actual $ 1,000.00 $ 1,003.40 $ 2.50 0.50%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.50 $ 2.53 0.50%
* Expenses are equal to the Fund's annualized expense ratio multipled 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.)
13
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MUNICIPAL BONDS & NOTES - 96.36%
CALIFORNIA - 92.70%
$ 100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION CALIFORNIA
JEWISH COMMUNITY CENTER PROJECT ALLIED IRISH BANK LOC
(RECREATIONAL FACILITIES REVENUE LOC)@+/- 1.72% 11/15/2031 $ 100,000
6,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
HOUSING REVENUE SERIES A SOCIETE GENERALE LOC
(HOUSING REVENUE LOC)@+/- 1.77 07/01/2008 6,000,000
9,865,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
MFHR GAIA BUILDING PROJECT SERIES A COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.72 09/15/2032 9,865,000
20,000 ANAHEIM CA HOUSING AUTHORITY MFHR FOUNTAIN ANAHEIM HILLS SERIES
A COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 02/15/2033 20,000
4,245,000 ANAHEIM CA HOUSING AUTHORITY MFHR MONTERREY APARTMENTS SERIES B
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 05/15/2027 4,245,000
8,160,000 ANAHEIM CA PUBLIC FINANCING AUTHORITY LEASE REVENUE FSA INSURED
(OTHER REVENUE LOC)@+/- 1.72 09/01/2024 8,160,000
13,000,000 CALIFORNIA CITIES HOME OWNERSHIP AUTHORITY HOUSING REVENUE
LEASE PURCHASE PROGRAM PROJECT SERIES A COLLATERALIZED
BY FHLMC (HOUSING REVENUE LOC)@+/- 1.77 09/01/2006 13,000,000
3,000,000 CALIFORNIA COMMUNITIES HOUSING FINANCE AGENCY LEASE REVENUE
SERIES A COLLATERALIZED BY FHLMC (HOUSING REVENUE LOC)@+/- 1.77 02/01/2007 3,000,000
3,740,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE ART CENTER
DESIGN COLLEGE SERIES A ALLIED IRISH BANK PLC LOC
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.78 12/01/2032 3,740,000
2,420,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE CTFS
SERIES 113 GENERAL OBLIGATION OF UNIVERSITY (EDUCATIONAL
FACILITIES REVENUE LOC)@+/- 1.69 12/01/2027 2,420,000
8,190,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE SANTA CLARA
UNIVERSITY SERIES B MBIA INSURED (EDUCATIONAL FACILITIES
REVENUE LOC)@+/- 1.68 02/01/2032 8,190,000
26,300,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE STANFORD
UNIVERSITY SERIES S-4 (COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.67 11/01/2049 26,300,000
6,805,000 CALIFORNIA HEALTH FACILITIES AUTHORITY REVENUE SCRIPPS HEALTH
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.60 10/01/2022 6,805,000
34,000,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES E-1
(HOUSING REVENUE LOC)@+/- 1.65 02/01/2023 34,000,000
1,500,000 CALIFORNIA HFA REVENUE HOME MORTGAGE PROJECT SERIES X-1
(HOUSING REVENUE LOC)@+/- 1.60 08/01/2015 1,500,000
6,000,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES E-2
(HOUSING REVENUE LOC)@+/- 1.65 04/01/2005 6,000,000
6,800,000 CALIFORNIA HFA REVENUE HOME MORTGAGES SERIES F FSA INSURED
(HOUSING REVENUE LOC)@+/- 1.74 02/01/2034 6,800,000
4,380,000 CALIFORNIA HFA REVENUE HOME MORTGAGES SERIES U
(HOUSING REVENUE LOC)@+/- 1.75 02/01/2017 4,380,000
1,465,000 CALIFORNIA HFA REVENUE SERIES 112-A (HOUSING REVENUE LOC)@+/- 1.73 08/01/2026 1,465,000
17,550,000 CALIFORNIA HFA REVENUE SERIES F (HOUSING REVENUE LOC)@+/- 1.77 02/01/2033 17,550,000
4,345,000 CALIFORNIA HFFA REVENUE CTFS SERIES 26 FSA INSURED
(HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.69 06/01/2022 4,345,000
6,500,000 CALIFORNIA HFFA REVENUE SCRIPPS HEALTH SERIES A BANK ONE NA LOC
(HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.69 10/01/2023 6,500,000
8,170,000 CALIFORNIA HFFA REVENUE SERIES A MBIA INSURED
(HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.71 09/01/2028 8,170,000
7,320,000 CALIFORNIA HFFA REVENUE SERIES B (HEALTH FACILITIES FINANCING
AUTHORITY REVENUE LOC)@+/- 1.69 08/01/2021 7,320,000
11,800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK REVENUE
J PAUL GETTY SERIES D (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.17 02/01/2005 11,800,000
4,413,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
J PAUL GETTY SERIES B (ECONOMIC DEVELOPMENT REVENUE LOC)+/-@ 1.17 02/01/2005 4,413,000
11,800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
J PAUL GETTY SERIES C (ECONOMIC DEVELOPMENT REVENUE LOC)+/-@ 1.17 02/01/2005 11,800,000
10,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
J PAUL GETTY TRUST SERIES A (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.62 10/03/2005 10,000,000
14
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 11,700,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
J PAUL GETTY TRUST SERIES B (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.62% 10/03/2005 $ 11,700,000
1,300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
SAN FRANCISCO BALLET ASSOCIATION (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.68 07/01/2032 1,300,000
7,600,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 11/01/2026 7,600,000
10,200,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR BORAX INC
PROJECT SERIES A (POLLUTION CONTROL REVENUE LOC)@+/- 1.66 06/01/2010 10,200,000
26,000,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR PACIFIC
GAS & ELECTRIC COMPANY (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 11/01/2026 26,000,000
6,300,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY RESIDENTIAL
RECOVERY REVENUE ATLANTIC RICHFIELD COMPANY PROJECT -
SERIES A (POLLUTION CONTROL REVENUE LOC)@+/- 1.78 12/01/2024 6,300,000
34,000,000 CALIFORNIA SCHOOL CASH RESERVE PROJECT AUTHORITY POOL SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC) 3.00 07/06/2005 34,356,586
5,150,000 CALIFORNIA SCHOOL FACILITIES FINANCING CORPORATE CERTIFICATES
PARTNERSHIP IMPORTANT FINANCING PROJECT SERIES C
(LEASE REVENUE LOC)@+/- 1.68 07/01/2022 5,150,000
1,900,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER
SUPPLY REVENUE SERIES C-3 AMBAC INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 1,900,000
81,600,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER
SUPPLY REVENUE SERIES B-1 BANK OF NEW YORK LOC
(POWER REVENUE LOC)@+/- 1.71 05/01/2022 81,600,000
17,300,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER
SUPPLY REVENUE SERIES C11 (ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 17,300,000
91,740,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE POWER
SUPPLY REVENUES SERIES C4 JPM LOC (POWER REVENUE LOC)@+/- 1.70 05/01/2022 91,740,000
49,550,000 CALIFORNIA STATE DEPARTMENT OF WATER RESOURCES SERIES B-2
(ELECTRIC REVENUE LOC)@+/- 1.80 05/01/2022 49,550,000
5,155,000 CALIFORNIA STATE DEPARTMENT WATER RESERVATION POWER SUPPLY
REVENUE RR II R 244 (POWER REVENUE LOC)+/-@ 1.72 05/01/2011 5,155,000
21,585,000 CALIFORNIA STATE DEPARTMENT WATER RESERVE CENTER VALLEY
PROJECT REVENUE PUTTERS SERIES 127 FGIC INSURED
(WATER REVENUE LOC)@+/- 1.17 12/01/2022 21,585,000
4,190,000 CALIFORNIA STATE DEPARTMENT WATER RESERVE CENTRAL VALLEY
PROJECT REVENUE SERIES R (WATER REVENUE LOC)@+/- 1.72 12/01/2021 4,190,000
14,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B-6
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.73 05/01/2022 14,000,000
6,520,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B3
(POWER REVENUE LOC)@+/- 1.77 05/01/2022 6,520,000
3,230,000 CALIFORNIA STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
INDUSTRIAL DEVELOPMENT REVENUE SERRA MICROCHASSIS PROJECT US
BANK NA LOC (INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.75 08/01/2027 3,230,000
2,005,000 CALIFORNIA STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
INDUSTRIAL DEVELOPMENT REVENUE SERRA MISSION PROJECT SERIES A
US BANK NA LOC (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 08/01/2027 2,005,000
13,000,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.75 07/01/2005 13,000,000
13,000,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.75 07/01/2005 13,000,000
14,000,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.72 01/01/2012 14,000,000
16,000,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-4
(SALES TAX REVENUE LOC)@+/- 1.71 07/01/2023 16,000,000
30,800,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-7
(SALES TAX REVENUE LOC)@+/- 1.72 07/01/2023 30,800,000
4,950,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES 927
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.70 07/01/2013 4,950,000
4,995,000 CALIFORNIA STATE FLOATER CTFS SERIES 471X MBIA INSURED
(OTHER REVENUE LOC)+/-@ 1.69 09/01/2024 4,995,000
9,000,000 CALIFORNIA STATE FLOATER PA 315 FSA INSURED
(OTHER REVENUE LOC)@+/- 1.73 12/01/2018 9,000,000
19,570,000 CALIFORNIA STATE PUBLIC WORKS BOARD LEASE REVENUE CTFS SERIES D
AMBAC INSURED (LEASE REVENUE LOC)@+/- 1.72 12/01/2019 19,570,000
15
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 6,425,000 CALIFORNIA STATE PUTTERS SERIES 239Z AMBAC INSURED
(OTHER REVENUE LOC)@+/- 1.74% 12/01/2032 $ 6,425,000
15,090,000 CALIFORNIA STATEWIDE CDA MFHR BYRON PARK PROJECT C@+/- 1.76 01/20/2031 15,090,000
3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS APARTMENTS SERIES R
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 10/15/2030 3,985,000
17,200,000 CALIFORNIA STATEWIDE CDA MFHR IAC PROJECT SERIES W-1 BANK OF
AMERICA NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 08/01/2034 17,200,000
13,000,000 CALIFORNIA STATEWIDE CDA MFHR IAC PROJECT SERIES W-2 BANK OF
AMERICA NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.71 09/15/2029 13,000,000
6,000,000 CALIFORNIA STATEWIDE CDA MFHR IAC PROJECT SERIES W-3 BANK OF
AMERICA NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 04/01/2025 6,000,000
7,060,000 CALIFORNIA STATEWIDE CDA MULTI-FAMILY REVENUE LORENA TERRACE
SERIES DDD CITIBANK LOC@+/- 1.76 12/01/2036 7,060,000
29,700,000 CALIFORNIA STATEWIDE CDA REVENUE (OTHER REVENUE LOC)@+/- 1.71 07/01/2034 29,700,000
2,000,000 CALIFORNIA STATEWIDE CDA REVENUE CTFS PARTICIPATION HOUSE EAR
INSTITUTE JP MORGAN CHASE & COMPANY LOC (LEASE REVENUE LOC)@+/- 1.71 12/01/2018 2,000,000
16,200,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-1
(INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 16,367,540
7,300,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-2 FRESNO (INDUSTRIAL
DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 7,375,496
11,700,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-3 SAN BERNARDINO
COUNTY (INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 11,821,001
9,590,000 CALIFORNIA STATEWIDE CDA SOLID WASTE FACILITIES REVENUE
CHEVRON USA PROJECT CHEVRON CORPORATION LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 12/15/2024 9,590,000
5,450,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY REVENUE
SERIES A 02 FHA INSURED
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.71 04/20/2036 5,450,000
10,000,000 CALIFORNIA TRANSPORTATION FINANCING AUTHORITY REVENUE
(TRANSPORTATION REVENUE LOC)@+/- 1.70 10/01/2027 10,000,000
16,420,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.73 10/15/2026 16,420,000
3,330,000 CARSON CA REDEVELOPMENT AGENCY SERIES 2076 MBIA INSURED
(TAX INCREMENTAL REVENUE LOC)@+/- 1.72 10/01/2019 3,330,000
5,900,000 CENTRAL UNIVERSITY SCHOOL DISTRICT CA CTFS PARTICIPATION
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 3.50 01/01/2035 5,933,752
14,000,000 CITY OF NEWPORT BEACH CA HEALTH CARE REVENUE HOAG MEMORIAL
HOSPITAL SERIES C (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 14,000,000
5,100,000 COLTON CA REDEVELOPMENT AGENCY CTFS PARTICIPATION LAS
PALOMAS ASSOCIATION PROJECT CITY NATIONAL BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.68 11/01/2015 5,100,000
5,970,000 COMPTON CA UNIVERSITY SCHOOL DISTRICT MERLOTS SERIES B39 MBIA
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.71 09/01/2027 5,970,000
12,205,000 CONTRA COSTA COUNTY CA HOME MORTGAGE REVENUE CTFS SERIES A
(HOUSING REVENUE LOC)@+/- 1.78 12/01/2010 12,205,000
7,200,000 CONTRA COSTA COUNTY CA MFHR DELTA SQUARE APARTMENTS
PROJECT SERIES H COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 10/15/2029 7,200,000
3,300,000 CONTRA COSTA COUNTY CA MFHR LAFAYETTE TOWN CENTER
APARTMENTS SERIES I COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.73 07/15/2032 3,300,000
10,610,000 CONTRA COSTA COUNTY CA MULTI-FAMILY HOUSING REVENUE
GNMA DEL NORTE APARTMENTS A (HOUSING REVENUE LOC)@+/- 1.68 10/01/2033 10,610,000
2,000,000 CSUCI CA FINANCING AUTHORITY RENTAL HOUSING CITIBANK INSURED
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.60 08/01/2031 2,000,000
2,390,000 EAGLE TAX-EXEMPT TRUST CTF SERIES 950501 (CALIFORNIA STATE)
MBIA INSURED (OTHER REVENUE LOC)@+/- 1.72 02/01/2006 2,390,000
16
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 4,000,000 EAGLE TAX-EXEMPT TRUST CTF SERIES 970503
(CALIFORNIA STATE PUBLIC WORKS BOARD LEASE REVENUE SERIES C)
AMBAC INSURED (LEASE REVENUE LOC)+/-@ 1.72% 09/01/2017 $ 4,000,000
9,300,000 EAST BAY CA MUD WATER SYSTEMS REVENUE PREREFUNDED
(UTILITIES REVENUE LOC)@+/- 1.66 06/01/2025 9,300,000
9,155,000 EASTERN MUNICIPAL WATER DISTRICT CA WATER & SEWER REVENUE
CTFS SERIES A (WATER & SEWER REVENUE LOC)@+/- 1.70 07/01/2023 9,155,000
4,900,000 FREMONT CA MFHR CREEKSIDE VILLAGE APARTMENTS
(HOUSING REVENUE LOC)@+/- 1.66 09/01/2007 4,900,000
12,500,000 FREMONT CA TRAN 2.00 10/29/2004 12,509,177
6,835,000 GARDEN GROVE CA HOUSING AUTHORITY MFHR FLOATS PT 1385
COLLATERALIZED BY GNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 03/23/2006 6,835,000
1,750,000 GOLETA CA WATER DISTRICT REVENUE COP ROC SERIES RR-II-R 2050
(WATER REVENUE LOC)+/-@ 1.72 12/01/2022 1,750,000
4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A FGIC INSURED
REMARKETED 03/17/94 (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.72 07/15/2014 4,000,000
3,700,000 HAYWARD CA MFHR TENNYSON GARDENS APARTMENTS PROJECT
SERIES A US BANK NA LOC (HOUSING REVENUE LOC)+/-@ 1.75 08/01/2032 3,700,000
1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A COLLATERALIZED
BY FHLMC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 01/01/2025 1,000,000
2,200,000 HILLSBOROUGH CA CTFS PARTNERSHIP WATER & SEWER SYSTEMS
PROJECTS SERIES A (PROPERTY TAX REVENUE LOC)@+/- 1.72 06/01/2033 2,200,000
14,400,000 IRVINE CA IMPT BD ACT 1915 DISTRICT 85-7-I
(SPECIAL TAX REVENUE LOC)@+/- 1.68 09/02/2011 14,400,000
1,760,000 IRVINE CA INDUSTRIAL REVENUE IRVINE EAST INVESTMENT COMPANY
PROJECT BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.53 12/01/2005 1,760,000
5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET
APARTMENTS PROJECT SERIES C COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.68 12/01/2026 5,500,000
4,450,000 LIVERMORE CA REDEVELOPMENT AGENCY MFHR SERIES 2002A
LIVERMORE APARTMENTS PROJECT BANK OF AMERICA NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 11/01/2040 4,450,000
2,800,000 LONG BEACH CA HARBOR REVENUE P-FLOATS-PA 651
(AIRPORT REVENUE LOC)@+/- 1.73 05/15/2019 2,800,000
2,135,000 LONG BEACH CA HARBOR REVENUE SERIES 418 FGIC INSURED
(AIRPORT REVENUE LOC)@+/- 1.73 05/15/2020 2,135,000
19,000,000 LONG BEACH CA TRAN (TAX REVENUE LOC) 1.50 10/04/2004 19,000,817
7,140,000 LOS ANGELES CA COMMUNITY REDEVELOPMENT AGENCY MFHR
SERIES A ROWAN LOFTS PROJECT FNMA INSURED
(HOUSING REVENUE LOC)@+/- 1.73 12/01/2034 7,140,000
16,000,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER AUTHORITY
LEASE REVENUE SERIES C-1 AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.68 08/15/2021 16,000,000
16,600,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER AUTHORITY
LEASE REVENUE SUB SERIES C-2 (LEASE REVENUE LOC)@+/- 1.68 08/15/2021 16,600,000
14,820,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER AUTHORITY
LEASE REVENUE SUBSERIES B-2 (LEASE REVENUE LOC)@+/- 1.69 08/15/2021 14,820,000
10,600,000 LOS ANGELES CA DEPARTMENT WATER & POWER ELECTRIC REVENUE
SERIES 143 MBIA INSURED (ELECTRIC PLANT REVENUE LOC)@+/- 1.17 02/15/2024 10,600,000
3,455,000 LOS ANGELES CA HARBOR DEPARTMENT REVENUE SERIES A
(AIRPORT REVENUE LOC) 5.50 08/01/2005 3,564,140
6,995,000 LOS ANGELES CA HARBOR DEPARTMENT REVENUE TRANSPORTATION
RECEIPTS CLASS F SERIES 7 MBIA INSURED
(HARBOR DEPARTMENT REVENUE LOC)@+/- 1.72 11/01/2026 6,995,000
100,000 LOS ANGELES CA MFHR LOANS TO LENDERS PROGRAM SERIES A
FHLB LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 08/01/2026 100,000
5,300,000 LOS ANGELES CA MFHR MASSELIN MANOR HOUSING PROJECT BANK
OF AMERICA NT & SA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 07/01/2015 5,300,000
33,000,000 LOS ANGELES CA TRAN (TAX REVENUE LOC) 3.50 06/30/2005 33,490,585
4,990,000 LOS ANGELES CA UNION SCHOOL DISTRICT MERLOTS SERIES B12
(GENERAL OBLIGATION - SCHOOL DISTRICTS LOC)@+/- 1.71 01/01/2027 4,990,000
4,985,000 LOS ANGELES CA WASTEWATER SYSTEM SEWER REVENUE ROCS
RR II R 4034 (SEWER REVENUE LOC)@+/- 1.72 06/01/2022 4,985,000
17
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 10,000,000 LOS ANGELES CA WASTEWATER SYSTEM SEWER REVENUE SERIES B
FGIC INSURED (WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.15% 12/01/2031 $ 10,000,000
5,995,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 182 FSA INSURED
(WATER REVENUE LOC)@+/- 1.72 07/01/2022 5,995,000
10,595,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 184 FSA INSURED
(WATER REVENUE LOC)@+/- 1.72 07/01/2022 10,595,000
1,478,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 873
(ELECTRIC REVENUE LOC)@+/- 1.69 07/01/2011 1,478,000
38,300,000 LOS ANGELES CA WATER & POWER REVENUE SUBSERIES B-1
DEXIA INSURED (WATER REVENUE LOC)@+/- 1.68 07/01/2035 38,300,000
18,670,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
REVENUE FSA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2016 18,670,000
20,200,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
REVENUE FSA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2021 20,200,000
20,000,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
REVENUE FSA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2025 20,000,000
3,000,000 LOS ANGELES COUNTY CA MFHR AUTHORITY REVENUE P FLOAT PT 639
(HOUSING REVENUE LOC)@+/- 1.77 10/01/2031 3,000,000
3,400,000 LOS ANGELES COUNTY CA SCHOOLS POOLED FINANCING PROGRAM
SERIES A (EDUCATIONAL FACILITIES REVENUE LOC) 3.50 06/30/2005 3,447,104
2,700,000 LOS ANGELES COUNTY HOUSING AUTHORITY MULTI-FAMILY REVENUE
BONDS (HOUSING REVENUE LOC)@+/- 1.70 09/01/2030 2,700,000
6,475,000 LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
TAX REVENUE REFUNDING SERIES A@+/- 1.70 07/01/2020 6,475,000
24,950,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE
SERIES A2 JP MORGAN CHASE BANK INSURED (WATER REVENUE LOC)@+/- 1.67 07/01/2023 24,950,000
31,600,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA CA SERIES C
(WATER REVENUE LOC)@+/- 1.69 07/01/2027 31,600,000
10,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA SERIES B2
(WATER REVENUE LOC)@+/- 1.70 07/01/2020 10,000,000
27,010,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA WATERWORKS
REVENUE SERIES C1 DEXIA LOC (WATER REVENUE LOC)@+/- 1.69 07/01/2030 27,010,000
9,065,000 MILPITAS CA REDEVELOPMENT AGENCY@+/- 1.72 09/01/2021 9,065,000
11,100,000 MODESTO CA IRRIGATION DISTRICT FINANCING AUTHORITY REVENUE
SERIES SG 66 MBIA INSURED (ELECTRIC REVENUE LOC)@+/- 1.70 10/01/2015 11,100,000
5,620,000 MODESTO CA PFA LEASE REVENUE SERIES 354 AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.69 09/01/2029 5,620,000
14,550,000 MSR PUBLIC POWER AGENCY CA UTILITY TAX REVENUE SAN JUAN
PROJECT SERIES F MBIA INSURED (POWER REVENUE LOC)@+/- 1.71 07/01/2022 14,550,000
2,700,000 MUNICIPAL SECS TRUST SERIES 2001 136 CL A
(AIRPORT REVENUE LOC)++@+/- 1.80 12/06/2018 2,700,000
2,400,000 NEWPORT BEACH CA REVENUE HOAG MEMORIAL HOSPITAL SERIES A
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 2,400,000
14,800,000 NEWPORT BEACH CA REVENUE HOAG MEMORIAL HOSPITAL SERIES B
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 14,800,000
14,687,000 OAKLAND-ALAMEDA COUNTY CA COLISEUM AUTHORITY LEASE REVENUE
SERIES C-1 (LEASE REVENUE LOC)@+/- 1.70 02/01/2025 14,687,000
3,500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT NIGUEL SUMMIT 2
SERIES (HOUSING REVENUE LOC)@+/- 1.65 11/01/2009 3,500,000
20,600,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE BLUFFS
APARTMENT PROJECT SERIES C FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.68 12/01/2029 20,600,000
4,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE ISSUE G
SERIES 2 FNMA LOC (HOUSING REVENUE LOC)@+/- 1.68 11/15/2028 4,900,000
18
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PARK
RIDGE VILLAS PROJECT FNMA LOC (HOUSING REVENUE LOC)@+/- 1.68% 11/15/2028 $ 4,000,000
15,400,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PROJECT
PARK PLACE APARTMENTS ISSUE A FHLB INSURED
(HOUSING REVENUE LOC)@+/- 1.71 04/01/2024 15,400,000
9,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES A
FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.68 12/01/2006 9,000,000
24,005,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B
ALISO CREEK PROJECT FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.67 11/01/2022 24,005,000
8,049,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D
HARBOR POINTE PROJECT FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.68 12/01/2022 8,049,000
9,301,000 ORANGE COUNTY CA IMPROVEMENT ASSESSMENT DISTRICT NUMBER 88
SERIES 1 KBC BANK NV LOC (SPECIAL TAX REVENUE LOC)@+/- 1.71 09/02/2018 9,301,000
12,400,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B
(LEASE REVENUE LOC)@+/- 1.73 08/01/2030 12,400,000
20,280,000 ORANGE COUNTY CA SANITATION DISTRICTS COP AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.70 08/01/2013 20,280,000
3,050,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY TEETER PLAN
REVENUE SERIES 1995D AMBAC INSURED (PROPERTY TAX REVENUE
LOC)@+/- 1.69 11/01/2014 3,050,000
7,475,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY TEETER PLAN
REVENUE SERIES B AMBAC INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 11/01/2014 7,475,000
12,400,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY TEETER PLAN
REVENUE SERIES E AMBAC INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 11/01/2014 12,400,000
18,065,000 ORANGE COUNTY CA WATER DISTRICT SERIES 2003A LLOYDS LOC
(WATER REVENUE LOC)@+/- 1.67 08/01/2042 18,065,000
5,000,000 PACIFIC CA HFA LEASE REVENUE SERIES A FHLMC INSURED
(HOUSING REVENUE LOC)@+/- 1.77 02/01/2007 5,000,000
4,995,000 PORT OF OAKLAND CA TRANSPORTATION REVENUE FGIC INSURED
(TRANSPORTATION REVENUE LOC)@+/- 1.73 05/01/2008 4,995,000
7,285,000 PORT OF OAKLAND CA TRANSPORTATION REVENUE MBIA INSURED
(TRANSPORTATION REVENUE LOC)@+/- 1.73 05/01/2010 7,285,000
8,495,000 PORT OF OAKLAND CA TRANSPORTATION REVENUE SERIES K FGIC INSURED
(AIRPORT REVENUE LOC)@+/- 1.72 11/01/2021 8,495,000
4,290,000 POWAY CA REDEVELOPMENT AGENCY TAX ALLOCATION REVENUE SERIES R
2046 MBIA INSURED (TAX ALLOCATION REVENUE LOC)@+/- 1.72 06/15/2020 4,290,000
1,645,000 REDONDO BEACH CA PUBLIC FINANCING AUTHORITY TAX ALLOCATION
REVENUE AVIATION HIGH REDEVELOPMENT PROJECT ALLIED IRISH BANK
PLC LOC (PROPERTY TAX REVENUE LOC)@+/- 1.71 07/01/2030 1,645,000
22,400,000 RIVERSIDE - SAN BERNADINO CA HOUSING & FINANCE AGENCY LEASE
REVENUE SERIES A SOCIETE GENERALE LOC (HOUSING REVENUE LOC)@+/- 1.70 07/01/2006 22,400,000
4,900,000 RIVERSIDE COUNTY CA IDA BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.70 06/01/2026 4,900,000
9,560,000 ROARING FORK MUNICIPAL PRODUCTS LIMITED LIABILITY CORPORATION
SERIES 2000-12 CLASS A (MUNICIPAL LOC)@+/- 1.77 03/01/2034 9,560,000
27,000,000 ROSEVILLE CA ELECTRIC SYSTEMS REVENUE CERTIFICATES PARTNERS
(ELECTRIC PLANT REVENUE LOC)@+/- 1.67 02/01/2024 27,000,000
25,000,000 SACRAMENTO CA CITY UNION SCHOOL DISTRICT TAX & REVENUE ANTIC
NOTES 2003-04 (GENERAL OBLIGATION - SCHOOL DISTRICTS LOC) 2.00 11/12/2004 25,026,955
8,300,000 SACRAMENTO CA MUNICIPAL UTILITIES DISTRICT ELECTRIC REVENUE
(UTILITIES REVENUE LOC)@+/- 1.72 05/15/2020 8,300,000
15,500,000 SACRAMENTO CA UNION SCHOOL DISTRICT CTFS PARTNERS FSA INSURED
(GENERAL OBLIGATION - SCHOOL DISTRICTS LOC)@+/- 1.68 07/01/2031 15,500,000
7,000,000 SACRAMENTO COUNTY CA HFA MFHR ARLINGTON CREEK
APARTMENT SERIES 1 COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.73 05/15/2034 7,000,000
19
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 6,300,000 SACRAMENTO COUNTY CA HFA MFHR HIDDEN OAKS APARTMENTS PROJECT
SERIES C COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.73% 05/15/2029 $ 6,300,000
6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR NORMANDY PARK
APARTMENTS SERIES A (HOUSING REVENUE LOC)@+/- 1.73 02/15/2033 6,000,000
7,600,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
REVENUE SUBORDINATE LIEN SACRAMENTO REGULATION C CREDIT
AGRICOLE INDOSUEZ LOC (SEWER REVENUE LOC)@+/- 1.65 12/01/2030 7,600,000
32,000,000 SACRAMENTO COUNTY CA TRAN SERIES A (TAX REVENUE LOC) 3.00 07/11/2005 32,329,397
6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY APARTMENTS PROJECT
SERIES A COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.68 05/15/2029 6,115,000
5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE PROJECT
SERIES A COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.68 05/15/2029 5,600,000
3,395,000 SAN DIEGO CA AREA HFA LEASE REVENUE SERIES B COLLATERALIZED
BY FNMA (HOUSING REVENUE LOC)@+/- 1.77 06/01/2006 3,395,000
14,825,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.73 01/15/2033 14,825,000
32,595,000 SAN DIEGO CA MFHR COLLATERALIZED BY FHLMC
(HOUSING REVENUE LOC)@+/- 1.72 03/01/2032 32,595,000
8,100,000 SAN DIEGO CA MFHR COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.68 08/01/2014 8,100,000
19,130,000 SAN DIEGO CA PUBLIC FACILITIES FINANCING AUTHORITY SEWER
REVENUE SERIES SG 130 (WATER & SEWER REVENUE LOC)+/-@ 1.70 05/15/2029 19,130,000
5,430,000 SAN DIEGO CA PUBLIC FACILITIES FINANCING AUTHORITY WATER
REVENUE CLASS A (WATER REVENUE LOC)@+/- 1.72 08/01/2012 5,430,000
10,000,000 SAN DIEGO CA SCHOOL DISTRICT TRAN (OTHER REVENUE LOC) 3.00 07/25/2005 10,112,845
6,621,000 SAN DIEGO CA UNION SCHOOL DISTRICT FLOATERS SERIES 759 FSA
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 07/01/2026 6,621,000
11,580,000 SAN DIEGO CA UNION SCHOOL DISTRICT SERIES PA-804
(EDUCATIONAL FACILITIES REVENUE LOC)+/-@ 1.70 07/01/2022 11,580,000
5,826,000 SAN DIEGO CALIFORNIA UNION SCHOOL DISTRICT SERIES 758
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.69 07/01/2027 5,826,000
6,700,000 SAN DIEGO COUNTY & SCHOOL DISTRICT TRAN
(EDUCATIONAL FACILITIES REVENUE LOC) 3.25 07/25/2005 6,789,059
1,400,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION LEASE
REVENUE MOSCONE CENTER EXPANSION PROJECT SERIES 1 AMBAC
INSURED (LEASE REVENUE LOC)@+/- 1.67 04/01/2030 1,400,000
95,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY MFHR
NAMIKI APARTMENTS PROJECT SERIES C CITIBANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 11/01/2036 95,000
10,690,000 SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION FOR
CLEAN WATER MERLOTS SERIES B20 MBIA INSURED
(WATER & SEWER REVENUE LOC)@+/- 1.71 10/01/2022 10,690,000
6,857,500 SAN JOSE CA UNION SCHOOL DISTRICT SANTA CLARA COUNTY FLOATERS
SERIES 761 FSA INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.69 08/01/2027 6,857,500
8,690,000 SAN JOSE-SANTA CLARA CA WATER FINANCING AUTHORITY SEWER REVENUE
FLOATS-SG-49 (WATER & SEWER REVENUE LOC)+/-@ 1.70 11/15/2020 8,690,000
2,200,000 SAN LEANDRO CA MFHR HAAS AVENUE APARTMENTS SERIES B
SECURITY PACIFIC NATIONAL LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 10/01/2007 2,200,000
6,510,000 SAN MARCOS CA PFA TAX ALLOCATION REVENUE SERIES 1161
FGIC INSURED (TAX INCREMENTAL REVENUE LOC)@+/- 1.70 02/01/2011 6,510,000
6,510,000 SAN MARCOS CA PFA TAX ALLOCATION REVENUE SERIES 1178
FGIC INSURED (TAX INCREMENTAL REVENUE LOC)@+/- 1.70 08/01/2011 6,510,000
5,600,000 SANTA ANA CA HEALTH FACILITY REVENUE MULTI-MODEL TOWN & COUNTRY
PROJECT BNP PARIBAS LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.71 10/01/2020 5,600,000
5,490,000 SANTA CLARA CA ELECTRIC REVENUE SERIES A AMBAC INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 07/01/2010 5,490,000
2,130,000 SANTA CLARA CA ELECTRIC REVENUE SERIES B AMBAC INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 07/01/2010 2,130,000
20
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (continued)
$ 5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER APARTMENTS
PROJECT SERIES A COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68% 12/15/2025 $ 5,900,000
11,700,000 SANTA CLARA COUNTY CA MFHR FOXCHASE APARTMENTS PROJECT
SERIES E FGIC INSURED REMARKETED 03/17/94
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.72 11/15/2017 11,700,000
6,150,000 SIMI VALLEY CA MFHR SERIES A (MULTI-FAMILY HOUSING REVENUE 1.68 07/01/2023 6,150,000
8,900,000 LOC)@+/- SIMI VALLEY CALIFORNIA MFHR LINCOLN WOOD RANCH
(HOUSING REVENUE LOC)@+/- 1.68 06/01/2010 8,900,000
37,500,000 SONOMA COUNTY CA TRAN (TAX REVENUE LOC) 3.00 10/13/2005 37,986,750
9,300,000 SOUTHERN CA PUBLIC POWER AUTHORITY POWER REVENUE SERIES B
(ELECTRIC REVENUE LOC)@+/- 1.67 07/01/2009 9,300,000
25,300,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE LLOYDS BANK LOC (UTILITIES REVENUE LOC)@+/- 1.67 07/01/2019 25,300,000
5,315,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY POWER PEOJECT
REVENUE SERIES PA 1172 (ELECTRIC PLANT REVENUE LOC)@+/- 1.70 07/01/2011 5,315,000
5,000,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY TRANSMISSION
PROJECT REVENUE SOUTHERN TRANSMISSION SERIES A
(OTHER REVENUE LOC)@+/- 1.70 07/01/2021 5,000,000
2,500,000 STOCKTON CA HEALTH FACILITIES REVENUE SERIES A
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.70 12/01/2032 2,500,000
8,000,000 SULPHUR SPRINGS CA UNIVERSITY SCHOOL DISTRICT CTFS PARTNERSHIP
(LEASE REVENUE LOC)@+/- 1.67 03/01/2037 8,000,000
1,400,000 TAHOE FOREST CA HOSPITAL DISTRICT REVENUE
(HOSPITAL REVENUE LOC)@+/- 1.70 07/01/2033 1,400,000
3,900,000 TULARE CA LOCAL HEALTH CARE DISTRICT HEALTH FACILITY REVENUE
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.70 12/01/2032 3,900,000
8,850,000 TURLOCK CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENT PROJECT
SOCIETE GENERALE LOC (LEASE REVENUE LOC)@+/- 1.71 01/01/2031 8,850,000
6,100,000 UNIVERSITY CA EDUCATION FACILITIES REVENUE SERIES 480 MBIA
INSURED (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.69 09/01/2022 6,100,000
7,750,000 VACAVILLE CA MFHR SYCAMORES APARTMENTS SERIES A
(HOUSING REVENUE LOC)@+/- 1.68 05/15/2029 7,750,000
4,600,000 VALLEJO CA MFHR HILLSIDE TERRACE APARTMENTS SERIES A
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.75 03/15/2027 4,600,000
3,400,000 VERNON CA ELECTRIC SYSTEMS MALBURG PROJECT SERIES B
(ELECTRIC REVENUE LOC)@+/- 1.68 04/01/2033 3,400,000
8,000,000 VERNON CA ELECTRIC SYSTEMS REVENUE MALBURG PROJECT
(ELECTRIC REVENUE LOC)@+/- 1.68 04/01/2033 8,000,000
7,400,000 WESTERN MUNICIPAL WATER DISTRICT FACILITIES REVENUE SERIES A
(WATER REVENUE LOC)@+/- 1.72 10/01/2032 7,400,000
2,293,223,704
----------------
GUAM - 0.04%
1,000,000 GUAM GOVERNMENT LIMITED OBLIGATION REVENUE SERIES A
(SALES TAX REVENUE LOC) 5.25 11/01/2004 1,003,497
----------------
OTHER - 1.95%
17,995,000 ABN AMRO MUNITOPS CTFS TR 1998-20 MUNITOPS CERTIFICATES
AMBAC INSURED (OTHER REVENUE LOC)@+/- 1.71 07/05/2006 17,995,000
13,176,000 ABN AMRO MUNITOPS CTFS TR 1998-25 MUNITOPS CERTIFICATES
FGIC INSURED (OTHER REVENUE LOC)@+/- 1.71 07/05/2006 13,176,000
17,000,000 ABN AMRO MUNITOPS CTFS TR 2000-5 MUNITOPS CERTIFICATES
FGIC INSURED (OTHER REVENUE LOC)++@+/- 1.75 05/07/2008 17,000,000
48,171,000
----------------
PUERTO RICO - 1.67%
7,200,000 EAGLE TAX-EXEMPT TRUST CTF 20015101 CLASS A
(PUERTO RICO COMMONWEALTH INFRASTRUCTURE FINANCING AUTHORITY
SERIES A) (OTHER REVENUE LOC)@+/- 1.72 10/01/2034 7,200,000
10,000,000 EAGLE TAX-EXEMPT TRUST CTF 20025102 CLASS A (PUERTO RICO
COMMONWEALTH HIGHWAY & TRANSPORTATION REVENUE SERIES D)
FSA INSURED (TOLL ROAD REVENUE LOC)+/-@ 1.72 07/01/2027 10,000,000
21
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
PUERTO RICO (continued)
$ 5,000,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
REVENUE SERIES 2 MBIA INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.72% 07/01/2038 $ 5,000,000
4,995,000 PUERTO RICO COMMONWEALTH INFRASTRUCTURE FINANCING AUTHORITY
SERIES 86 (SALES TAX REVENUE LOC)@+/- 1.69 07/01/2015 4,995,000
7,990,000 PUERTO RICO COMMONWEALTH MERLOTS SERIES A44@+/- 1.71 07/01/2029 7,990,000
6,135,000 PUERTO RICO COMMONWEALTH PUBLIC BUILDINGS AUTHORITY REVENUE
SERIES 416 FSA LOC (LEASE REVENUE LOC)@+/- 1.69 07/01/2021 6,135,000
41,320,000
----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,383,718,201) 2,383,718,201
----------------
COMMERCIAL PAPER - 5.03%
16,800,000 PORT OF OAKLAND CALIFORNIA 1.16 10/05/2004 16,800,000
14,500,000 PORT OF OAKLAND CALIFORNIA 1.38 10/12/2004 14,500,000
23,000,000 PORT OF OAKLAND CALIFORNIA 1.43 11/12/2004 23,000,000
15,000,000 UNIVERSITY OF CALIFORNIA 1.30 10/08/2004 15,000,000
12,500,000 UNIVERSITY OF CALIFORNIA 1.15 10/18/2004 12,500,000
5,000,000 UNIVERSITY OF CALIFORNIA 1.15 10/19/2004 5,000,000
5,000,000 UNIVERSITY OF CALIFORNIA 1.22 10/20/2004 5,000,000
18,500,000 UNIVERSITY OF CALIFORNIA 1.22 10/21/2004 18,500,000
14,100,000 UNIVERSITY OF CALIFORNIA 1.35 11/09/2004 14,100,000
TOTAL COMMERCIAL PAPER (COST $124,400,000) 124,400,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,508,118,201)* 101.39% $ 2,508,118,201
OTHER ASSETS AND LIABILITIES, NET (1.39) (34,341,802)
------ ----------------
TOTAL NET ASSETS 100.00% $ 2,473,776,399
====== ================
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
+/- VARIABLE RATE SECURITIES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
22
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CASH INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - DISCOUNT - 1.87%
$ 200,000,000 FHLMC^ 1.57% 11/09/2004 $ 199,659,833
37,650,000 FNMA^ 2.00 01/03/2005 37,453,383
TOTAL AGENCY NOTES - DISCOUNT (COST $237,113,216) 237,113,216
----------------
AGENCY NOTES - INTEREST BEARING - 0.55%
70,000,000 FHLMC+/- 1.59 02/04/2005 69,987,973
TOTAL AGENCY NOTES - INTEREST BEARING (COST $69,987,973) 69,987,973
----------------
CERTIFICATES OF DEPOSIT - 5.08%
80,000,000 ABBEY NATIONAL NORTH AMERICA LLC 1.39 11/03/2004 79,999,277
80,000,000 ABN AMRO BAND NV CHICAGO 1.41 11/23/2004 79,995,321
240,000,000 BANCO BILBAO VIZCAYA ARGENTARIA NEW YORK 2.25 09/19/2005 239,953,998
90,000,000 CDC IXIS 1.40 11/04/2004 90,000,000
60,000,000 NATEXIS BANQUES POPULAIRES NEW YORK 1.46 04/06/2005 59,999,386
25,000,000 SWEDBANK NEW YORK 1.41 11/03/2004 24,999,774
70,000,000 SWEDBANK NEW YORK 1.41 11/03/2004 69,999,526
TOTAL CERTIFICATES OF DEPOSIT (COST $644,947,282) 644,947,282
----------------
COMMERCIAL PAPER - 40.25%
75,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.80 10/07/2004 74,977,500
205,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.69 11/29/2004 204,432,207
200,000,000 ALLIANCE & LEICESTER PLC^ 1.80 12/09/2004 199,310,000
135,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.52 10/12/2004 134,937,300
100,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.71 12/20/2004 99,620,000
87,733,000 ATOMIUM FUNDING CORPORATION^ 1.60 10/07/2004 87,709,605
65,000,000 BETA FINANCE INCORPORATED^ 1.53 10/19/2004 64,950,275
150,000,000 BLUE SPICE LLC^ 1.54 10/12/2004 149,929,417
121,000,000 BNP PARIBAS FINANCE INCORPORATED^ 1.70 12/13/2004 120,582,886
159,500,000 CC USA INCORPORATED^ 1.53 10/15/2004 159,405,098
100,000,000 CC USA INCORPORATED^ 1.65 11/08/2004 99,825,833
75,293,000 CEDAR SPRINGS CAPITAL COMPANY^ 1.74 11/19/2004 75,114,681
37,155,000 CEDAR SPRINGS CAPITAL COMPANY^ 1.75 11/22/2004 37,061,080
75,000,000 CIESCO LLC^ 1.55 10/06/2004 74,983,854
64,747,000 CONCORD MINUTEMEN CAPITAL COMPANY^ 1.53 10/08/2004 64,727,738
53,000,000 CONCORD MINUTEMEN CAPITAL COMPANY^ 1.68 10/05/2005 52,999,563
30,750,000 CONCORD MINUTEMEN CAPITAL COMPANY^ 1.72 10/06/2005 30,749,535
35,159,000 CROWN POINT CAPITAL COMPANY^ 1.53 10/08/2004 35,148,783
75,437,000 CROWN POINT CAPITAL COMPANY^ 1.67 11/19/2004 75,265,528
55,456,000 CROWN POINT CAPITAL COMPANY LLC^ 1.08 10/08/2004 55,444,354
200,000,000 DNB NOR BANK ASA^ 1.70 12/20/2004 199,244,444
40,000,000 DORADA FINANCE INCORPORATED^ 1.51 10/12/2004 39,981,544
62,500,000 DORADA FINANCE INCORPORATED^ 1.53 10/15/2004 62,462,813
67,000,000 DORADA FINANCE INCORPORATION^ 1.65 11/08/2004 66,883,308
240,000,000 EDISON ASSET SECURITIZATION LLC^ 1.51 10/13/2004 239,879,200
50,000,000 GALAXY FUNDING INCORPORATED^ 1.53 10/13/2004 49,974,500
90,000,000 GALAXY FUNDING INCORPORATED^ 1.68 12/13/2004 89,693,400
150,000,000 GOVCO INCORPORATED^ 1.51 10/12/2004 149,930,792
48,050,000 GOVCO INCORPORATED^ 1.73 11/26/2004 47,920,692
23
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CASH INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER (CONTINUED)
$ 175,000,000 GRAMPIAN FUNDING LLC^ 1.68% 12/13/2004 $ 174,403,833
100,000,000 GRAMPIAN FUNDING LLC^ 1.71 12/22/2004 99,610,500
89,000,000 GREENWICH CAPITAL HOLDINGS INCORPORATED^ 1.50 10/04/2004 88,988,875
100,000,000 IRISH LIFE & PERMANENT PLC^ 1.70 12/10/2004 99,669,444
24,896,000 IVORY FUNDING CORPORATION^ 1.71 11/15/2004 24,842,785
21,009,000 IVORY FUNDING CORPORATION^ 1.71 11/18/2004 20,961,099
28,286,000 IVORY FUNDING CORPORATION^ 1.75 11/29/2004 28,204,874
50,000,000 LIQUID FUNDING LIMITED+/- 1.54 10/08/2004 50,000,000
40,000,000 LIQUID FUNDING LIMITED^ 1.72 12/08/2004 39,870,044
75,000,000 LIQUID FUNDING LIMITED+/- 1.69 05/05/2005 75,000,000
44,000,000 LIQUID FUNDING LIMITED++/- 1.83 09/22/2005 44,000,000
74,065,000 MANE FUNDING CORPORATION^ 1.74 11/22/2004 73,878,850
125,000,000 MORGAN STANLEY+/- 1.86 03/10/2005 125,000,000
63,000,000 MORTGAGE INTEREST NETWORKING TRUST^ 1.73 11/29/2004 62,821,377
100,000,000 MORTGAGE INTEREST NETWORKING TRUST^ 1.74 11/29/2004 99,714,833
157,000,000 NEPTUNE FUNDING CORPORATION^ 1.58 10/01/2004 157,000,000
40,571,000 NEPTUNE FUNDING CORPORATION^ 1.54 10/07/2004 40,560,587
99,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.50 10/06/2004 98,979,375
50,100,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.77 01/06/2005 49,861,065
70,054,000 PERRY GLOBAL FUNDING LLC^ 1.58 10/22/2004 69,989,434
120,000,000 SANTANDER CENTRAL HISPANO FINANCE (DELAWARE) INCORPORATED^ 1.51 10/08/2004 119,964,767
138,455,000 SCALDIS CAPITAL LLC^ 1.73 11/29/2004 138,062,442
59,000,000 SEDNA FINANCE INCORPORATED^ 1.90 01/18/2005 58,660,586
24,148,000 SOLITAIRE FUNDING LLC^ 1.73 11/29/2004 24,079,534
123,500,000 SPINTAB AB^ 1.70 12/13/2004 123,074,268
85,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 84,978,608
77,000,000 SWEDBANK^ 1.73 11/29/2004 76,781,684
55,200,000 TANGO FINANCE CORPORATION^ 1.60 10/21/2004 55,150,933
50,000,000 TANGO FINANCE CORPORATION^ 1.74 11/29/2004 49,857,417
18,263,000 WHITE PINE FINANCE LLC^ 1.41 12/20/2004 18,205,776
TOTAL COMMERCIAL PAPER (COST $5,115,318,920) 5,115,318,920
----------------
CORPORATE BONDS & NOTES - 3.21%
90,000,000 ASSOCIATES CORPORATION OF NORTH AMERICA+/- 2.05 06/27/2005 90,000,000
50,000,000 KFW INTERNATIONAL FINANCE INCORPORATED 3.75 10/01/2004 50,000,000
63,000,000 STRATEGIC MONEY MARKET TRUST SERIES 2003-M++ 1.88 12/15/2004 63,000,000
83,000,000 STRATEGIC MONEY MARKET TRUST SERIES 2004-H++ 1.93 09/23/2005 83,000,000
120,000,000 WAL-MART STORES 5.01 06/01/2005 122,325,610
TOTAL CORPORATE BONDS & NOTES (COST $408,325,610) 408,325,610
----------------
EXTENDABLE BONDS - 6.56%
205,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.84 10/07/2005 205,025,902
300,000,000 ING SECURITY LIFE INSTITUTIONAL FUNDING+++/- 1.79 10/07/2005 300,000,000
67,000,000 MERRILL LYNCH & COMPANY INCORPORATED+/- 1.90 10/11/2005 67,123,101
100,000,000 NORTHERN ROCK PLC+++/- 1.89 10/07/2005 100,000,000
162,000,000 RESTRUCTURED ASSET SECURITIES ENHANCED RETURNS
SERIES 2002-7-MM++/- 2.03 10/12/2005 162,000,000
TOTAL EXTENDABLE BONDS (COST $834,149,003) 834,149,003
----------------
24
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CASH INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MEDIUM TERM NOTES - 10.83%
$ 130,000,000 AMERICAN EXPRESS CENTURION BANK+/- 1.74% 05/13/2005 $ 129,983,954
80,000,000 BANK OF AMERICA SECURITIES+/-@ 1.96 09/09/2034 80,000,000
125,000,000 BELFORD US CAPITAL COMPANY+++/- 1.74 03/09/2005 125,000,000
64,000,000 BETA FINANCE INCORPORATED++ 1.49 04/20/2005 63,994,714
105,000,000 CC (USA) INCORPORATED++ 1.50 11/17/2004 105,000,000
30,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.93 12/15/2004 30,006,532
37,500,000 JOHN HANCOCK GLOBAL FUNDING II+++/- 1.70 12/04/2004 37,500,000
19,000,000 K2 (USA) LLC++ 1.43 03/15/2005 19,000,000
50,000,000 LIBERTY LIGHTHOUSE US CAPITAL COMPANY++ 1.50 11/12/2004 50,000,000
200,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 201,524,513
200,000,000 NATEXIS BANQUES POPULAIRES NEW YORK+/- 1.69 09/09/2005 199,933,806
50,000,000 PREMIUM ASSET TRUST SERIES 03-04+++/- 1.92 06/03/2005 50,032,578
65,000,000 PREMIUM ASSET TRUST SERIES 04-08+++/- 1.77 10/15/2005 65,000,000
100,000,000 ROYAL BANK OF CANADA+/- 1.72 10/07/2005 100,000,000
120,000,000 WHITE PINE FINANCE LLC+++/- 1.72 12/15/2004 119,995,042
TOTAL MEDIUM TERM NOTES (COST $1,376,971,139) 1,376,971,139
----------------
MUNICIPAL BONDS & NOTES - 0.55%
VARIABLE RATE DEMAND NOTES - 0.55%
1,120,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96A+/-@ 1.84 12/15/2026 1,120,000
705,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96C+/-@ 1.84 12/15/2026 705,000
1,140,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96D+/-@ 1.84 12/15/2026 1,140,000
1,275,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96E+/-@ 1.84 12/15/2026 1,275,000
520,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96F+/-@ 1.84 12/15/2026 520,000
1,515,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96I+/-@ 1.84 12/15/2026 1,515,000
605,000 KALAMAZOO FUNDING COMPANY LLC SERIES 96G+/-@ 1.94 12/15/2026 605,000
32,250,000 NEW YORK STATE LOC GOVERNMENT ASSISTANCE CORPORATION VARIABLE
RATE BONDS SERIES 1995 F (OTHER REVENUE LOC)+/-@ 1.68 04/01/2025 32,249,033
31,010,000 ORLANDO & ORANGE COUNTY EXPRESSWAY AUTHORITY FL EXPRESSWAY
REVENUE (TRANSPORTATION REVENUE LOC)+/-@ 1.70 07/01/2025 31,009,070
TOTAL VARIABLE RATE DEMAND NOTES (COST $70,138,103) 70,138,103
----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $70,138,103) 70,138,103
----------------
PROMISSORY NOTES - 3.30%
239,000,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 1.88 06/06/2005 239,000,000
180,000,000 GOLDMAN SACHS GROUP INCORPORATED+/- 1.71 07/26/2005 180,000,000
TOTAL PROMISSORY NOTES (COST $419,000,000) 419,000,000
----------------
TIME DEPOSITS - 10.24%
271,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 271,000,000
190,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 190,000,000
242,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 242,000,000
365,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 365,000,000
154,000,000 FORTIS BANK GRAND CAYMAN 1.78 10/05/2004 154,000,000
80,000,000 LLOYDS TSB BANK PLC LONDON 1.79 10/05/2004 80,000,000
TOTAL TIME DEPOSITS (COST $1,302,000,000) 1,302,000,000
----------------
25
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CASH INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
REPURCHASE AGREEMENTS - 17.81%
$ 345,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES 1.90% 10/01/2004 $ 345,000,000
(MATURITY VALUE $345,017,959)
20,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.88 10/01/2004 20,000,000
(MATURITY VALUE $20,001,030)
22,389,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.90 10/01/2004 22,389,000
(MATURITY VALUE $22,390,165)
311,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.91 10/01/2004 311,000,000
(MATURITY VALUE $311,016,274)
120,284,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 2.05 10/01/2004 120,284,000
(MATURITY VALUE $120,290,756)
469,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.81 10/04/2004 469,000,000
(MATURITY VALUE $469,093,029)
205,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES 1.92 10/01/2004 205,000,000
(MATURITY VALUE $205,010,784)
125,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES 1.98 10/01/2004 125,000,000
(MATURITY VALUE $125,006,781)
15,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.85 10/01/2004 15,000,000
(MATURITY VALUE $15,000,760)
46,694,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.95 10/01/2004 46,694,000
(MATURITY VALUE $46,696,495)
164,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102% COLLATERALIZED BY 1.92 10/01/2004 164,000,000
US GOVERNMENT SECURITIES (MATURITY VALUE $164,008,627)
50,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102% COLLATERALIZED BY 2.03 10/01/2004 50,000,000
US GOVERNMENT SECURITIES (MATURITY VALUE $50,002,781)
20,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.89 10/01/2004 20,000,000
(MATURITY VALUE $20,001,036)
350,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.90 10/01/2004 350,000,000
(MATURITY VALUE $350,018,219)
TOTAL REPURCHASE AGREEMENTS (COST $2,263,367,000) 2,263,367,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $12,741,318,246)* 100.25% $ 12,741,318,246
OTHER ASSETS AND LIABILITIES, NET (0.25) (31,737,561)
------ ----------------
TOTAL NET ASSETS 100.00% $ 12,709,580,685
====== ================
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
+/- VARIABLE RATE SECURITIES.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
26
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - DISCOUNT - 32.89%
FEDERAL HOME LOAN BANK - 1.33%
$ 47,835,000 FHLB^ 1.19% 10/15/2004 $ 47,812,863
75,000,000 FHLB^ 1.59 10/22/2004 74,930,437
17,000,000 FHLB^ 1.81 12/29/2004 16,923,930
139,667,230
----------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 16.13%
17,287,000 FHLMC^ 1.57 10/01/2004 17,287,000
24,962,000 FHLMC^ 1.14 10/05/2004 24,958,838
23,900,000 FHLMC^ 1.46 10/05/2004 23,896,123
37,433,000 FHLMC^ 1.05 10/12/2004 37,420,990
75,000,000 FHLMC^ 1.11 10/12/2004 74,974,562
75,000,000 FHLMC^ 1.14 10/18/2004 74,959,625
100,000,000 FHLMC^ 1.58 10/28/2004 99,881,500
100,000,000 FHLMC^ 1.57 11/09/2004 99,829,917
50,000,000 FHLMC^ 1.59 11/09/2004 49,913,875
56,680,000 FHLMC^ 1.45 11/16/2004 56,574,985
92,327,000 FHLMC^ 1.57 11/16/2004 92,141,782
50,000,000 FHLMC^ 1.58 11/22/2004 49,885,889
40,900,000 FHLMC^ 1.07 12/01/2004 40,826,193
59,235,000 FHLMC^ 1.63 12/01/2004 59,071,396
40,000,000 FHLMC^ 1.67 12/01/2004 39,886,811
50,000,000 FHLMC^ 1.10 12/06/2004 49,899,167
53,607,000 FHLMC^ 1.75 12/07/2004 53,432,405
75,000,000 FHLMC^ 1.84 12/21/2004 74,689,500
97,000,000 FHLMC^ 1.80 12/28/2004 96,573,200
50,000,000 FHLMC^ 1.57 01/05/2005 49,790,667
45,800,000 FHLMC^ 1.33 01/11/2005 45,627,410
39,387,000 FHLMC^ 1.74 01/11/2005 39,192,822
50,000,000 FHLMC^ 1.81 02/08/2005 49,673,194
53,888,000 FHLMC^ 1.85 02/15/2005 53,508,613
88,831,000 FHLMC^ 1.87 03/01/2005 88,134,244
61,845,000 FHLMC^ 1.96 03/08/2005 61,314,353
75,000,000 FHLMC^ 1.95 03/15/2005 74,329,687
64,967,000 FHLMC^ 2.06 03/29/2005 64,303,173
48,057,000 FHLMC^ 2.24 08/29/2005 47,064,249
1,689,042,170
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 15.43%
16,643,000 FNMA^ 1.60 10/01/2004 16,643,000
37,650,000 FNMA^ 1.61 10/01/2004 37,650,000
78,872,250 FNMA^ 1.62 10/01/2004 78,872,250
42,490,000 FNMA^ 1.66 10/01/2004 42,490,000
25,000,000 FNMA^ 1.05 10/04/2004 24,997,823
23,530,000 FNMA^ 1.18 10/06/2004 23,526,144
27,050,000 FNMA^ 1.20 10/13/2004 27,039,180
31,597,000 FNMA^ 1.16 10/14/2004 31,583,821
49,878,000 FNMA^ 1.57 10/20/2004 49,836,671
35,918,000 FNMA^ 1.63 11/01/2004 35,867,585
55,000,000 FNMA^ 1.64 11/01/2004 54,922,328
12,558,000 FNMA^ 1.12 11/12/2004 12,541,591
50,000,000 FNMA^ 1.56 11/22/2004 49,887,333
27
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 161,374,000 FNMA^ 1.77% 12/01/2004 $ 160,891,380
40,000,000 FNMA^ 1.65 12/06/2004 39,879,000
11,000,000 FNMA^ 1.80 01/03/2005 10,948,300
37,415,000 FNMA^ 1.90 01/03/2005 37,229,380
25,711,000 FNMA^ 1.90 01/03/2005 25,583,445
75,000,000 FNMA^ 2.00 01/03/2005 74,608,333
46,339,000 FNMA^ 1.17 01/07/2005 46,191,410
52,299,000 FNMA^ 1.85 01/07/2005 52,035,616
50,000,000 FNMA^ 1.76 01/12/2005 49,748,938
58,224,000 FNMA^ 1.80 01/19/2005 57,903,768
75,000,000 FNMA^ 1.81 01/19/2005 74,585,208
34,076,000 FNMA^ 1.86 02/01/2005 33,859,447
100,000,000 FNMA^ 1.99 02/01/2005 99,320,083
100,000,000 FNMA^ 1.96 03/09/2005 99,136,542
50,000,000 FNMA^ 1.96 03/16/2005 49,549,264
50,000,000 FNMA^ 1.97 03/16/2005 49,546,958
50,000,000 FNMA^ 2.00 03/23/2005 49,519,444
75,000,000 FNMA^ 2.01 03/23/2005 74,275,563
44,996,000 FNMA^ 2.00 04/29/2005 44,471,047
1,615,140,852
----------------
TOTAL AGENCY NOTES - DISCOUNT (COST $3,443,850,252) 3,443,850,252
----------------
AGENCY NOTES - INTEREST BEARING - 23.91%
FEDERAL FARM CREDIT BANK - 5.46%
47,500,000 FFCB 1.35 11/03/2004 47,502,153
100,000,000 FFCB+/- 1.65 11/15/2004 99,997,532
100,000,000 FFCB+/- 1.75 10/04/2005 99,969,333
100,000,000 FFCB+/-@ 1.73 12/14/2005 99,939,517
50,000,000 FFCB+/-@ 1.79 12/21/2005 49,968,666
25,000,000 FFCB+/-@ 1.77 04/26/2006 24,998,063
100,000,000 FFCB+/-@ 1.61 05/04/2006 99,983,956
50,000,000 FFCB+/-@ 1.56 06/02/2006 49,979,219
572,338,439
----------------
FEDERAL HOME LOAN BANK - 8.31%
25,000,000 FHLB 3.63 10/15/2004 25,023,939
41,200,000 FHLB 2.00 11/15/2004 41,228,547
8,300,000 FHLB 4.13 11/15/2004 8,327,569
30,000,000 FHLB 1.55 12/08/2004 30,002,814
33,750,000 FHLB 1.38 12/10/2004 33,753,032
69,285,000 FHLB 2.13 12/15/2004 69,376,782
20,000,000 FHLB 3.88 12/15/2004 20,103,262
25,000,000 FHLB 4.13 01/14/2005 25,169,312
47,000,000 FHLB 1.30 01/28/2005 46,996,621
25,000,000 FHLB 1.32 02/18/2005 25,000,000
10,000,000 FHLB 1.50 03/08/2005 9,975,564
100,000,000 FHLB+/- 1.84 03/21/2005 99,998,091
10,000,000 FHLB 1.31 04/22/2005 9,953,192
100,000,000 FHLB+/- 1.76 04/25/2005 99,989,714
50,000,000 FHLB+/- 1.75 09/12/2005 49,976,248
100,000,000 FHLB+/- 1.68 09/16/2005 99,965,000
28
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL HOME LOAN BANK (continued)
$ 100,000,000 FHLB+/- 1.81% 09/20/2005 $ 99,959,906
75,000,000 FHLB+/- 1.48 10/05/2005 74,960,013
869,759,606
----------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.20%
70,000,000 FHLMC 3.25 11/15/2004 70,165,924
139,478,000 FHLMC 3.88 02/15/2005 140,677,177
20,000,000 FHLMC+/- 1.54 10/07/2005 20,000,000
230,843,101
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.94%
50,000,000 FNMA 1.88 12/15/2004 50,047,635
75,000,000 FNMA+/- 1.48 01/03/2005 74,995,161
100,000,000 FNMA+/- 1.57 01/03/2005 99,993,545
100,000,000 FNMA+/- 1.46 01/07/2005 99,989,340
150,000,000 FNMA+/- 1.76 01/28/2005 149,987,732
40,000,000 FNMA 7.13 02/15/2005 40,766,493
27,000,000 FNMA 1.55 05/04/2005 26,892,996
10,000,000 FNMA 1.61 05/13/2005 9,961,543
18,500,000 FNMA 8.50 05/26/2005 18,684,158
110,000,000 FNMA+/- 1.84 06/03/2005 109,999,955
100,000,000 FNMA+/- 1.77 06/09/2005 99,990,722
50,000,000 FNMA+/- 1.47 10/03/2005 49,967,200
831,276,480
----------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $2,504,217,626) 2,504,217,626
----------------
REPURCHASE AGREEMENTS - 45.51%
40,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.88 10/01/2004 40,000,000
(MATURITY VALUE $40,002,060)
1,700,000,000 BEAR STEARNS & COMPANY INCORPORATED - 102% COLLATERALIZED BY 1.90 10/01/2004 1,700,000,000
US GOVERNMENT SECURITIES (MATURITY VALUE $1,700,088,493)
700,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.90 10/01/2004 700,000,000
(MATURITY VALUE $700,036,438)
1,943,962,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.90 10/01/2004 1,943,962,000
(MATURITY VALUE $1,944,063,193)
300,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 2.05 10/01/2004 300,000,000
(MATURITY VALUE $300,016,849)
40,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.85 10/01/2004 40,000,000
(MATURITY VALUE $40,002,027)
40,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.89 10/01/2004 40,000,000
(MATURITY VALUE $40,002,071)
TOTAL REPURCHASE AGREEMENTS (COST $4,763,962,000) 4,763,962,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $10,712,029,878)* 102.31% $ 10,712,029,878
OTHER ASSETS AND LIABILITIES, NET (2.31) (241,832,688)
------ ----------------
TOTAL NET ASSETS 100.00% $ 10,470,197,190
====== ================
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
+/- VARIABLE RATE SECURITIES.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
29
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MUNICIPAL BONDS & NOTES - 89.84%
ALABAMA - 0.22%
$ 4,895,000 MONTGOMERY AL BMC SPECIAL CARE FACILITIES AUTHORITY REVENUE
SERIES 435 (BUSINESS IMPROVEMENT REVENUE LOC)@+/- 1.73% 11/15/2029 $ 4,895,000
----------------
ALASKA - 3.63%
1,340,000 ALASKA INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE PROVIDENCE
MEDICAL OFFICE BUILDING ASSOCIATES PROJECT KBC BANK NV LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.30 06/01/2010 1,340,000
7,495,000 ALASKA STATE HOUSING FINANCE CORPORATION FLOATER PA 1057
HOUSING REVENUE MBIA INSURED (HOUSING REVENUE LOC)@+/- 1.73 06/01/2026 7,495,000
1,125,000 ALASKA STATE HOUSING FINANCE CORPORATION HOUSING REVENUE
SERIES BB (OTHER REVENUE LOC)@+/- 1.84 06/01/2007 1,125,000
6,340,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES INCORPORATED
PROJECT SERIES A (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 06/01/2037 6,340,000
35,950,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES INCORPORATED
PROJECT SERIES B (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 07/01/2037 35,950,000
29,560,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES INCORPORATED
PROJECT SERIES C (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 07/01/2037 29,560,000
81,810,000
----------------
ARIZONA - 0.53%
400,000 ARIZONA STATE UNIVERSITY REVENUE SERIES A
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.70 07/01/2034 400,000
2,715,000 MARICOPA COUNTY AZ IDA MFHR REFUNDING LAS GARDENIAS
APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC)@+/- 1.73 04/15/2033 2,715,000
2,300,000 MARICOPA COUNTY AZ IDA MFHR VILLAS SOLANAS APARTMENTS
PROJECT SERIES A BANK OF CHERRY CREEK NA LOC
(HOUSING REVENUE LOC)@+/- 1.73 11/15/2032 2,300,000
815,000 MARICOPA COUNTY AZ IDA SFMR (HOUSING REVENUE LOC)@+/- 1.78 09/01/2005 815,000
5,615,000 PIMA COUNTY AZ IDA REVENUE LEASE PURCHASE
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.85 06/01/2007 5,615,000
11,845,000
----------------
ARKANSAS - 0.11%
2,420,000 ARKANSAS STATE DEVELOPMENT FINANCE AUTHORITY SFMR SERIES II
COLLATERALIZED BY GNMA/FNMA
(SINGLE FAMILY HOUSING REVENUE LOC)@+/- 1.79 07/01/2033 2,420,000
----------------
CALIFORNIA - 5.94%
10,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT REVENUE
SAN FRANCISCO BALLET ASSOCIATION
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.68 07/01/2032 10,500,000
1,000,000 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY PCR PACIFIC
GAS & ELECTRIC COMPANY (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 11/01/2026 1,000,000
6,400,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES C-3 AMBAC INSURED (ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 6,400,000
22,125,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE & POWER SUPPLY
REVENUE SERIES B-1 BANK OF NEW YORK LOC (POWER REVENUE LOC)@+/- 1.16 05/01/2022 22,125,000
3,700,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE POWER SUPPLY
REVENUES SERIES C4 JPM LOC (POWER REVENUE LOC)@+/- 1.70 05/01/2022 3,700,000
2,300,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B-6
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.73 05/01/2022 2,300,000
29,300,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-4
(SALES TAX REVENUE LOC)@+/- 1.71 07/01/2023 29,300,000
12,600,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-7
(SALES TAX REVENUE LOC)@+/- 1.72 07/01/2023 12,600,000
3,900,000 IRVINE CA IMPT BD ACT 1915 DISTRICT 85-7-I
(SPECIAL TAX REVENUE LOC)@+/- 1.68 09/02/2011 3,900,000
15,000,000 LOS ANGELES CA SERIES L54J-REGULATION D@+/- 1.15 06/30/2005 15,000,000
7,950,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE
SERIES A2 JP MORGAN CHASE BANK INSURED (WATER REVENUE LOC)@+/- 1.67 07/01/2023 7,950,000
30
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 5,400,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B
ALISO CREEK PROJECT FHLMC LOC (HOUSING REVENUE LOC)@+/- 1.67% 11/01/2022 $ 5,400,000
5,700,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B
(LEASE REVENUE LOC)@+/- 1.28 08/01/2030 5,700,000
1,100,000 SIMI VALLEY CALIFORNIA MFHR LINCOLN WOOD RANCH
(HOUSING REVENUE LOC)@+/- 1.68 06/01/2010 1,100,000
4,200,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE LLOYDS BANK LOC (UTILITIES REVENUE LOC)@+/- 1.67 07/01/2019 4,200,000
2,738,000 US BANCORP PROJECT FUNDING TRUST SERIES A (MUNICIPAL LOC)++@+/- 1.77 01/01/2010 2,738,000
133,913,000
----------------
COLORADO - 2.27%
1,900,000 ARVADA COUNTY CO WATER ENTERPRISES REVENUE FSA INSURED
(WATER REVENUE LOC)@+/- 1.45 11/01/2020 1,900,000
2,015,000 COLORADO DEPARTMENT OF TRANSPORTATION REVENUE PUTTERS SERIES
249Z AMBAC INSURED (TRANSPORTATION REVENUE LOC)@+/- 1.73 06/15/2014 2,015,000
2,000,000 COLORADO HFA AMT MFHR PROJECT CLASS I SERIES B-3 COLLATERALIZED
BY FHLB (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 10/01/2035 2,000,000
9,300,000 FITZSIMONS REDEVELOPMENT AUTHORITY COLORADO REVENUE UNIVERSITY
PHYSICIANS INCORPORATED ALLIED IRISH BANK PLC LOC
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.74 01/01/2025 9,300,000
17,800,000 MOFFAT COUNTY PCR PACIFICORP PROJECT@+/- 1.72 05/01/2013 17,800,000
11,300,000 PITKIN COUNTY CO INDUSTRIAL DEVELOPMENT REVENUE ASPEN SKIING
PROJECT SERIES A BANK ONE NA LOC (INDUSTRIAL DEVELOPMENT
REVENUE LOC)@+/- 1.72 04/01/2016 11,300,000
6,809,500 US BANCORP PROJECT FUNDING TRUST SERIES A
(DEPOSITORY INSTITUTIONS LOC)++@+/- 1.77 03/01/2010 6,809,500
51,124,500
----------------
DELAWARE - 1.47%
17,550,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY REVENUE
BONDS HOSPITAL BILLINGS SERIES C (ECONOMIC DEVELOPMENT
REVENUE LOC)@+/- 1.71 12/01/2015 17,550,000
15,600,000 KENT COUNTY STUDENT HOUSING REVENUE@+/- 1.69 07/01/2036 15,600,000
33,150,000
----------------
FLORIDA - 3.98%
12,100,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY OAK HAMMOCK
UNIVERSITY OF FLORIDA PROJECT SERIES A BNP PARIBAS LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.72 10/01/2032 12,100,000
7,000,000 CAPITAL PROJECTS FINANCE AUTHORITY FL GLENRIDGE ON PALMER RANCH
SERIES C BANK OF SCOTLAND LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.72 06/01/2012 7,000,000
9,000,000 EAGLE TAX-EXEMPT TRUST CTF 20010906 CLASS A
(FLORIDA STATE BOARD OF EDUCATION LOTTERY REVENUE SERIES B)
FGIC INSURED (OTHER REVENUE LOC)+/-@ 1.75 07/01/2019 9,000,000
730,000 ESCAMBIA COUNTY FL HOUSING FINANCE AUTHORITY SFMR FLOATS PT
1228 (SINGLE FAMILY MORTGAGE REVENUE LOC)@+/- 1.77 10/01/2031 730,000
3,790,000 FLORIDA STATE CORRECTIONAL PRIVATIZATION COMMUNITY CTFS
PARTNERSHIP SERIES II R (JAIL FACILITIES REVENUE LOC)@+/- 1.75 08/01/2025 3,790,000
4,400,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT HEALTH CARE FACILITIES
REVENUE@+/- 1.23 09/01/2023 4,400,000
1,635,000 ORANGE COUNTY FL IDA INDUSTRIAL DEVELOPMENT REVENUE CENTRAL
FLORIDA YMCA PROJECT SERIES A BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 05/01/2027 1,635,000
15,800,000 PALM BEACH COUNTY FL SCHOOL BOARD CERTIFICATES PARTNERSHIP
SERIES B (LEASE REVENUE LOC)@+/- 1.72 08/01/2029 15,800,000
5,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY INCORPORATED PROJECT
NORTHERN TRUST COMPANY LOC
(RECREATIONAL FACILITIES REVENUE LOC)@+/- 1.75 05/01/2031 5,500,000
11,400,000 POLK COUNTY FL SCHOOL BOARD CERTIFICATES OF PARTICIPATION
MASTER LEASE PROGRAM SERIES A (LEASE REVENUE LOC)@+/- 1.68 01/01/2028 11,400,000
18,200,000 SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION REVENUE
(OTHER REVENUE LOC)@+/- 1.70 07/01/2016 18,200,000
89,555,000
----------------
31
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
GEORGIA - 1.81%
$ 5,300,000 CLAYTON COUNTY GA DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT
REVENUE BLUE CIRCLE AGGREGATES INCORPORATED DANSKE BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75% 09/01/2009 $ 5,300,000
4,270,000 EAGLE TAX-EXEMPT TRUST CTF 20001003 CLASS A (ATLANTA GA AIRPORT
REVENUE SERIES A) FGIC INSURED (AIRPORT REVENUE LOC)@+/- 1.75 01/01/2030 4,270,000
8,120,000 FULTON COUNTY GS DEVELOPMENT AUTHORITY REVENUE SERIES 960
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.73 05/01/2036 8,120,000
5,290,000 FULTON DE KALB GA HOSPITAL AUTHORITY REVENUE ROCS RR II R 2074
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.75 01/01/2020 5,290,000
4,400,000 GAINESVILLE & HALL COUNTY GA DEVELOPMENT AUTHORITY INDIVIDUAL
EXEMPT FACILITIES REVENUE SPOUT SPRINGS WATER LLC PROJECT
BANK OF AMERICA NA LOC (OTHER REVENUE LOC)@+/- 1.75 04/01/2027 4,400,000
13,440,000 GEORGIA LOCAL GOVERNMENT CTFS PARTICIPATION SERIES K
(GENERAL OBLIGATION - POLITICAL SUBDIVISION LOC)@+/- 1.79 06/01/2028 13,440,000
40,820,000
----------------
HAWAII - 0.95%
8,000,000 EAGLE TAX-EXEMPT TRUST CTF 20011101 CLASS A
(HAWAII STATE HIGHWAY REVENUE) FSA INSURED
(TOLL ROAD REVENUE LOC)@+/- 1.75 07/01/2019 8,000,000
13,500,000 HONOLULU HI CITY & COUNTY TAX REVENUE SERIES C FGIC INSURED
(PROPERTY TAX REVENUE LOC)+/-@ 1.18 12/01/2008 13,500,000
21,500,000
----------------
IDAHO - 0.13%
3,025,000 IDAHO HOUSING & FINANCIAL ASSISTANCE HOUSING REVENUE BALMORAL
APARTMENTS II DEVELOPMENT PROJECT US BANK NA LOC
(HOUSING REVENUE LOC)@+/- 1.87 04/01/2033 3,025,000
----------------
ILLINOIS - 7.13%
5,000,000 CHICAGO IL BOARD OF EDUCATION CTFS SERIES A
(PROPERTY TAX REVENUE LOC)@+/- 1.79 06/01/2021 5,000,000
6,050,000 CHICAGO IL BOARD OF EDUCATION ROC SERIES II-R_139 AMBAC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2022 6,050,000
1,500,000 CHICAGO IL ECONOMIC DEVELOPMENT REVENUE CRANE CARTON
COMPANY PROJECT BANKERS TRUST COMPANY LOC
(ECONOMIC DEVELOPMENT REVENUE LOC)+/-@ 1.83 06/01/2012 1,500,000
5,435,000 CHICAGO IL PARK DISTRICT ROC RR SERIES II-R-4018 AMBAC INSURED
(STATE & LOCAL GOVERNMENT LOC)@+/- 1.75 01/01/2024 5,435,000
1,340,000 CHICAGO IL PUBLIC BUILDING COMMERCIAL BUILDING REVENUE SERIES C
(LEASE REVENUE LOC) 5.38 02/01/2005 1,357,616
2,800,000 CHICAGO IL PUBLIC BUILDING COMMISSION EAGLE 20030015 CLASS A
FGIC INSURED (LEASE REVENUE LOC)@+/- 1.75 12/01/2014 2,800,000
5,700,000 CHICAGO IL SALES TAX REVENUE SERIES SG 131 FGIC INSURED
(SALES TAX REVENUE LOC)@+/- 1.73 01/01/2027 5,700,000
3,747,000 COOK COUNTY IL CTFS SERIES 458 FGIC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.73 11/15/2028 3,747,000
5,125,000 EAGLE TAX-EXEMPT TRUST CTF 20021301 CLASS A (ILLINOIS STATE)
FGIC INSURED (OTHER REVENUE LOC)+/-@ 1.75 02/01/2019 5,125,000
18,025,000 EAGLE TAX-EXEMPT TRUST CTF 20021303 CLASS A
(COOK COUNTY IL SERIES C) AMBAC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 11/15/2025 18,025,000
4,000,000 EAGLE TAX-EXEMPT TRUST CTF 20021304 CLASS A (ILLINOIS STATE)
FGIC INSURED (OTHER REVENUE LOC)@+/- 1.75 02/01/2027 4,000,000
2,935,000 ELGIN IL INDUSTRIAL DEVELOPMENT REVENUE GEMINI MOULDINGS
PROJECTLASALLE BANK NA LOC (INDUSTRIAL DEVELOPMENT REVENUE
LOC)@+/- 1.78 12/01/2028 2,935,000
1,150,000 ELGIN IL INDUSTRIAL DEVELOPMENT REVENUE NELSON GRAPHIC
INCORPORATED PROJECT LASALLE BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 05/01/2020 1,150,000
2,000,000 ELMHURST IL INDUSTRIAL DEVELOPMENT REVENUE JOHN SAKASH
COMPANY INCORPORATED PROJECT LASALLE BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 02/01/2025 2,000,000
32
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
ILLINOIS (continued)
$ 4,980,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY REVENUE CHRISTIAN
HERITAGE ACADEMY US BANK NA LOC (PRIVATE SCHOOL REVENUE
LOC)@+/- 1.77% 12/01/2021 $ 4,980,000
849,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY REVENUE UHLICH CHILDRENS
HOME PROJECT AMERICAN NATIONAL B&T LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.69 06/01/2015 849,000
190,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE NEWBERRY
LIBRARY NORTHERN TRUST COMPANY LOC (OTHER REVENUE LOC)+/-@ 1.70 03/01/2028 190,000
4,895,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE ST XAVIER
UNIVERSITY PROJECT SERIES A LASALLE BANK NA LOC
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.72 10/01/2032 4,895,000
15,600,000 ILLINOIS HEALTH CARE FACILITIES AUTHORITY REVENUE RIVERSIDE
HEALTH SYSTEMS (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.71 11/01/2019 15,600,000
700,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE (HOSPITAL REVENUE
LOC)@+/- 1.72 08/01/2026 700,000
3,200,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE MEMORIAL MEDICAL
CENTER SERIES C KREDIETBANK NV LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.69 01/01/2016 3,200,000
3,600,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE REVOLVING FUND
POOLED FINANCING BANK ONE NA LOC (HEALTHCARE FACILITIES REVENUE
LOC)@+/- 1.71 08/01/2015 3,600,000
19,000,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE SILVER CROSS
HOSPITAL & MEDICAL SERIES A FIFTH THIRD BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.65 08/15/2026 19,000,000
7,300,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY MFHR LAKESHORE PLAZA
SERIES A MBIA INSURED (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 07/01/2027 7,300,000
1,325,000 ILLINOIS INDUSTRIAL DEVELOPMENT FINANCE AUTHORITY REVENUE
RECOVERY INCOME PROJECT BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 06/01/2008 1,325,000
7,530,000 ILLINOIS STATE CTFS SERIES G (GENERAL OBLIGATION - STATES,
TERRITORIES LOC)@+/- 1.77 05/01/2015 7,530,000
4,500,000 ILLINOIS STATE SALES TAX REVENUE MUNICIPAL TRUST RECEIPTS
SERIES SG-9 (SALES TAX REVENUE LOC)+/-@ 1.73 06/15/2019 4,500,000
6,800,000 LOMBARD IL IDA REVENUE 2500 HIGLAND AVENUE PROJECT MID-
AMERICA FEDERAL SAVINGS & LOAN LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 2.15 12/01/2006 6,800,000
6,000,000 ORLAND HILLS IL MFHR SERIES A LASALLE NATIONAL BANK LOC
(HOUSING REVENUE LOC)@+/- 1.70 12/01/2004 6,000,000
1,200,000 SCHAUMBERG IL MFHR WINDSONG APARTMENTS PROJECT LASALLE
NATIONAL BANK LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.71 02/01/2024 1,200,000
4,900,000 SCHAUMBURG IL SERIES C (PROPERTY TAX REVENUE LOC)@+/- 1.72 12/01/2034 4,900,000
3,185,000 WARREN COUNTY IL INDUSTRIAL PROJECT REVENUE MONMOUTH COLLEGE
PROJECT ALLIED IRISH BANK PLC LOC
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.70 12/01/2032 3,185,000
160,578,616
----------------
INDIANA - 1.97%
300,000 INDIANA HFFA REVENUE CAPITAL ACCESS COMERICA BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.67 04/01/2013 300,000
3,965,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION
SERIES B FIFTH THIRD BANK LOC (HEALTHCARE FACILITIES REVENUE
LOC)@+/- 1.77 10/01/2022 3,965,000
4,500,000 INDIANA HOSPITAL EQUIPMENT FINANCING AUTHORITY REVENUE SERIES A
MBIA INSURED (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.67 12/01/2015 4,500,000
2,000,000 INDIANA TRANSIT FINANCE AUTHORITY HIGHWAY REVENUE SERIES B-21
(TOLL ROAD REVENUE LOC)@+/- 1.74 12/01/2004 2,000,000
750,000 INDIANAPOLIS IN ECONOMIC DEVELOPMENT REVENUE JEWISH FEDERATION
CAMPUS FIFTH THIRD BANK LOC
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.67 04/01/2005 750,000
8,700,000 INDIANAPOLIS IN MFHR CROSSING PARTNERS PROJECT AIG GUARANTY LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.90 03/01/2031 8,700,000
14,135,000 RICHMOND IN HOSPITAL AUTHORITY REVENUE REID HOSPITAL & HEALTH
CARE PROJECT (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.72 01/01/2012 14,135,000
33
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
INDIANA (continued)
$ 9,980,000 WHITING IN ENVIRONMENTAL FACILITIES REVENUE BP PRODUCTS PROJECT
SERIES C (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.79% 07/01/2034 $ 9,980,000
44,330,000
----------------
IOWA - 1.39%
3,030,000 IOWA FINANCE AUTHORITY ECONOMIC DEVELOPMENT REVENUE LASALLE
BANK NA LOC (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.87 03/01/2016 3,030,000
6,100,000 IOWA FINANCE AUTHORITY HEALTH CARE FACILITIES REVENUE ST LUKE'S
HEALTH SERIES A GENERAL ELECTRIC CAPITAL CORPORATION LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.69 03/01/2018 6,100,000
2,960,000 IOWA FINANCE AUTHORITY MFHR CEDARWOOD HILLS PROJECT SERIES A
COLLATERALIZED BY FHLMC (MULTI-FAMILY HOUSING REVENUE
LOC)@+/- 1.74 05/01/2031 2,960,000
3,000,000 IOWA FINANCE AUTHORITY PRIVATE COLLEGE REVENUE DRAKE UNIVERSITY
PROJECT FIRSTAR BANK LOC (COLLEGE AND UNIVERSITY REVENUE
LOC)@+/- 1.77 07/01/2011 3,000,000
10,530,000 IOWA FINANCE AUTHORITY SFHR CTFS SERIES N
(SINGLE FAMILY HOUSING REVENUE LOC)@+/- 1.84 01/01/2008 10,530,000
3,190,000 IOWA HIGHER EDUCATION LOAN AUTHORITY REVENUE PRIVATE COLLEGE
FACILITIES GRAND VIEW PROJECT FIRSTAR BANK NA LOC
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.77 10/01/2025 3,190,000
2,615,000 OSKALOOSA IA PRIVATE SCHOOL FACILITY REVENUE WILLIAM PENN
UNIVERSITY PROJECT US BANK NA LOC (PRIVATE SCHOOL REVENUE
LOC)@+/- 1.77 07/01/2020 2,615,000
31,425,000
----------------
KANSAS - 0.74%
9,500,000 KANSAS STATE DEVELOPMENT FINANCE AUTHORITY MFHR BLUFFS
OLATHE APARTMENTS PROJECT SERIES X
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 2.40 11/25/2031 9,500,000
5,885,000 LENEXA KS MFHR SERIES 1020 (HOUSING REVENUE LOC)@+/- 1.74 07/01/2026 5,885,000
1,205,000 SEDGWICK & SHAWNEE COUNTIES KS SFHR FLOATS PT 1188 MERRILL
LYNCH CAPITAL SERVICES LOC
(SINGLE FAMILY HOUSING REVENUE LOC)+/-@ 1.80 12/01/2013 1,205,000
16,590,000
----------------
KENTUCKY - 1.28%
28,755,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN SEWER DISTRICT
SEWER AND DRAIN SYSTEM SERIES A (SEWER REVENUE LOC)@+/- 1.68 05/15/2023 28,755,000
----------------
LOUISIANA - 1.38%
5,000,000 ERNEST N MORIAL-NEW ORLEANS LA EXHIBIT HALL AUTHORITY SPECIAL
TAX SERIES A46 (SPECIAL TAX REVENUE LOC)@+/- 1.72 07/15/2028 5,000,000
2,170,000 JEFFERSON PARISH LA HOME MORTGAGE AUTHORITY FLOATS PT 229
COLLATERALIZED BY GNMA FNMA (HOUSING REVENUE LOC)@+/- 1.78 06/01/2007 2,170,000
6,500,000 LAKE CHARLES LA HARBOR AND TERMINAL DISTRICT PORT FACILITIES
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.70 08/01/2007 6,500,000
5,620,000 LOUISIANA PUBLIC FACILITIES AUTHORITY REVENUE SERIES II-R-192
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.75 05/15/2022 5,620,000
5,740,000 PLAQUEMINES LA PORT HARBOR & TERMINAL DISTRICT PORT FACILITIES
REVENUE INTERNATIONAL MARINE TERM PROJECT SERIES B KREDITBANK
NV LOC (HARBOR DEPARTMENT REVENUE LOC)@+/- 1.08 03/15/2006 5,740,000
6,150,000 PLAQUEMINES LA PORT HARBOR & TERMINAL DISTRICT PORT FACILITIES
REVENUE INTERNATIONAL MARINE TERMINAL PROJECT SERIES A
KREDITBANK NV LOC (TRANSPORTATION REVENUE LOC)@+/- 1.08 03/15/2006 6,150,000
31,180,000
----------------
MARYLAND - 0.14%
3,100,000 MARYLAND STATE ECONOMIC DEVELOPMENT CORPORATE REVENUE US
PHARMACOPEIAL PROJECT-A (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.76 07/01/2034 3,100,000
----------------
34
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MASSACHUSETTS - 2.66%
$ 7,495,000 MASSACHUSETTS STATE GO FSA INSURED (OTHER REVENUE LOC)@+/- 1.70% 12/01/2014 $ 7,495,000
14,800,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
REVENUE HARVARD UNIVERSITY SERIES GG-1
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.67 07/01/2029 14,800,000
14,000,000 MASSACHUSETTS STATE HEALTH AND EDUCATIONAL FACILITIES
AUTHORITY REVENUE@+/- 1.67 11/01/2049 14,000,000
18,600,000 MASSACHUSETTS STATE HFA HOUSING REVENUE SERIES F
(HOUSING REVENUE LOC)@+/- 1.70 12/01/2037 18,600,000
5,000,000 MASSACHUSETTS STATE SPECIAL OBLIGATION DEDICATED TAX REVENUE B19
(OTHER REVENUE LOC)@+/- 1.72 01/01/2028 5,000,000
59,895,000
----------------
MICHIGAN - 3.93%
1,125,000 BIG RAPIDS MI PUBLIC SCHOOL DISTRICT (PROPERTY TAX REVENUE
LOC)@ 5.63 05/01/2005 1,164,964
7,200,000 DETROIT MI CITY SCHOOL DISTRICT EAGLE-20026014 CLASS A FGIC
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.75 05/01/2032 7,200,000
2,255,000 DETROIT MI SEWER DISPOSAL REVENUE MERLOTS SERIES B41 FSA
INSURED (SEWER REVENUE LOC)@+/- 1.74 07/01/2026 2,255,000
6,495,000 DETROIT MI SEWER DISPOSAL REVENUE SERIES II-R-103 FGIC INSURED
(SEWER REVENUE LOC)@+/- 1.75 07/01/2026 6,495,000
1,000,000 FARMINGTON HILLS MI HOSPITAL FINANCE AUTHORITY HOSPITAL REVENUE
BOTSFORD GENERAL HOSPITAL SERIES B MBIA INSURED
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.77 02/15/2016 1,000,000
8,900,000 LIVONIA MI PUBLIC SCHOOL DISTRICT (PROPERTY TAX REVENUE
LOC)@+/- 1.75 05/01/2023 8,900,000
18,000,000 MICHIGAN MUNICIPAL AUTHORITY REVENUE
(STATE & LOCAL GOVERNMENTS LOC) 3.00 08/19/2005 18,226,585
4,295,000 MICHIGAN STATE BUILDING AUTHORITY REVENUE (LEASE REVENUE
LOC)@+/- 1.75 10/15/2021 4,295,000
3,500,000 MICHIGAN STATE BUILDING AUTHORITY REVENUE SERIES I
(TAX REVENUE LOC) 5.00 10/15/2004 3,505,181
1,700,000 MICHIGAN STATE GRANT ANTICIPATION NOTES SERIES B
(OTHER REVENUE LOC)@+/- 1.68 09/15/2008 1,700,000
8,700,000 MICHIGAN STATE GRANT SERIES A
(GENERAL OBLIGATION - POLITICAL SUBDIVISION LOC)@+/- 1.68 09/15/2008 8,700,000
2,100,000 MICHIGAN STATE HIGHER EDUCATION LOAN REVENUE SERIES XII B
AMBAC INSURED (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.71 10/01/2013 2,100,000
7,600,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LIMITED OBLIGATION
REVENUE NONPROFIT HOUSING CORPORATION VI (HOUSING REVENUE
LOC)@+/- 1.70 06/01/2025 7,600,000
3,500,000 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY RENTAL HOUSING
REVENUE SERIES A MBIA INSURED (HOUSING REVENUE LOC)@+/- 1.72 10/01/2037 3,500,000
12,005,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION REVENUE
DETROIT SYMPHONY PROJECT SERIES B MICHIGAN NATIONAL BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 06/01/2031 12,005,000
88,646,730
----------------
MINNESOTA - 3.52%
300,000 BROOKLYN CENTER MINNESOTA BROOKDALE CORPORATION II PROJECT
INDUSTRIAL REVENUE FIRSTAR BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 12/01/2014 300,000
2,095,000 BURNSVILLE MN MFHR BERKSHIRE PROJECT SERIES A COLLATERALIZED
BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.69 07/15/2030 2,095,000
2,935,000 CASS LAKE MN INDEPENDENT SCHOOL DISTRICT NUMBER 115 SERIES A 3.00 09/19/2005 2,972,570
2,300,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT COLLATERALIZED BY FHLB
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.67 05/01/2027 2,300,000
1,950,000 DAKOTA COUNTY MN CDA MFHR REGATTA COMMONS PROJECT SERIES A
LASALLE BANK NA LOC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.87 01/01/2038 1,950,000
300,000 DAKOTA COUNTY MN HOUSING & REDEVELOPMENT AUTHORITY MFHR PT 484
COLLATERALIZED BY FHLMC (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 12/01/2022 300,000
5,120,000 EAGAN MN MFHR FLOATS PT 1221
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.74 12/01/2029 5,120,000
1,950,000 EAGLE TAX-EXEMPT TRUST CTF 20012301 CLASS A (MINNESOTA STATE)
(PROPERTY TAX REVENUE LOC)@+/- 1.75 10/01/2019 1,950,000
10,880,000 EDINA MN MFHR EDINA PARK PLAZA COLLATERALIZED BY FHLMC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.67 12/01/2029 10,880,000
35
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MINNESOTA - 3.52%
$ 1,200,000 GOLDEN VALLEY MN INDUSTRIAL DEVELOPMENT REVENUE UNICARE HOMES
PROJECT BANK OF AMERICA NA LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.67% 09/01/2014 $ 1,200,000
1,100,000 HENNEPIN COUNTY MN HOUSING & REDEVELOPMENT AUTHORITY MFHR
STONE ARCH APARTMENTS PROJECT LASALLE BANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 04/15/2035 1,100,000
1,500,000 HOPKINS MN INDEPENDENT SCHOOL DISTRICT NUMBER 270 TAX
ANTICIPATION CTFS (PROPERTY TAX REVENUE LOC) 1.50 03/18/2005 1,503,417
4,215,000 MANKATO MN MFHR HIGHLAND PROJECT US BANK TRUST NA LOC
REMARKETED 10/03/00 (STATE & LOCAL GOVERNMENTS LOC)@+/- 1.77 05/01/2027 4,215,000
850,000 MINNEAPOLIS MN WOMANS CLUB OF MINNEAPOLIS PROJECT REVENUE
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.79 05/01/2023 850,000
500,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER PCR
MERLOTS 2003-B06 (POLLUTION CONTROL REVENUE LOC)@+/- 1.74 03/01/2021 500,000
17,500,000 MINNESOTA SCHOOL DISTRICT TAX & AID ANTICIPATION BORROWING
PROGRAM CERTIFICATES SERIES A (OTHER REVENUE LOC) 3.00 09/02/2005 17,732,563
2,450,000 MINNESOTA STATE HIGHER EDUCATION FACILITIES AUTHORITY REVENUE
ST THOMAS UNIVERSITY SERIES 5L
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.73 04/01/2027 2,450,000
1,745,000 NEW BRIGHTON MN MFHR GOLDEN POND HOUSING PROJECT
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 07/15/2032 1,745,000
2,865,000 PLYMOUTH MN MFHR LANCASTER VILLAGE APARTMENTS PROJECT
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.69 09/15/2031 2,865,000
1,090,000 RUSHFORD PETERSON MN INDEPENDENT SCHOOL
DISTRICT NUMBER 239 SERIES A 3.00 09/19/2005 1,103,953
2,375,000 ST LOUIS PARK MN MFHR NEWPORT ON SEVEN APARTMENTS
PROJECT COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 09/15/2031 2,375,000
800,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY DISTRICT HEATING
REVENUE SERIES A (WATER REVENUE LOC)@+/- 1.67 12/01/2012 800,000
755,000 ST PAUL MN HOUSING & REDEVELOPMENT AUTHORITY REVENUE MINNESOTA
PUBLIC RADIO PROJECT ALLIED IRISH BANK PLC LOC
(HOUSING REVENUE LOC)@+/- 1.77 05/01/2022 755,000
2,700,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES M
DEXIA BANK LOC (TRANSPORTATION REVENUE LOC)@+/- 1.77 03/01/2021 2,700,000
725,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES O
DEXIA CREDIT LOCAL DE FRANCE LOC (TRANSPORTATION REVENUE
LOC)@+/- 1.77 03/01/2012 725,000
1,000,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES Q
DEXIA CREDIT LOCAL DE FRANCE LOC (TRANSPORTATION REVENUE
LOC)@+/- 1.67 03/01/2022 1,000,000
1,100,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING REVENUE SERIES R
DEXIA CREDIT LOCAL DE FRANCE LOC (TRANSPORTATION REVENUE
LOC)@+/- 1.87 03/01/2022 1,100,000
3,660,000 ST PAUL MN PORT AUTHORITY TAX INCREMENT REVENUE WESTGATE
OFFICE & INDUSTRIAL CENTER PROJECT US BANK TRUST NA LOC
(TRANSPORTATION REVENUE LOC)@+/- 1.72 02/01/2015 3,660,000
2,950,000 UNIVERSITY OF MINNESOTA GO UNIVERSITY REVENUE
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.75 07/01/2021 2,950,000
79,197,503
----------------
MISSISSIPPI - 0.05%
1,055,000 MISSISSIPPI HOME CORPORATION SFMR SERIES 146 GNMA FNMA INSURED
(SINGLE FAMILY MORTGAGE REVENUE LOC)+/-@ 1.78 11/01/2029 1,055,000
----------------
MISSOURI - 0.46%
6,500,000 MISSOURI DEVELOPMENT FINANCE BOARD CULTURAL FACILITY REVENUE
NELSON GALLERY SERIES B (OTHER REVENUE LOC)@+/- 1.72 12/01/2031 6,500,000
145,000 MISSOURI HEALTH AND EDUCATION FACILITY AUTHORITY EDUCATION
FACILITIES REVENUE ST LOUIS UNIVERSITY PROJECT SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.77 10/01/2009 145,000
3,800,000 MISSOURI HEALTH AND EDUCATION FACILITY AUTHORITY REVENUE
CHRISTIAN BROTHERS COLLEGE SERIES A (HEALTHCARE FACILITIES
REVENUE LOC)@+/- 1.77 10/01/2032 3,800,000
10,445,000
----------------
36
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MONTANA - 1.34%
$ 5,000,000 ANACONDA DEER LODGE COUNTY MT ENVIRONMENTAL FACILITIES
REVENUE VARIABLE REFERENCE ARCO ANACONDA SMELTER
(POLLUTION CONTROL REVENUE LOC)@+/- 1.79% 10/01/2037 $ 5,000,000
8,625,000 FORSYTH MONT PCR PACIFICORPORATION PROJECT
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.80 01/01/2018 8,625,000
5,055,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL FINANCE
CONSTRUCTION-INTERCAP PROGRAM (OTHER REVENUE LOC)@+/- 1.25 03/01/2005 5,055,000
5,695,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL FINANCE
CONSTRUCTION-INTERCAP PROGRAM (OTHER REVENUE LOC)@+/- 1.25 03/01/2009 5,695,000
5,765,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL FINANCE
CONSTRUCTION-INTERCAP PROGRAM (OTHER REVENUE LOC)@+/- 1.25 03/01/2010 5,765,000
30,140,000
----------------
NEBRASKA - 0.89%
20,000,000 AMERICAN PUBLIC ENERGY AGENCY NEBRASKA
NATIONAL PUBLIC GAS AGENCY PROJECT SERIES A
(OTHER REVENUE LOC)@+/- 1.72 02/01/2014 20,000,000
----------------
NEVADA - 1.38%
19,100,000 CLARK COUNTY NV AIRPORT IMPROVEMENT REVENUE SERIES A
(AIRPORT REVENUE LOC)@+/- 1.67 07/01/2012 19,100,000
5,970,000 CLARK COUNTY NV ROC RR SERIES II-R-1035 MBIA INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 06/01/2021 5,970,000
4,200,000 NEVADA HOUSING DIVISION MULTI UNIT HOUSING SERIES
A US BANK NA LOC (HOUSING REVENUE LOC)+/-@ 1.73 04/01/2035 4,200,000
1,800,000 WASHOE COUNTY NV SCHOOL DISTRICT (PROPERTY TAX REVENUE LOC)@+/- 1.75 06/01/2020 1,800,000
31,070,000
----------------
NEW JERSEY - 0.99%
18,000,000 NEW JERSEY STATE TAX ANTICIPATION NOTES SERIES A
(GENERAL OBLIGATION - STATES, TERRITORIES LOC) 3.00 06/24/2005 18,194,399
1,000,000 NEW JERSEY STATE TRANSIT CORPORATION CTFS (LEASE REVENUE LOC) 3.00 10/01/2004 1,000,000
3,100,000 NJ STATE HFA FINANCING AUTHORITY REVENUE HOSPITAL CAPITAL ASSET
FINANCING (HOSPITAL REVENUE LOC)@+/- 1.70 07/01/2035 3,100,000
22,294,399
----------------
NEW MEXICO - 0.49%
1,170,000 ALBUQUERQUE NM INDUSTRIAL DEVELOPMENT REVENUE KARSTEN COMPANY
NEW MEXICO PROJECT SERIES A BANK ONE ARIZONA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.89 12/01/2017 1,170,000
2,100,000 BLOOMFIELD NM HEALTHCARE FACILITIES REVENUE SERIES A LASALLE
NATIONAL BANK LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.90 11/15/2010 2,100,000
2,360,000 ESPANOLA NM HEALTH CARE REVENUE SERIES A LASALLE
NATIONAL BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.90 11/15/2010 2,360,000
3,610,000 NEW MEXICO FINANCE AUTHORITY REVENUE PUBLIC PROJECT REVOLVING
FUND SERIES C (OTHER REVENUE LOC) 2.50 06/01/2005 3,631,010
1,685,000 SILVER CITY NM SERIES A LASALLE NATIONAL BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.90 11/15/2010 1,685,000
10,946,010
----------------
NEW YORK - 1.64%
24,100,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE LOC)@+/- 1.70 08/01/2020 24,100,000
12,950,000 NEW YORK NY SUBSERIES H-2 (PROPERTY TAX REVENUE LOC)@+/- 1.69 03/01/2034 12,950,000
37,050,000
----------------
37
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
NORTH CAROLINA - 0.62%
$ 5,300,000 FAYETTEVILLE NC PUBLIC WORKS COMMISSION REVENUE
(UTILITIES REVENUE LOC)@+/- 1.68% 03/01/2020 $ 5,300,000
8,705,000 MECKLENBURG COUNTY NC LEASE REVENUE (OTHER REVENUE LOC)@+/- 1.70 02/01/2016 8,705,000
14,005,000
----------------
NORTH DAKOTA - 0.58%
10,100,000 NORTH DAKOTA STATE HOUSING FINANCE AGENCY REVENUE SERIES B
(HOUSING REVENUE LOC)@+/- 1.71 01/01/2034 10,100,000
2,900,000 WARD COUNTY ND HEALTH CARE FACILITIES REVENUE TRINITY
OBLIGATION GROUP SERIES A US BANK NA LOC
(HOSPITAL REVENUE LOC)@+/- 1.77 07/01/2029 2,900,000
13,000,000
----------------
OHIO - 2.46%
1,800,000 AKRON OH INCOME TAX REVENUE (TAX REVENUE LOC)@+/- 1.75 12/01/2020 1,800,000
5,000,000 FRANKLIN COUNTY OH HOSPITAL REVENUE SERIES II-R-55 SALOMON
SMITH BARNEY LOC (HOSPITAL REVENUE LOC)+/-@ 1.75 06/01/2017 5,000,000
2,500,000 GROVE CITY OH MFHR REGENCY ARMS APARTMENTS PROJECT
COLLATERALIZED BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 06/15/2030 2,500,000
19,500,000 HAMILTON COUNTY OH HOSPITAL FACILITIES REVENUE ELIZABETH
GAMBLE SERIES B JP MORGAN CHASE & COMPANY LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.39 06/01/2027 19,500,000
5,250,000 OHIO STATE AIR QUALITY DEVELOPMENT AUTHORITY PCR
(POLLUTION CONTROL REVENUE LOC)@+/- 1.72 09/01/2018 5,250,000
6,295,000 OHIO STATE GO SERIES RR II-R 206 FGIC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 03/15/2015 6,295,000
2,345,000 OHIO STATE HIGHER EDUCATION FACILITIES REVENUE SERIES A
(LEASE REVENUE LOC)@+/- 1.70 09/01/2027 2,345,000
450,000 OHIO STATE SOLID WASTE REVENUE BP EXPLORATION & OIL PROJECT
(SOLID WASTE REVENUE LOC)@+/- 1.78 08/01/2034 450,000
7,800,000 OHIO STATE SOLID WASTE REVENUE SOLID WASTE REVENUE BONDS
(BP EXPLORATION & OIL INC. PROJECT)
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 02/01/2033 7,800,000
540,000 WARREN COUNTY OH HEALTH CARE FACILITIES REVENUE OTTERBEIN
SERIES A (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.65 07/01/2021 540,000
2,810,000 WARREN COUNTY OH INDUSTRIAL DEVELOPMENT REVENUE
CINCINNATI ELECTRICITY CORPORATION PROJECT SCOTIABANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.89 09/01/2015 2,810,000
1,160,000 WARREN COUNTY OH INDUSTRIAL DEVELOPMENT REVENUE PAC
MANUFACTURING PROJECT (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.87 12/01/2025 1,160,000
55,450,000
----------------
OKLAHOMA - 0.88%
7,400,000 MUSKOGEE OK MEDICAL CENTER AUTHORITY REVENUE BANK OF AMERICA
NA LOC (HEALTH FACILITIES FINANCING AUTHORITY REVENUE LOC)@+/- 1.75 10/01/2032 7,400,000
1,700,000 OKLAHOMA DEVELOPMENT FINANCE AUTHORITY HEALTH CARE REVENUE
CONTINUING CARE COMMUNITY PROJECT SERIES C KBC BANK NV LOC
(NURSING HOME REVENUE LOC)@+/- 1.77 02/01/2012 1,700,000
3,800,000 OKLAHOMA STATE HFA REVENUE SERIES 1327 MERRILL LYNCH CAPITAL
LOC (HOUSING REVENUE LOC)@+/- 1.78 03/01/2009 3,800,000
6,310,000 OKLAHOMA STATE IDA TEALRIDGE MANOR CORPORATION PROJECT BANK OF
AMERICA NA LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.75 11/01/2018 6,310,000
680,000 TULSA COUNTY OK HFA SFMR GNMA MORTGAGE BACKED SECURITIES
CLASS A SERIES E (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.74 07/01/2032 680,000
19,890,000
----------------
OREGON - 1.64%
32,000,000 OREGON STATE TAX ANTICIPATION NOTES 2.25 11/15/2004 32,045,994
4,995,000 TRI COUNTY METRO TRANSPORTATION DISTRICT OR SERIES 142
(TRANSPORTATION REVENUE LOC)@+/- 1.73 08/01/2019 4,995,000
37,040,994
----------------
38
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
OTHER - 2.99%
$ 4,860,536 ABN AMRO LEASETOPS CTFS TR 2000-2 ABN AMRO BANK NV LOC
(OTHER REVENUE LOC)@+/- 1.99% 04/01/2005 $ 4,860,536
10,000,000 ABN AMRO MUNITOPS CTFS TR 1999-1 MUNITOPS CERTIFICATES
FGIC INSURED (OTHER REVENUE LOC)++@+/- 1.75 12/06/2006 10,000,000
15,420,000 ABN AMRO MUNITOPS CTFS TR 2001-23 MBIA INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2009 15,420,000
8,160,000 MUNIMAE TRUST COLLATERALIZED BY FHLMC (HOUSING REVENUE LOC)@+/- 1.79 12/19/2005 8,160,000
33,302 PITNEY BOWES CREDIT CORPORATION LEASETOPS TR REVENUE SERIES
2002-1 (LEASE REVENUE LOC)@+/- 1.94 07/19/2006 33,302
3,395,000 ROARING FORK MUNICIPAL PRODUCTS LIMITED LIABILITY CORPORATION
SERIES 2000-14 CLASS A (OTHER REVENUE LOC)@+/- 1.84 06/01/2005 3,395,000
25,435,000 SUNAMERICA TRUST (GENERAL OBLIGATION - SCHOOL DISTRICTS
LOC)@+/- 1.89 07/01/2041 25,435,000
67,303,838
----------------
PENNSYLVANIA - 2.68%
12,000,000 BEAVER COUNTY PA IDA PCR TOLEDO EDISON COMPANY PROJECT
(POLLUTION CONTROL REVENUE LOC)@+/- 1.70 06/01/2030 12,000,000
4,165,000 PENNSYLVANIA STATE TURNPIKE COMMISSION OIL FRANCHISE TAX
REVENUE SERIES II R 1005 (SALES TAX REVENUE LOC)@+/- 1.75 12/01/2015 4,165,000
6,500,000 PHILADELPHIA PA SCHOOL DISTRICT REVENUE SERIES S
(PROPERTY TAX REVENUE LOC) 5.25 03/01/2005 6,612,995
37,550,000 PHILADELPHIA PA WATER & WASTEWATER REVENUE
(WATER REVENUE LOC)@+/- 1.68 06/15/2023 37,550,000
60,327,995
----------------
RHODE ISLAND - 0.75%
1,000,000 RHODE ISLAND REFUNDING BOARD AUTHORITY STATE PUBLIC PROJECTS
REVENUE (LEASE REVENUE LOC)@+/- 1.73 08/01/2005 1,000,000
16,000,000 RHODE ISLAND STATE HEALTH & EDUCATIONAL BUILDING CORPORATION
REVENUE HOSPITAL FINANCING CARE NEW ENGLAND SERIES A
FLEET NATIONAL BANK LOC (HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 09/01/2032 16,000,000
17,000,000
----------------
SOUTH CAROLINA - 1.92%
5,900,000 CHARLESTON, SOUTH CAROLINA WATERWORKS AND SEWER REVENUE
BONDS SERIES 2003A@+/- 1.72 01/01/2033 5,900,000
6,500,000 PIEDMONT MUNICIPAL POWER AGENCY SOUTH CAROLINA ELECTRIC REVENUE
SUBSERIES B-3 (POWER REVENUE LOC)@+/- 1.70 01/01/2034 6,500,000
13,300,000 PIEDMONT MUNICIPAL POWER AGENCY SOUTH CAROLINA ELECTRIC REVENUE
SUBSERIES B-6 (POWER REVENUE LOC)@+/- 1.70 01/01/2031 13,300,000
4,435,000 SOUTH CAROLINA EDUCATIONAL FACILITIES AUTHORITY FOR PRIVATE
NONPROFIT INSTITUTIONS (COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.75 02/01/2022 4,435,000
3,035,000 SOUTH CAROLINA HOUSING FINANCE AND DEVELOPMENT AUTHORITY MTG
REVENUE SERIES L (HOUSING REVENUE LOC)@+/- 1.84 07/01/2028 3,035,000
4,520,000 SOUTH CAROLINA JOBS ECONOMIC DEVEVELOPMENT AUTHORITY ZEUNA
STAERKER USA INCORPORATED PROJECT
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 12/01/2018 4,520,000
5,650,000 SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY REVENUE
(ELECTRIC REVENUE LOC)+/-@ 1.73 01/01/2023 5,650,000
43,340,000
----------------
SOUTH DAKOTA - 0.22%
4,900,000 LAWRENCE COUNTY SD SOLID WASTE DISPOSAL REVENUE HOMESTAKE
MINING COMPANY SERIES A CHASE MANHATTAN BANK LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.78 07/01/2032 4,900,000
----------------
39
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
TENNESSEE - 4.80%
$ 4,940,000 CHATTANOOGA TN ROC RR SERIES II-R-1026 MBIA INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75% 10/01/2022 $ 4,940,000
4,250,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY REVENUE POOLED
FINANCING TENNESSEE MUNICIPAL BOND FUNDING BANK OF AMERICA NA
LOC (OTHER REVENUE LOC)@+/- 1.76 07/01/2031 4,250,000
23,735,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY REVENUE POOLED
FINANCING TENNESSEE MUNICIPAL BOND FUNDING BANK OF AMERICA NA
LOC (OTHER REVENUE LOC)@+/- 1.76 01/01/2033 23,735,000
12,000,000 JACKSON TN ENERGY AUTHORITY WASTEWATER SYSTEM REVENUE FSA
INSURED (SEWER REVENUE LOC)@+/- 1.70 12/01/2022 12,000,000
19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN
INDUSTRIAL DEVELOPMENT STEWARTS FERRY APARTMENTS@+/- 1.70 01/01/2034 19,985,000
1,995,000 METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNTY TN
DISTRICT ENERGY (OTHER REVENUE LOC)@+/- 1.75 10/01/2022 1,995,000
31,655,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED
FINANCING REVENUE TENNESSEE COUNTY LOAN POOL
(OTHER REVENUE LOC)@+/- 1.76 04/01/2032 31,655,000
4,418,000 PORTLAND TN HEALTH & EDUCATION FACILITIES BOARD HOSPITAL
REVENUE SERIES 322 (HOSPITAL REVENUE LOC)@+/- 1.79 11/15/2014 4,418,000
3,345,000 TENNESSEE HOUSING DEVELOPMENT AGENCY SERIES H
(HOUSING REVENUE LOC)@+/- 1.82 01/01/2021 3,345,000
1,800,000 VOLUNTEER STATE STUDENT FUNDING CORPORATION TENNESSEE STUDENT
LOAN REVENUE SERIES A1 STATE STREET BANK & TRUST COMPANY LOC
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.74 12/01/2023 1,800,000
108,123,000
----------------
TEXAS - 8.34%
25,200,000 AUSTIN TX AIRPORT SYSTEM REVENUE SERIES A LOC-MORGAN GUARANTY
TRUST (AIRPORT REVENUE LOC)@+/- 1.73 11/15/2017 25,200,000
9,400,000 AUSTIN TX UTILITY SYSTEMS REVENUE SERIES G RECEIPTS
(UTILITIES REVENUE LOC)+/-@ 1.76 11/15/2011 9,400,000
7,600,000 CAMERON TX ED CORPORATION REVENUE DALLAS JEWISH COMMUNITY
FOUNDATION ALLIED IRISH BANK PLC LOC
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.73 12/01/2030 7,600,000
3,370,000 DALLAS FORT WORTH TX INTERNATIONAL AIRPORT REVENUE ROCS II
R 268 (INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.79 11/01/2033 3,370,000
6,000,000 EAGLE TAX-EXEMPT TRUST CTF 20014210 CLASS A (DALLAS TX AREA
RAPID) AMBAC INSURED (SALES TAX REVENUE LOC)@+/- 1.75 12/01/2026 6,000,000
4,310,000 EAGLE TAX-EXEMPT TRUST CTF 20014302 CLASS A (AUSTIN TX
ELECTRIC UTILITY SYSTEMS REVENUE) FSA INSURED
(POWER REVENUE LOC)+/-@ 1.75 11/15/2017 4,310,000
3,000,000 HARRIS COUNTY TX (PROPERTY TAX REVENUE LOC) 3.00 10/01/2004 3,000,000
8,982,500 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
REVENUE FLOATER CTFS SERIES 357 MBIA INSURED
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.73 07/01/2029 8,982,500
1,900,000 HARRIS COUNTY TX HOUSTON SPORTS AUTHORITY SPECIAL REVENUE
JR LIEN RODEO SERIES C MBIA INSURED
(SPORTS FACILITIES REVENUE LOC)@+/- 1.77 11/15/2030 1,900,000
3,375,000 HOUSTON TEXAS GO (TAX REVENUE LOC)@+/- 1.25 03/01/2010 3,375,000
13,700,000 HOUSTON TX HIGHER EDUCATION FINANCE FACILITIES REVENUE FLOATER
RECEIPTS SERIES SG 139 SOCIETE GENERALE LOC
(HIGHER EDUCATION FACILITIES AUTHORITY REVENUE LOC)@+/- 1.73 11/15/2029 13,700,000
4,245,000 HOUSTON TX INDEPENDENT SCHOOL DISTRICT CTFS SERIES 462 PSFG
INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.73 02/15/2026 4,245,000
6,700,000 HOUSTON TX UTILITY SYSTEMS REVENUE SERIES C-13
(WATER & SEWER REVENUE LOC)@+/- 1.74 05/15/2025 6,700,000
5,470,000 HOUSTON TX WATER & SEWER SYSTEMS REVENUE CTFS SERIES 495
FGIC INSURED (WATER & SEWER REVENUE LOC)@+/- 1.73 12/01/2030 5,470,000
3,770,000 HOUSTON TX WATER & SEWER SYSTEMS REVENUE MUNICIPAL TRUST
RECEIPTS SERIES SG 120 (WATER & SEWER REVENUE LOC)+/-@ 1.73 12/01/2023 3,770,000
2,265,000 IRVING TX WATERWORKS AND SEWER REVENUE SERIES 403
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.73 02/15/2012 2,265,000
40
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
TEXAS (continued)
$ 1,895,000 LOWER COLORADO RIVER AUTHORITY TEXAS ROCS - RR II R 4530@+/- 1.75% 05/15/2022 $ 1,895,000
500,000 NORTH CENTRAL TX HEALTH FACILITIES DEVELOPMENT CORPORATION
REVENUE DALLAS JEWISH COMMUNITY FOUNDATION ALLIED IRISH BANK
PLC LOC (PRIVATE SCHOOL REVENUE LOC)@+/- 1.73 12/01/2030 500,000
1,850,000 POLLY RYON HOSPITAL AUTHORITY TX POLLY RYON MEMORIAL
HOSPITAL JP MORGAN CHASE & COMPANY LOC
(HOSPITAL REVENUE LOC)@+/- 1.70 11/01/2026 1,850,000
5,900,000 SAN ANTONIO TX WATER REVENUE (WATER REVENUE LOC)@+/- 1.70 05/15/2033 5,900,000
2,800,000 SPLENDORA TX HIGHER EDUCATIONAL FACILITIES CORPORATE REVENUE
PROJECT FELLOWSHIP CHRISTIAN PROJECT (OTHER REVENUE LOC)@+/- 1.75 01/01/2017 2,800,000
3,595,000 TEXAS STATE (TAX REVENUE LOC) 6.50 10/01/2004 3,595,000
30,500,000 TEXAS STATE TRANSPORTATION 3.00 08/31/2005 30,888,982
15,195,000 TRAVIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
HEALTH REVENUE SERIES 4 AMBAC INSURED
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.78 11/15/2024 15,195,000
5,560,000 TRAVIS COUNTY TX HFA SFMR SERIES 1287 COLLATERALIZED BY GNMA
(HOUSING REVENUE LOC)@+/- 1.78 09/01/2018 5,560,000
2,600,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND SERIES 411
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.73 01/01/2012 2,600,000
7,700,000 UNIVERSITY TEXAS UNIVERSITY REVENUES SERIES A
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.70 08/15/2013 7,700,000
187,771,482
----------------
UTAH - 1.97%
19,365,000 SALT LAKE COUNTY UT POLLUTION CONTROL REVENUE SERIES B
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 08/01/2007 19,365,000
25,000,000 UTAH STATE BOARD OF REGENTS STUDENT LOAN REVENUE SERIES 1997R
AMBAC INSURED (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.75 11/01/2031 25,000,000
44,365,000
----------------
VIRGINIA - 0.40%
9,000,000 VIRGINIA COMMONWEALTH TRANSPORTATION BOARD FEDERAL HIGHWAY
REIMBURSEMENT ANTIC NT REVENUE BOND 5.50 10/01/2004 9,000,000
----------------
WASHINGTON - 4.19%
5,223,500 ENERGY NORTHWEST WASHINGTON ELECTRIC REVENUE CTFS SERIES C
FSA INSURED (ELECTRIC REVENUE LOC)@+/- 1.77 01/01/2010 5,223,500
17,350,000 ISSAQUAH WA COMMUNITY PROPERTIES WATER REVENUE SERIES A
BANK OF AMERICA NA LOC (WATER REVENUE LOC)@+/- 1.73 02/15/2021 17,350,000
2,500,000 KING COUNTY WA SCHOOL DISTRICT NO 216 ENUMCLAW ROC RR II R 5026
(PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2015 2,500,000
2,465,000 KING COUNTY WA SCHOOL DISTRICT NUMBER 403 RENTON
(PROPERTY TAX REVENUE LOC) 4.50 06/01/2005 2,512,956
5,285,000 KITSAP COUNTY WA SCHOOL DISTRICT NO 400 NORTH KITSAP SERIES
II-R-1009 FSA INSURED (PROPERTY TAX REVENUE LOC)@+/- 1.75 12/01/2017 5,285,000
1,900,000 SNOHOMISH COUNTY WA PUBLIC UTILITY DISTRICT SERIES A-1 FSA
INSURED (UTILITIES REVENUE LOC)@+/- 1.68 12/01/2019 1,900,000
2,000,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
REVENUE ACE TANK PROJECT US BANK NA LOC
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.79 11/01/2018 2,000,000
5,500,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
REVENUE INDUSTRIAL DEVELOPMENT CANAM STEEL PROJECT SERIES D
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.80 09/30/2030 5,500,000
4,225,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
REVENUE PIONEER HUMAN SERVICES PROJECT H
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.72 09/01/2018 4,225,000
4,000,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCING AUTHORITY
SOLID WASTE DISPOSAL REVENUE WASTE MANAGEMENT INCORPORATED
PROJECT SERIES D (POLLUTION CONTROL REVENUE LOC)@+/- 1.75 07/01/2027 4,000,000
41
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
WASHINGTON - (continued)
$ 18,700,000 WASHINGTON STATE HEALTH CARE FACILITIES AUTHORITY REVENUE
PROVIDENCE SERVICES SERIES A (HOSPITAL REVENUE LOC)@+/- 1.72% 12/01/2030 $ 18,700,000
8,500,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR COUNTRY
CLUB APTS SERIES A US BANK NA LOC (HOUSING REVENUE LOC)@+/- 1.87 08/01/2032 8,500,000
3,140,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR LAKEWOOD
MEADOWS APARTMENTS PROJECT SERIES A INSURED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.74 07/15/2033 3,140,000
1,000,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR MILL POINT
APARTMENTS PROJECT SERIES A US BANK TRUST NA LOC
(HOUSING REVENUE LOC)@+/- 1.87 01/01/2030 1,000,000
1,700,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY NONPROFIT REVENUE
TACOMA ART MUSEUM PROJECT NORTHERN TRUST COMPANY LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.77 06/01/2032 1,700,000
4,995,000 WASHINGTON STATE MERLOTS SERIES A-05 (PROPERTY TAX REVENUE
LOC)@+/- 1.74 01/01/2013 4,995,000
1,700,000 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT
NO 1 REVENUE MUNICIPAL SECURITIES TRUST RECEIPTS SERIES CMC2
INSURED BY AMBAC (ELECTRIC REVENUE LOC)@+/- 1.72 01/01/2005 1,700,000
300,000 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT
NO 2 REVENUE MUNICIPAL SECURITIES TRUST RECEIPTS SERIES CMC3
INSURED BY AMBAC (ELECTRIC REVENUE LOC)@+/- 1.72 07/01/2007 300,000
1,140,000 YAKIMA COUNTY WA PUBLIC CORPORATION REVENUE LONGVIEW FIRE
COMPANY PROJECT BANK OF AMERICA NA & SA LOC
(OTHER REVENUE LOC)@+/- 1.82 01/01/2018 1,140,000
2,700,000 YAKIMA COUNTY WA PUBLIC CORPORATION REVENUE VALLEY PROCESSING
PROJECT BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 02/01/2015 2,700,000
94,371,456
----------------
WISCONSIN - 2.85%
5,450,000 CHILTON WI SCHOOL DISTRICT ROC RR SERIES II-R-1017 FGIC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.75 04/01/2019 5,450,000
20,500,000 KENOSHA WI SCHOOL DISTRICT NUMBER 001 3.00 09/26/2005 20,755,430
28,400,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY HOME
OWNERSHIP REVENUE SERIES I FSA INSURED
(HOUSING REVENUE LOC)@+/- 1.75 09/01/2032 28,400,000
5,000,000 WISCONSIN STATE HEALTH & EDUCATIONAL@+/- 1.69 08/15/2016 5,000,000
2,400,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
REVENUE ALVERNO COLLEGE PROJECT (EDUCATIONAL FACILITIES REVENUE
LOC)@+/- 1.77 11/01/2017 2,400,000
2,100,000 WISCONSIN STATE SERIES 490 (PROPERTY TAX REVENUE LOC)@+/- 1.73 05/01/2012 2,100,000
64,105,430
----------------
WYOMING - 0.13%
3,000,000 SWEETWATER COUNTY WY ENVIRONMENT IMPROVEMENT REVENUE BONDS
(POLLUTION CONTROL REVENUE LOC)@+/- 1.77 11/01/2025 3,000,000
----------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,023,749,953) 2,023,749,953
----------------
COMMERCIAL PAPER - 11.11%
9,550,000 CUYAHOGA COUNTY OH 1.33 01/27/2005 9,550,000
8,500,000 HARRIS COUNTY HOSPITAL 1.60 02/08/2005 8,500,000
8,800,000 HOUSTON TX SERIES B 1.15 10/21/2004 8,800,000
9,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.35 10/26/2004 9,000,000
5,000,000 ILLINOIS HEALTH FACILITIES AUTHORITY 1.15 10/04/2004 5,000,000
13,000,000 LAS VEGAS VALLEY WATER 1.16 10/07/2004 13,000,000
13,473,000 LINCOLN NEBRASKA ELECTRIC 1.14 10/05/2004 13,473,000
10,000,000 MARYLAND HEALTH & HIGHER EDUCATION 1.20 10/19/2004 10,000,000
8,600,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.40 10/19/2004 8,600,000
42
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER (continued)
$ 18,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.38% 11/17/2004 $ 18,000,000
20,068,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.35 11/18/2004 20,068,000
20,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.40 12/09/2004 20,000,000
8,400,000 NORTH CAROLINA CAPITAL FACILITIES 1.50 11/17/2004 8,400,000
6,500,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.08 10/07/2004 6,500,000
22,000,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.43 11/12/2004 22,000,000
6,000,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.38 11/17/2004 6,000,000
2,100,000 ROCHESTER MN HEALTH CARE 1.15 10/13/2004 2,100,000
4,500,000 ROCHESTER MN HEALTH CARE 1.15 10/13/2004 4,500,000
7,000,000 ROCHESTER MN HEALTH CARE 1.37 11/08/2004 7,000,000
2,000,000 ROCHESTER MN HEALTH CARE 1.23 11/09/2004 2,000,000
6,500,000 ROCHESTER MN HEALTH CARE 1.35 11/16/2004 6,500,000
5,000,000 TEXAS TECHNICAL UNIVERSITY 1.35 10/12/2004 5,000,000
24,755,000 UNIVERSITY OF CALIFORNIA 1.15 10/14/2004 24,755,000
11,500,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REVENUE 1.40 10/13/2004 11,500,000
TOTAL COMMERCIAL PAPER (COST $250,246,000) 250,246,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,273,995,953)* 100.95% $ 2,273,995,953
OTHER ASSETS AND LIABILITIES, NET (0.95) (21,433,104)
------ ----------------
TOTAL NET ASSETS 100.00% $ 2,252,562,849
====== ================
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
+/- VARIABLE RATE SECURITIES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
43
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
PRIME INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CERTIFICATES OF DEPOSIT - 0.43%
$ 10,000,000 NATEXIS BANQUES POPULAIRES NEW YORK 1.46% 04/06/2005 $ 9,999,898
TOTAL CERTIFICATES OF DEPOSIT (COST $9,999,898) 9,999,898
----------------
COMMERCIAL PAPER - 36.74%
15,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.80 10/07/2004 14,995,500
42,000,000 ALPINE SECURITIZATION CORPORATION^ 1.50 10/04/2004 41,994,750
35,000,000 AMSTEL FUNDING CORPORATION^ 1.81 12/30/2004 34,841,625
75,000,000 AMSTERDAM FUNDING CORPORATION^ 1.72 10/25/2004 74,914,000
75,000,000 CITIGROUP GLOBAL MARKETS HOLDINGS INCORPORATED^ 1.68 10/25/2004 74,916,000
50,000,000 CRC FUNDING LLC^ 1.65 10/25/2004 49,945,000
5,000,000 DORADA FINANCE INCORPORATED^ 1.51 10/12/2004 4,997,693
50,000,000 EUREKA SECURITIZATION INCORPORATED^ 1.65 10/25/2004 49,945,000
50,000,000 GOVCO INCORPORATED^ 1.55 10/01/2004 50,000,000
65,000,000 LEGACY CAPITAL LLC^ 1.79 10/25/2004 64,922,433
40,000,000 LIBERTY STREET FUNDING COMPANY^ 1.79 10/25/2004 39,952,267
75,000,000 MOAT FUNDING LLC^ 1.72 10/25/2004 74,914,000
5,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.77 01/06/2005 4,976,154
727,000 NIEUW AMSTERDAM RECEIVABLES^ 1.82 10/25/2004 726,118
40,082,000 OLD LINE FUNDING CORPORATION^ 1.70 10/25/2004 40,036,574
65,000,000 PICAROS FUNDING LLC^ 1.81 10/25/2004 64,921,566
65,000,000 PREFERRED RECEIVABLES FUNDING^ 1.79 10/25/2004 64,922,433
8,746,000 SCALDIS CAPITAL LLC^ 1.79 10/25/2004 8,735,563
11,500,000 SEDNA FINANCE INCORPORATED^ 1.79 10/25/2004 11,486,277
5,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 4,998,742
75,000,000 WINDMILL FUNDING CORPORATION^ 1.68 10/25/2004 74,916,000
TOTAL COMMERCIAL PAPER (COST $852,057,695) 852,057,695
----------------
CORPORATE BONDS & NOTES - 1.20%
7,500,000 ASSOCIATES CORPORATION OF NORTH AMERICA+/- 2.05 06/27/2005 7,500,000
20,000,000 WAL-MART STORES 5.01 06/01/2005 20,387,602
TOTAL CORPORATE BONDS & NOTES (COST $27,887,602) 27,887,602
----------------
EXTENDABLE BONDS - 0.56%
13,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.84 10/07/2005 13,000,312
TOTAL EXTENDABLE BONDS (COST $13,000,312) 13,000,312
----------------
MEDIUM TERM NOTES - 7.33%
10,000,000 BANK OF AMERICA SECURITIES+/-@ 1.96 09/09/2034 10,000,000
50,000,000 BELFORD U.S. CAPITAL COMPANY+++/- 1.81 04/19/2005 50,000,000
40,000,000 CC (USA) INCORPORATED++ 1.50 11/17/2004 40,000,000
4,000,000 K2 (USA) LLC++ 1.43 03/15/2005 4,000,000
24,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 24,182,959
35,000,000 NATEXIS BANQUES POPULAIRES NEW YORK+/- 1.69 09/09/2005 34,988,416
6,666,667 STRATEGIC MONEY MARKET TRUST SERIES 1999-D+++/- 2.15 06/03/2005 6,675,947
TOTAL MEDIUM TERM NOTES (COST $169,847,322) 169,847,322
----------------
44
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
PRIME INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
REPURCHASE AGREEMENTS - 46.57%
$ 200,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $200,010,411) 1.90% 10/01/2004 $ 200,000,000
40,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $40,002,060) 1.88 10/01/2004 40,000,000
233,649,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $233,661,163) 1.90 10/01/2004 233,649,000
102,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $102,005,338) 1.91 10/01/2004 102,000,000
200,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES(MATURITY VALUE $200,010,411) 1.90 10/01/2004 200,000,000
40,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $40,008,110) 1.85 10/01/2004 40,000,000
25,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $25,001,315) 1.92 10/01/2004 25,000,000
40,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $40,002,071) 1.89 10/01/2004 40,000,000
200,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $200,010,411) 1.90 10/01/2004 200,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,080,649,000) 1,080,649,000
----------------
TIME DEPOSITS - 10.05%
47,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 47,000,000
35,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 35,000,000
18,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 18,000,000
120,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 120,000,000
7,000,000 FORTIS BANK GRAND CAYMAN 1.78 10/05/2004 7,000,000
6,000,000 LLOYDS TSB BANK PLC LONDON 1.79 10/05/2004 6,000,000
TOTAL TIME DEPOSITS (COST $233,000,000) 233,000,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,386,441,829)* 102.88% $ 2,386,441,829
OTHER ASSETS AND LIABILITIES, NET (2.88) (66,855,426)
------ ----------------
TOTAL NET ASSETS 100.00% $ 2,319,586,403
====== ================
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
+/- VARIABLE RATE SECURITIES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
45
WELLS FARGO MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
TREASURY PLUS MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY SECURITIES - 33.14%
US TREASURY BILLS - 15.33%
$ 100,000,000 US TREASURY BILL^ 1.07% 10/21/2004 $ 99,940,556
125,000,000 US TREASURY BILL^ 1.38 11/26/2004 124,732,639
125,000,000 US TREASURY BILL^ 1.75 03/03/2005 124,072,969
75,000,000 US TREASURY BILL^ 1.88 03/24/2005 74,320,312
125,000,000 US TREASURY BILL^ 1.91 03/24/2005 123,849,062
75,000,000 US TREASURY BILL^ 1.95 03/31/2005 74,266,573
621,182,111
----------------
US TREASURY BONDS - 2.60%
103,845,000 US TREASURY BOND 11.63 11/15/2004 105,156,815
----------------
US TREASURY NOTES - 15.21%
125,000,000 US TREASURY NOTE 2.13 10/31/2004 125,107,362
190,000,000 US TREASURY NOTE 5.88 11/15/2004 191,097,782
100,000,000 US TREASURY NOTE 2.00 11/30/2004 100,120,413
150,000,000 US TREASURY NOTE 1.75 12/31/2004 150,142,065
50,000,000 US TREASURY NOTE 1.63 01/31/2005 50,013,642
616,481,264
----------------
TOTAL US TREASURY SECURITIES (COST $1,342,820,190) 1,342,820,190
----------------
REPURCHASE AGREEMENTS - 66.71%
50,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US 1.70 10/01/2004 50,000,000
GOVERNMENT SECURITIES (MATURITY VALUE $50,002,329)
700,000,000 BEAR STEARNS & COMPANY INCORPORATED - 102% COLLATERALIZED BY 1.78 10/01/2004 700,000,000
US GOVERNMENT SECURITIES (MATURITY VALUE $700,034,137)
40,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.75 10/01/2004 40,000,000
(MATURITY VALUE $40,001,918)
63,434,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.68 10/01/2004 63,434,000
(MATURITY VALUE $63,436,920)
900,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.74 10/01/2004 900,000,000
(MATURITY VALUE $900,042,904)
800,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.74 10/01/2004 800,000,000
(MATURITY VALUE $800,038,137)
150,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES 1.72 10/01/2004 150,000,000
(MATURITY VALUE $150,007,068)
TOTAL REPURCHASE AGREEMENTS (COST $2,703,434,000) 2,703,434,000
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $4,046,254,190)* 99.85% $ 4,046,254,190
OTHER ASSETS AND LIABILITIES, NET 0.15 6,168,926
------ ----------------
TOTAL NET ASSETS 100.00% $ 4,052,423,116
====== ================
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
46
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
100% TREASURY MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY SECURITIES - 100.12%
US TREASURY BILLS - 100.12%
$ 81,605,000 US TREASURY BILL^ 1.52% 10/07/2004 $ 81,584,395
200,000,000 US TREASURY BILL^ 1.54 10/07/2004 199,948,833
100,000,000 US TREASURY BILL^ 1.03 10/14/2004 99,962,986
50,000,000 US TREASURY BILL^ 1.06 10/14/2004 49,980,951
100,000,000 US TREASURY BILL^ 1.53 10/14/2004 99,944,750
150,000,000 US TREASURY BILL^ 1.61 10/21/2004 149,866,250
100,000,000 US TREASURY BILL^ 1.42 10/28/2004 99,893,875
100,000,000 US TREASURY BILL^ 1.43 10/28/2004 99,892,750
225,000,000 US TREASURY BILL^ 1.60 10/28/2004 224,730,000
125,000,000 US TREASURY BILL^ 1.44 11/04/2004 124,830,000
100,000,000 US TREASURY BILL^ 1.47 11/04/2004 99,861,639
100,000,000 US TREASURY BILL^ 1.47 11/12/2004 99,829,083
75,000,000 US TREASURY BILL^ 1.62 11/12/2004 74,858,688
100,000,000 US TREASURY BILL^ 1.33 11/18/2004 99,822,667
50,000,000 US TREASURY BILL^ 1.44 11/18/2004 49,904,000
100,000,000 US TREASURY BILL^ 1.47 11/18/2004 99,804,667
75,000,000 US TREASURY BILL^ 1.38 11/26/2004 74,839,583
100,000,000 US TREASURY BILL^ 1.51 11/26/2004 99,765,111
75,000,000 US TREASURY BILL^ 1.40 12/02/2004 74,819,813
150,000,000 US TREASURY BILL^ 1.58 12/02/2004 149,591,833
16,000,000 US TREASURY BILL^ 1.59 12/09/2004 15,951,240
89,625,000 US TREASURY BILL^ 1.63 12/09/2004 89,345,855
75,000,000 US TREASURY BILL^ 1.73 12/16/2004 74,726,875
100,000,000 US TREASURY BILL^ 1.57 12/23/2004 99,639,181
100,000,000 US TREASURY BILL^ 1.68 12/30/2004 99,581,250
100,000,000 US TREASURY BILL^ 1.75 01/20/2005 99,461,958
100,000,000 US TREASURY BILL^ 1.74 01/27/2005 99,429,667
125,000,000 US TREASURY BILL^ 1.77 01/27/2005 124,276,840
60,325,000 US TREASURY BILL^ 1.82 02/10/2005 59,922,431
100,000,000 US TREASURY BILL^ 1.86 03/10/2005 99,173,333
75,000,000 US TREASURY BILL^ 1.95 03/31/2005 74,266,573
----------------
3,089,507,077
----------------
TOTAL US TREASURY SECURITIES (COST $3,089,507,077) 3,089,507,077
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,089,507,077)* 100.12% $ 3,089,507,077
OTHER ASSETS AND LIABILITIES, NET (0.12) (3,622,088)
------ ----------------
TOTAL NET ASSETS 100.00% $ 3,085,884,989
====== ================
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
47
WELLS FARGO MONEY MARKET FUNDS
STATEMENT OF ASSETS AND LIABILITIES -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA
TAX-FREE CASH INVESTMENT
MONEY MARKET MONEY MARKET
FUND FUND
- -----------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ................................... $ 2,508,118,201 $ 10,477,951,246
REPURCHASE AGREEMENTS ............................................ 0 2,263,367,000
---------------- ----------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) .................. 2,508,118,201 12,741,318,246
---------------- ----------------
CASH ............................................................. 75,361 50,946
RECEIVABLE FOR FUND SHARES ISSUED ................................ 330,000 490,150
RECEIVABLES FOR DIVIDENDS AND INTEREST ........................... 6,358,540 23,024,232
---------------- ----------------
TOTAL ASSETS ....................................................... 2,514,882,102 12,764,883,574
---------------- ----------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ................................ 37,986,750 37,453,383
DIVIDENDS PAYABLE ................................................ 1,603,710 13,439,390
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ............ 770,879 2,298,777
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR .......................... 530,457 1,574,277
ACCRUED EXPENSES AND OTHER LIABILITIES ........................... 213,907 537,062
---------------- ----------------
TOTAL LIABILITIES .................................................. 41,105,703 55,302,889
---------------- ----------------
TOTAL NET ASSETS ................................................... $ 2,473,776,399 $ 12,709,580,685
================ ================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL .................................................. $ 2,473,654,205 $ 12,710,034,170
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ....................... (91,023) (82,688)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 213,217 (370,797)
---------------- ----------------
TOTAL NET ASSETS ................................................... $ 2,473,776,399 $ 12,709,580,685
================ ================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ............................................. $ 2,162,436,413 N/A
SHARES OUTSTANDING - CLASS A ..................................... 2,162,282,622 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS A ........... $ 1.00 N/A
NET ASSETS -ADMINISTRATOR CLASS .................................. N/A $ 491,955,241
SHARES OUTSTANDING - ADMINISTRATOR CLASS ......................... N/A 491,976,795
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS N/A $ 1.00
NET ASSETS - INSTITUTIONAL CLASS ................................. N/A $ 4,902,452,670
SHARES OUTSTANDING - INSTITUTIONAL CLASS ......................... N/A 4,902,663,208
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS N/A $ 1.00
NET ASSETS - SERVICE CLASS ....................................... $ 311,339,986 $ 7,315,172,774
SHARES OUTSTANDING - SERVICE CLASS ............................... 311,319,039 7,315,883,435
NET ASSET VALUE AND OFFERING PRICE PER SHARE - SERVICE CLASS ..... $ 1.00 $ 1.00
---------------- ----------------
INVESTMENTS AT COST ................................................ $ 2,508,118,201 $ 12,741,318,246
================ ================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
48
STATEMENT OF ASSETS AND LIABILITIES -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
GOVERNMENT NATIONAL
MONEY MARKET TAX-FREE MONEY
FUND MARKET FUND
- -----------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ................................... $ 5,948,067,878 $ 2,273,995,953
REPURCHASE AGREEMENTS ............................................ 4,763,962,000 0
---------------- ----------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) .................. 10,712,029,878 2,273,995,953
---------------- ----------------
CASH ............................................................. 50,305 133,043
RECEIVABLE FOR FUND SHARES ISSUED ................................ 0 0
RECEIVABLES FOR DIVIDENDS AND INTEREST ........................... 8,247,992 5,632,569
---------------- ----------------
TOTAL ASSETS ....................................................... 10,720,328,175 2,279,761,565
---------------- ----------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ................................ 236,741,242 24,386,440
DIVIDENDS PAYABLE ................................................ 9,839,257 1,811,482
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ............ 1,866,377 482,848
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR .......................... 1,386,802 389,762
ACCRUED EXPENSES AND OTHER LIABILITIES ........................... 297,307 128,184
---------------- ----------------
TOTAL LIABILITIES .................................................. 250,130,985 27,198,716
---------------- ----------------
TOTAL NET ASSETS ................................................... $ 10,470,197,190 $ 2,252,562,849
================ ================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL .................................................. $ 10,470,155,311 $ 2,252,337,311
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ....................... 23,011 (142,605)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 18,868 368,143
---------------- ----------------
TOTAL NET ASSETS ................................................... $ 10,470,197,190 $ 2,252,562,849
================ ================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ............................................. $ 435,517,145 $ 664,786,966
SHARES OUTSTANDING - CLASS A ..................................... 435,516,439 664,699,159
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS A ........... $ 1.00 $ 1.00
NET ASSETS -ADMINISTRATOR CLASS .................................. $ 415,263,626 N/A
SHARES OUTSTANDING - ADMINISTRATOR CLASS ......................... 415,264,000 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS $ 1.00 N/A
NET ASSETS - INSTITUTIONAL CLASS ................................. $ 2,828,969,694 $ 462,623,421
SHARES OUTSTANDING - INSTITUTIONAL CLASS ......................... 2,828,972,806 462,611,625
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS $ 1.00 $ 1.00
NET ASSETS - SERVICE CLASS ....................................... $ 6,790,446,725 $ 1,125,152,462
SHARES OUTSTANDING - SERVICE CLASS ............................... 6,790,441,540 1,124,868,136
NET ASSET VALUE AND OFFERING PRICE PER SHARE - SERVICE CLASS ..... $ 1.00 $ 1.00
---------------- ----------------
INVESTMENTS AT COST ................................................ $ 10,712,029,878 $ 2,273,995,953
================ ================
PRIME INVESTMENT TREASURY PLUS 100% TREASURY
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ................................... $ 1,305,792,829 $ 1,342,820,190 $ 3,089,507,077
REPURCHASE AGREEMENTS ............................................ 1,080,649,000 2,703,434,000 0
---------------- ---------------- ---------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) .................. 2,386,441,829 4,046,254,190 3,089,507,077
---------------- ---------------- ---------------
CASH ............................................................. 50,108 100,830 217,915
RECEIVABLE FOR FUND SHARES ISSUED ................................ 0 26,120 3,318
RECEIVABLES FOR DIVIDENDS AND INTEREST ........................... 2,203,036 11,485,254 0
---------------- ---------------- ---------------
TOTAL ASSETS ....................................................... 2,388,694,973 4,057,866,394 3,089,728,310
---------------- ---------------- ---------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ................................ 64,922,433 0 0
DIVIDENDS PAYABLE ................................................ 2,762,191 3,500,697 2,416,878
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ............ 606,121 1,057,484 602,351
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR .......................... 423,618 671,687 622,964
ACCRUED EXPENSES AND OTHER LIABILITIES ........................... 394,207 213,410 201,128
---------------- ---------------- ---------------
TOTAL LIABILITIES .................................................. 69,108,570 5,443,278 3,843,321
---------------- ---------------- ---------------
TOTAL NET ASSETS ................................................... $ 2,319,586,403 $ 4,052,423,116 $ 3,085,884,989
================ ================ ===============
NET ASSETS CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL .................................................. $ 2,319,612,380 $ 4,052,566,712 $ 3,085,820,591
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ....................... (654) (8,036) (7,623)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ (25,323) (135,560) 72,021
---------------- ---------------- ---------------
TOTAL NET ASSETS ................................................... $ 2,319,586,403 $ 4,052,423,116 $ 3,085,884,989
================ ================ ===============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ............................................. N/A $ 2,221,390,353 $ 149,759,798
SHARES OUTSTANDING - CLASS A ..................................... N/A 2,221,506,625 149,723,345
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS A ........... N/A $ 1.00 $ 1.00
NET ASSETS -ADMINISTRATOR CLASS .................................. N/A N/A N/A
SHARES OUTSTANDING - ADMINISTRATOR CLASS ......................... N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS N/A N/A N/A
NET ASSETS - INSTITUTIONAL CLASS ................................. $ 1,066,670,369 $ 945,004,287 N/A
SHARES OUTSTANDING - INSTITUTIONAL CLASS ......................... 1,066,703,363 945,208,117 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS $ 1.00 $ 1.00 N/A
NET ASSETS - SERVICE CLASS ....................................... $ 1,252,916,034 $ 886,028,476 $ 2,936,125,191
SHARES OUTSTANDING - SERVICE CLASS ............................... 1,252,916,483 886,068,234 2,936,102,155
NET ASSET VALUE AND OFFERING PRICE PER SHARE - SERVICE CLASS ..... $ 1.00 $ 1.00 $ 1.00
---------------- ---------------- ---------------
INVESTMENTS AT COST ................................................ $ 2,386,441,829 $ 4,046,254,190 $ 3,089,507,077
================ ================ ===============
49
WELLS FARGO MONEY MARKET FUNDS
STATEMENT OF OPERATIONS --
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA
TAX-FREE CASH INVESTMENT
MONEY MARKET MONEY MARKET
FUND FUND
- -------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ...................................................... $ 14,451,730 $ 89,575,284
---------------- ---------------
TOTAL INVESTMENT INCOME ....................................... 14,451,730 89,575,284
---------------- ---------------
EXPENSES
ADVISORY FEES ................................................. 3,780,074 6,913,171
ADMINISTRATION FEES
FUND LEVEL .................................................. 640,669 3,274,301
CLASS A ..................................................... 2,471,333 N/A
ADMINISTRATOR CLASS ......................................... N/A 198,142
INSTITUTIONAL CLASS ......................................... N/A 2,169,199
SERVICE CLASS ............................................... 189,605 4,804,238
CUSTODY FEES .................................................. 256,267 1,382,634
SHAREHOLDER SERVICING FEES .................................... 2,938,284 10,206,971
ACCOUNTING FEES ............................................... 83,063 407,086
AUDIT FEES .................................................... 9,026 12,534
LEGAL FEES .................................................... 24,066 125,342
REGISTRATION FEES ............................................. 501 50,137
SHAREHOLDER REPORTS ........................................... 501 275,752
TRUSTEES' FEES ................................................ 3,402 3,402
OTHER FEES AND EXPENSES ....................................... 23,314 131,013
---------------- ---------------
TOTAL EXPENSES ................................................ 10,420,105 29,953,922
---------------- ---------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .................. (2,408,326) (3,804,017)
NET EXPENSES .................................................. 8,011,779 26,149,905
---------------- ---------------
NET INVESTMENT INCOME (LOSS) .................................. 6,439,951 63,425,379
---------------- ---------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ..................... 123,180 (441,109)
---------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 6,563,131 $ 62,984,270
================ ===============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
50
STATEMENT OF OPERATIONS --
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
GOVERNMENT NATIONAL
MONEY MARKET TAX-FREE MONEY
FUND MARKET FUND
- -------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ...................................................... $ 56,834,687 $ 12,757,781
---------------- ---------------
TOTAL INVESTMENT INCOME ....................................... 56,834,687 12,757,781
---------------- ---------------
EXPENSES
ADVISORY FEES ................................................. 4,357,006 1,120,156
ADMINISTRATION FEES
FUND LEVEL .................................................. 2,094,889 560,078
CLASS A ..................................................... 450,546 750,957
ADMINISTRATOR CLASS ......................................... 158,284 N/A
INSTITUTIONAL CLASS ......................................... 1,056,186 149,952
SERVICE CLASS ............................................... 3,208,435 709,647
CUSTODY FEES .................................................. 871,401 224,031
SHAREHOLDER SERVICING FEES .................................... 7,354,508 2,331,790
ACCOUNTING FEES ............................................... 261,384 73,875
AUDIT FEES .................................................... 9,124 8,524
LEGAL FEES .................................................... 57,658 12,534
REGISTRATION FEES ............................................. 75,206 501
SHAREHOLDER REPORTS ........................................... 120,328 501
TRUSTEES' FEES ................................................ 3,402 3,402
OTHER FEES AND EXPENSES ....................................... 57,800 5,034
---------------- ---------------
TOTAL EXPENSES ................................................ 20,136,157 5,950,982
---------------- ---------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .................. (2,244,069) (699,558)
NET EXPENSES .................................................. 17,892,088 5,251,424
---------------- ---------------
NET INVESTMENT INCOME (LOSS) .................................. 38,942,599 7,506,357
---------------- ---------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ..................... 12,629 50,170
---------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 38,955,228 $ 7,556,527
================ ===============
PRIME INVESTMENT TREASURY PLUS 100% TREASURY
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ...................................................... $ 16,650,895 $ 30,245,621 $ 17,692,164
---------------- --------------- -------------
TOTAL INVESTMENT INCOME ....................................... 16,650,895 30,245,621 17,692,164
---------------- --------------- -------------
EXPENSES
ADVISORY FEES ................................................. 1,329,070 2,550,341 5,001,663
ADMINISTRATION FEES
FUND LEVEL .................................................. 664,535 1,275,171 761,327
CLASS A ..................................................... N/A 2,596,518 185,508
ADMINISTRATOR CLASS ......................................... N/A N/A N/A
INSTITUTIONAL CLASS ......................................... 256,132 615,621 N/A
SERVICE CLASS ............................................... 1,210,686 720,695 1,725,999
CUSTODY FEES .................................................. 265,814 510,068 304,531
SHAREHOLDER SERVICING FEES .................................... 2,522,263 4,452,037 1,372,593
ACCOUNTING FEES ............................................... 85,784 155,396 96,818
AUDIT FEES .................................................... 11,531 9,026 9,026
LEGAL FEES .................................................... 1,834 47,629 25,069
REGISTRATION FEES ............................................. 0 47,629 7,521
SHAREHOLDER REPORTS ........................................... 501 87,739 67,684
TRUSTEES' FEES ................................................ 3,402 3,402 3,402
OTHER FEES AND EXPENSES ....................................... 14,951 45,124 24,066
---------------- --------------- -------------
TOTAL EXPENSES ................................................ 6,366,503 13,116,396 9,585,207
---------------- --------------- -------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .................. (187,753) (902,909) (1,845,839)
NET EXPENSES .................................................. 6,178,750 12,213,487 7,739,368
---------------- --------------- -------------
NET INVESTMENT INCOME (LOSS) .................................. 10,472,145 18,032,134 9,952,796
---------------- --------------- -------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ..................... (21,712) (135,348) 6,738
---------------- --------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 10,450,433 $ 17,896,786 $ 9,959,534
================ =============== =============
51
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE
MONEY MARKET FUND
------------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- --------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS....................................... $ 2,630,173,391 $ 2,662,105,499
OPERATIONS:
NET INVESTMENT INCOME (LOSS).................................. 6,439,951 10,069,203
NET REALIZED GAIN (LOSS) ON INVESTMENTS....................... 123,180 90,037
------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS................................ 6,563,131 10,159,240
------------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A.................................................... (5,448,970) (8,140,217)
ADMINISTRATOR CLASS........................................ N/A N/A
INSTITUTIONAL CLASS........................................ N/A N/A
SERVICE CLASS.............................................. (1,081,018) (1,965,819)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A........................... 1,883,610,347 3,601,704,162
REINVESTMENT OF DISTRIBUTIONS - CLASS A....................... 3,631,219 7,990,324
COST OF SHARES REDEEMED - CLASS A............................. (1,987,789,104) (3,704,540,683)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A............. (100,547,538) (94,846,197)
------------------- ------------------
PROCEEDS FROM SHARES SOLD -
ADMINISTRATOR CLASS.......................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS.......................................... N/A N/A
COST OF SHARES REDEEMED -
ADMINISTRATOR CLASS.......................................... N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS........................................... N/A N/A
------------------- ------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS............... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS........... N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS................. N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS........................................... N/A N/A
------------------- ------------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS..................... 282,333,131 827,986,814
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS................. 616,487 1,644,614
COST OF SHARES REDEEMED - SERVICE CLASS....................... (338,832,215) (766,770,543)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
SERVICE CLASS................................................. (55,882,597) 62,860,885
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS........................ (156,430,135) (31,985,312)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS............................ (156,396,992) (31,932,108)
------------------- ------------------
ENDING NET ASSETS................................................ $ 2,473,776,399 $ 2,630,173,391
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A......................................... 1,883,610,346 3,601,704,162
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A...................................... 3,631,220 7,990,324
SHARES REDEEMED - CLASS A..................................... (1,987,789,104) (3,704,540,683)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A........................................... (100,547,538) (94,846,197)
------------------- ------------------
SHARES SOLD - ADMINISTRATOR CLASS............................. N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS.......................... N/A N/A
SHARES REDEEMED - ADMINISTRATOR CLASS......................... N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS............................... N/A N/A
------------------- ------------------
SHARES SOLD - INSTITUTIONAL CLASS............................. N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS.......................... N/A N/A
SHARES REDEEMED -INSTITUTIONAL CLASS.......................... N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS............................... N/A N/A
------------------- ------------------
SHARES SOLD - SERVICE CLASS................................... 282,333,131 827,986,814
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - SERVICE CLASS................................ 616,487 1,644,614
SHARES REDEEMED - SERVICE CLASS............................... (338,832,215) (766,770,543)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - SERVICE CLASS..................................... (55,882,597) 62,860,885
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING
RESULTING FROM CAPITAL SHARE TRANSACTIONS....................... (156,430,135) (31,985,312)
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS)........................................ $ (91,023) $ (986)
=================== ==================
(1) "PROCEEDS FROM SHARES SOLD" AND "SHARES SOLD" INCLUDE AMOUNTS RELATING TO
FUND MERGERS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
52
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
CASH INVESTMENT
MONEY MARKET FUND
------------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- --------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS....................................... $ 14,593,000,107 $ 15,765,893,029
OPERATIONS:
NET INVESTMENT INCOME (LOSS).................................. 63,425,379 119,805,583
NET REALIZED GAIN (LOSS) ON INVESTMENTS....................... (441,109) 70,312
------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS................................ 62,984,270 119,875,895
------------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A.................................................... N/A N/A
ADMINISTRATOR CLASS........................................ (1,954,834) (719,651)
INSTITUTIONAL CLASS........................................ (29,500,673) (53,412,566)
SERVICE CLASS.............................................. (32,044,807) (66,323,394)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A........................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS A....................... N/A N/A
COST OF SHARES REDEEMED - CLASS A............................. N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A............. N/A N/A
------------------- ------------------
PROCEEDS FROM SHARES SOLD -
ADMINISTRATOR CLASS.......................................... 1,969,214,654 1,163,542,440
REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS.......................................... 1,119,846 558,170
COST OF SHARES REDEEMED -
ADMINISTRATOR CLASS.......................................... (1,759,490,155) (882,968,160)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS........................................... 210,844,345 281,132,450
------------------- ------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS............... 77,954,008,695 283,888,537,145
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS........... 10,057,095 15,737,642
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS................. (78,900,730,352) (283,240,034,692)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS........................................... (936,664,562) 664,240,095
------------------- ------------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS..................... 12,330,010,641 32,454,220,617
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS................. 15,120,717 45,899,264
COST OF SHARES REDEEMED - SERVICE CLASS....................... (13,502,214,519) (34,617,805,632)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
SERVICE CLASS................................................. (1,157,083,161) (2,117,685,751)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS........................ (1,882,903,378) (1,172,313,206)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS............................ (1,883,419,422) (1,172,892,922)
------------------- ------------------
ENDING NET ASSETS................................................ $ 12,709,580,685 $ 14,593,000,107
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A......................................... N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A...................................... N/A N/A
SHARES REDEEMED - CLASS A..................................... N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A........................................... N/A N/A
------------------- ------------------
SHARES SOLD - ADMINISTRATOR CLASS............................. 1,969,214,654 1,163,542,440
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS.......................... 1,119,846 558,170
SHARES REDEEMED - ADMINISTRATOR CLASS......................... (1,759,490,155) (882,968,160)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS............................... 210,844,345 281,132,450
------------------- ------------------
SHARES SOLD - INSTITUTIONAL CLASS............................. 77,954,008,695 283,888,537,143
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS.......................... 10,057,095 15,737,642
SHARES REDEEMED -INSTITUTIONAL CLASS.......................... (78,900,730,352) (283,240,034,692)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS............................... (936,664,562) 664,240,093
------------------- ------------------
SHARES SOLD - SERVICE CLASS................................... 12,330,010,641 32,454,220,617
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - SERVICE CLASS................................ 15,120,717 45,899,263
SHARES REDEEMED - SERVICE CLASS............................... (13,502,214,519) (34,617,805,633)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - SERVICE CLASS..................................... (1,157,083,161) (2,117,685,753)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING
RESULTING FROM CAPITAL SHARE TRANSACTIONS....................... (1,882,903,378) (1,172,313,210)
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS)........................................ $ (82,688) $ (7,753)
=================== ==================
GOVERNMENT
MONEY MARKET FUND
------------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004(1)
- --------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS....................................... $ 6,765,162,199 $ 5,083,245,155
OPERATIONS:
NET INVESTMENT INCOME (LOSS).................................. 38,942,599 41,364,604
NET REALIZED GAIN (LOSS) ON INVESTMENTS....................... 12,629 15,164
------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS................................ 38,955,228 41,379,768
------------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A.................................................... (1,308,641) (1,386,897)
ADMINISTRATOR CLASS........................................ (1,560,158) (470,158)
INSTITUTIONAL CLASS........................................ (14,562,169) (7,016,487)
SERVICE CLASS.............................................. (21,519,638) (32,531,372)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A........................... 264,397,992 550,880,065
REINVESTMENT OF DISTRIBUTIONS - CLASS A....................... 950,843 1,439,561
COST OF SHARES REDEEMED - CLASS A............................. (195,001,206) (432,791,496)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A............. 70,347,629 119,528,130
------------------- ------------------
PROCEEDS FROM SHARES SOLD -
ADMINISTRATOR CLASS.......................................... 2,848,117,718 2,444,949,529
REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS.......................................... 504,893 149,018
COST OF SHARES REDEEMED -
ADMINISTRATOR CLASS.......................................... (2,593,866,580) (2,284,590,578)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS........................................... 254,756,031 160,507,969
------------------- ------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS............... 18,902,816,065 9,872,411,140
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS........... 1,763,959 1,856,274
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS................. (17,547,322,464) (8,402,552,128)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS........................................... 1,357,257,560 1,471,715,286
------------------- ------------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS..................... 19,593,986,797 35,380,968,454
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS................. 3,086,813 7,382,031
COST OF SHARES REDEEMED - SERVICE CLASS....................... (17,574,404,461) (35,458,159,680)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
SERVICE CLASS................................................. 2,022,669,149 (69,809,195)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS........................ 3,705,030,369 1,681,942,190
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS............................ 3,705,034,991 1,681,917,044
------------------- ------------------
ENDING NET ASSETS................................................ $ 10,470,197,190 $ 6,765,162,199
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A......................................... 264,397,992 550,880,064
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A...................................... 950,843 1,439,561
SHARES REDEEMED - CLASS A..................................... (195,001,206) (432,791,496)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A........................................... 70,347,629 119,528,129
------------------- ------------------
SHARES SOLD - ADMINISTRATOR CLASS............................. 2,848,117,718 2,444,949,529
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS.......................... 504,893 149,018
SHARES REDEEMED - ADMINISTRATOR CLASS......................... (2,593,866,580) (2,284,590,578)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS............................... 254,756,031 160,507,969
------------------- ------------------
SHARES SOLD - INSTITUTIONAL CLASS............................. 18,902,816,065 9,872,411,099
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS.......................... 1,763,959 1,856,274
SHARES REDEEMED -INSTITUTIONAL CLASS.......................... (17,547,322,464) (8,402,552,128)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS............................... 1,357,257,560 1,471,715,245
------------------- ------------------
SHARES SOLD - SERVICE CLASS................................... 19,593,986,797 35,380,913,143
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - SERVICE CLASS................................ 3,086,813 7,382,031
SHARES REDEEMED - SERVICE CLASS............................... (17,574,404,461) (35,458,159,680)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - SERVICE CLASS..................................... 2,022,669,149 (69,864,506)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING
RESULTING FROM CAPITAL SHARE TRANSACTIONS....................... 3,705,030,369 1,681,886,837
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS)........................................ $ 23,011 $ 31,018
=================== ==================
NATIONAL TAX-FREE
MONEY MARKET FUND
------------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004(1)
- --------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS....................................... $ 2,186,314,686 $ 1,528,551,577
OPERATIONS:
NET INVESTMENT INCOME (LOSS).................................. 7,506,357 11,088,186
NET REALIZED GAIN (LOSS) ON INVESTMENTS....................... 50,170 319,581
------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS................................ 7,556,527 11,407,767
------------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A.................................................... (1,718,436) (1,640,214)
ADMINISTRATOR CLASS........................................ N/A N/A
INSTITUTIONAL CLASS........................................ (1,800,334) (1,416,669)
SERVICE CLASS.............................................. (4,130,192) (8,041,932)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A........................... 713,269,627 1,399,010,816
REINVESTMENT OF DISTRIBUTIONS - CLASS A....................... 1,254,258 1,744,755
COST OF SHARES REDEEMED - CLASS A............................. (671,371,323) (779,189,103)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A............. 43,152,562 621,566,468
------------------- ------------------
PROCEEDS FROM SHARES SOLD -
ADMINISTRATOR CLASS.......................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS.......................................... N/A N/A
COST OF SHARES REDEEMED -
ADMINISTRATOR CLASS.......................................... N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS........................................... N/A N/A
------------------- ------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS............... 2,397,115,278 1,282,046,088
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS........... 716,310 686,683
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS................. (2,237,329,263) (1,107,592,826)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS........................................... 160,502,325 175,139,945
------------------- ------------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS..................... 974,345,757 2,154,668,524
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS................. 1,185,975 3,080,212
COST OF SHARES REDEEMED - SERVICE CLASS....................... (1,112,846,021) (2,297,000,992)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
SERVICE CLASS................................................. (137,314,289) (139,252,256)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS........................ 66,340,598 657,454,157
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS............................ 66,248,163 657,763,109
------------------- ------------------
ENDING NET ASSETS................................................ $ 2,252,562,849 $ 2,186,314,686
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A......................................... 713,269,627 1,398,990,945
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A...................................... 1,254,258 1,744,755
SHARES REDEEMED - CLASS A..................................... (671,371,323) (779,189,103)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A........................................... 43,152,562 621,546,597
------------------- ------------------
SHARES SOLD - ADMINISTRATOR CLASS............................. N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS.......................... N/A N/A
SHARES REDEEMED - ADMINISTRATOR CLASS......................... N/A N/A
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS............................... N/A N/A
------------------- ------------------
SHARES SOLD - INSTITUTIONAL CLASS............................. 2,397,115,278 1,282,046,089
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS.......................... 716,310 686,683
SHARES REDEEMED -INSTITUTIONAL CLASS.......................... (2,237,329,263) (1,107,592,826)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS............................... 160,502,325 175,139,946
------------------- ------------------
SHARES SOLD - SERVICE CLASS................................... 974,345,757 2,154,668,543
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - SERVICE CLASS................................ 1,185,975 3,080,212
SHARES REDEEMED - SERVICE CLASS............................... (1,112,846,021) (2,297,000,992)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - SERVICE CLASS..................................... (137,314,289) (139,252,237)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING
RESULTING FROM CAPITAL SHARE TRANSACTIONS....................... 66,340,598 657,434,306
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS)........................................ $ (142,605) $ 0
=================== ==================
53
WELLS FARGO MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
PRIME INVESTMENT
MONEY MARKET FUND
----------------------------------
(UNAUDITED)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
2004 2004(1)
- --------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................. $ 2,552,031,912 $ 1,818,363,896
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ......................... 10,472,145 15,214,105
NET REALIZED GAIN (LOSS) ON INVESTMENTS .............. (21,712) (3,611)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................ 10,450,433 15,210,494
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................. N/A N/A
INSTITUTIONAL CLASS .................................. (3,449,141) (4,215,394)
SERVICE CLASS ........................................ (7,023,662) (11,078,513)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A .................. N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS A .............. N/A N/A
COST OF SHARES REDEEMED - CLASS A .................... N/A N/A
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................. N/A N/A
--------------- ---------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ...... 6,052,579,968 6,704,830,027
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .. 707,587 861,282
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........ (6,072,469,452) (5,619,805,959)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS .................................. (19,181,897) 1,085,885,350
--------------- ---------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS ............ 41,267,135,081 56,932,646,123
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS ........ 527,728 1,489,417
COST OF SHARES REDEEMED - SERVICE CLASS .............. (41,480,904,051) (57,286,269,461)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SERVICE CLASS ............ (213,241,242) (352,133,921)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ............................ (232,423,139) 733,751,429
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS ................... (232,445,509) 733,668,016
--------------- ---------------
ENDING NET ASSETS ....................................... $ 2,319,586,403 $ 2,552,031,912
=============== ===============
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
CLASS A ............................................ N/A N/A
SHARES REDEEMED - CLASS A ............................ N/A N/A
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A N/A N/A
--------------- ---------------
SHARES SOLD - INSTITUTIONAL CLASS .................... 6,052,579,969 6,704,829,936
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ................................ 707,587 861,282
SHARES REDEEMED -INSTITUTIONAL CLASS ................. (6,072,469,452) (5,619,805,959)
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ................................... (19,181,896) 1,085,885,259
--------------- ---------------
SHARES SOLD - SERVICE CLASS .......................... 41,267,135,082 56,932,646,122
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SERVICE CLASS ...................................... 527,728 1,489,417
SHARES REDEEMED - SERVICE CLASS ...................... (41,480,904,051) (57,286,269,461)
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SERVICE CLASS ......................................... (213,241,241) (352,133,922)
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ...................... (232,423,137) 733,751,337
--------------- ---------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ......................................... $ (654) $ 4
=============== ===============
(1) "PROCEEDS FROM SHARES SOLD" AND "SHARES SOLD" INCLUDE AMOUNTS RELATING TO
FUND MERGERS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
54
STATEMENTS OF CHANGE IN NET ASSETS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
TREASURY PLUS 100% TREASURY
MONEY MARKET FUND MONEY MARKET FUND
----------------------------------- ----------------------------------
(UNAUDITED) (UNAUDITED)
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2004 2004(1) 2004 2004
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................. $ 5,747,241,499 $ 2,773,473,140 $ 3,140,902,133 $ 2,934,927,382
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ......................... 18,032,134 30,405,550 9,952,796 15,457,310
NET REALIZED GAIN (LOSS) ON INVESTMENTS .............. (135,348) 696 6,738 89,370
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................ 17,896,786 30,406,246 9,959,534 15,546,680
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................. (6,569,373) (6,292,757) (431,772) (736,608)
INSTITUTIONAL CLASS .................................. (7,305,534) (16,199,925) N/A N/A
SERVICE CLASS ........................................ (4,161,822) (7,912,868) (9,593,228) (14,720,799)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A .................. 5,604,695,612 8,521,232,089 176,227,394 449,479,514
REINVESTMENT OF DISTRIBUTIONS - CLASS A .............. 1,353,545 1,760,169 318,806 820,154
COST OF SHARES REDEEMED - CLASS A .................... (5,842,452,049) (6,065,128,821) (189,665,720) (496,707,697)
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................. (236,402,892) 2,457,863,437 (13,119,520) (46,408,029)
--------------- --------------- --------------- ---------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ...... 24,778,275,714 72,140,884,611 N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .. 1,299,876 2,467,118 N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........ (25,798,971,928) (71,744,782,379) N/A N/A
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS .................................. (1,019,396,338) 398,569,350 N/A N/A
--------------- --------------- --------------- ---------------
PROCEEDS FROM SHARES SOLD - SERVICE CLASS ............ 9,896,944,626 13,125,490,912 8,712,331,138 17,576,961,049
REINVESTMENT OF DISTRIBUTIONS - SERVICE CLASS ........ 496,420 1,767,648 889,222 2,820,208
COST OF SHARES REDEEMED - SERVICE CLASS .............. (10,336,320,256) (13,009,923,684) (8,755,052,518) (17,327,487,750)
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SERVICE CLASS ............ (438,879,210) 117,334,876 (41,832,158) 252,293,507
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ............................ (1,694,678,440) 2,973,767,663 (54,951,678) 205,885,478
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS ................... (1,694,818,383) 2,973,768,359 (55,017,144) 205,974,751
--------------- --------------- --------------- ---------------
ENDING NET ASSETS ....................................... $ 4,052,423,116 $ 5,747,241,499 $ 3,085,884,989 $ 3,140,902,133
=============== =============== =============== ===============
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................ 5,604,695,612 8,521,278,167 176,227,396 449,479,514
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
CLASS A ............................................ 1,353,545 1,760,169 318,806 820,154
SHARES REDEEMED - CLASS A ............................ (5,842,452,048) (6,065,128,821) (189,665,719) (496,707,697)
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A (236,402,891) 2,457,909,515 (13,119,517) (46,408,029)
--------------- --------------- --------------- ---------------
SHARES SOLD - INSTITUTIONAL CLASS .................... 24,778,275,714 72,140,884,610 N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ................................ 1,299,876 2,467,118 N/A N/A
SHARES REDEEMED -INSTITUTIONAL CLASS ................. (25,798,971,928) (71,744,782,379) N/A N/A
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ................................... (1,019,396,338) 398,569,349 N/A N/A
--------------- --------------- --------------- ---------------
SHARES SOLD - SERVICE CLASS .......................... 9,896,944,626 13,125,490,912 8,712,331,138 17,576,961,049
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SERVICE CLASS ...................................... 496,420 1,767,648 889,222 2,820,208
SHARES REDEEMED - SERVICE CLASS ...................... (10,336,320,256) (13,009,923,684) (8,755,052,518) (17,327,487,745)
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SERVICE CLASS ......................................... (438,879,210) 117,334,876 (41,832,158) 252,293,512
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ...................... (1,694,678,439) 2,973,813,740 (54,951,675) 205,885,483
--------------- --------------- --------------- ---------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ......................................... $ (8,036) $ (3,441) $ (7,623) $ 64,581
=============== =============== =============== ===============
55
WELLS FARGO MONEY MARKET FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING AND DIVIDENDS
NET ASSET NET UNREALIZED FROM NET
VALUE PER INVESTMENT GAIN (LOSS) ON INVESTMENT
SHARE INCOME INVESTMENTS INCOME
- ------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.02 0.00 (0.02)
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.03 0.00 (0.03)
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... $ 1.00 0.01 0.00 (0.01)
CASH INVESTMENT MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
JULY 31, 2003(3) TO MARCH 31, 2004 ............ $ 1.00 0.01 0.00 (0.01)
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.02 0.00 (0.02)
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.06 0.00 (0.06)
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... $ 1.00 0.02 0.00 (0.02)
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.06 0.00 (0.06)
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. $ 1.00 0.04 0.00 (0.04)
JUNE 1, 1998 TO MAY 31, 1999 .................. $ 1.00 0.05 0.00 (0.05)
GOVERNMENT MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
JULY 31, 2003(3) TO MARCH 31, 2004 ............ $ 1.00 0.01 0.00 (0.01)
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.01 0.00 (0.01)
JULY 28, 2003(3) TO MARCH 31, 2004 ............ $ 1.00 0.01 0.00 (0.01)
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.05 0.00 (0.05)
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. $ 1.00 0.04 0.00 (0.04)
JUNE 1, 1998 TO MAY 31, 1999 .................. $ 1.00 0.05 0.00 (0.05)
NATIONAL TAX-FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.02 0.00 (0.02)
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.04 0.00 (0.04)
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... $ 1.00 0.01 0.00 (0.01)
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.02 0.00 (0.02)
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.04 0.00 (0.04)
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. $ 1.00 0.03 0.00 (0.03)
JUNE 1, 1998 TO MAY 31, 1999 .................. $ 1.00 0.03 0.00 (0.03)
56
FINANCIAL HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING
FROM NET NET ASSET
REALIZED VALUE PER
GAINS SHARE
- ---------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... 0.00 $ 1.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... 0.00 $ 1.00
CASH INVESTMENT MONEY MARKET FUND
- ---------------------------------------------------------------------------
ADMINISTRATOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
JULY 31, 2003(3) TO MARCH 31, 2004 ............ 0.00 $ 1.00
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... 0.00 $ 1.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... 0.00 $ 1.00
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... 0.00 $ 1.00
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 0.00 $ 1.00
JUNE 1, 1998 TO MAY 31, 1999 .................. 0.00 $ 1.00
GOVERNMENT MONEY MARKET FUND
- ---------------------------------------------------------------------------
ADMINISTRATOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
JULY 31, 2003(3) TO MARCH 31, 2004 ............ 0.00 $ 1.00
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
JULY 28, 2003(3) TO MARCH 31, 2004 ............ 0.00 $ 1.00
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... 0.00 $ 1.00
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 0.00 $ 1.00
JUNE 1, 1998 TO MAY 31, 1999 .................. 0.00 $ 1.00
NATIONAL TAX-FREE MONEY MARKET FUND
- ---------------------------------------------------------------------------
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... 0.00 $ 1.00
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... 0.00 $ 1.00
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.00 $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.00 $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... 0.00 $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... 0.00 $ 1.00
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 0.00 $ 1.00
JUNE 1, 1998 TO MAY 31, 1999 .................. 0.00 $ 1.00
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
----------------------------------------------- NET ASSETS AT
NET INVESTMENT GROSS EXPENSE NET TOTAL END OF PERIOD
INCOME EXPENSES WAIVED EXPENSES RETURN(2) (000'S OMITTED)
- --------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.68% 0.58% (0.13)% 0.45% 0.34% $ 311,340
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.56% 0.50% (0.05)% 0.45% 0.56% $ 367,216
APRIL 1, 2002 TO MARCH 31, 2003 ............... 0.90% 0.50% (0.05)% 0.45% 0.93% $ 304,422
APRIL 1, 2001 TO MARCH 31, 2002 ............... 1.62% 0.49% (0.04)% 0.45% 1.75% $ 262,866
APRIL 1, 2000 TO MARCH 31, 2001 ............... 3.10% 0.57% (0.12)% 0.45% 3.20% $ 150,149
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... 2.69% 0.51% (0.06)% 0.45% 1.10% $ 75,697
CASH INVESTMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.49% 0.38% (0.03)% 0.35% 0.48% $ 491,955
JULY 31, 2003(3) TO MARCH 31, 2004 ............ 0.79% 0.39% (0.04)% 0.35% 0.53% $ 281,124
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.55% 0.26% (0.06)% 0.20% 0.56% $ 4,902,453
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.97% 0.26% (0.04)% 0.22% 0.98% $ 5,839,329
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.52% 0.28% (0.03)% 0.25% 1.54% $ 5,175,328
APRIL 1, 2001 TO MARCH 31, 2002 ............... 3.14% 0.28% (0.03)% 0.25% 3.28% $ 5,478,005
APRIL 1, 2000 TO MARCH 31, 2001 ............... 6.16% 0.31% (0.06)% 0.25% 6.38% $ 3,332,149
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... 5.77% 0.30% (0.05)% 0.25% 2.29% $ 2,116,276
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.40% 0.55% (0.05)% 0.50% 0.41% $ 7,315,173
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.70% 0.55% (0.06)% 0.49% 0.70% $ 8,472,548
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.31% 0.54% (0.06)% 0.48% 1.31% $ 10,590,565
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.91% 0.54% (0.06)% 0.48% 3.05% $ 13,345,951
APRIL 1, 2000 TO MARCH 31, 2001 ............... 5.94% 0.54% (0.06)% 0.48% 6.14% $ 12,307,775
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 5.23% 0.54% (0.06)% 0.48% 4.37% $ 9,082,788
JUNE 1, 1998 TO MAY 31, 1999 .................. 4.91% 0.57% (0.09)% 0.48% 5.04% $ 5,481,802
GOVERNMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.99% 0.38% (0.03)% 0.35% 0.47% $ 415,263
JULY 31, 2003(3) TO MARCH 31, 2004 ............ 0.75% 0.37% (0.02)% 0.35% 0.50% $ 160,507
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 1.10% 0.26% (0.06)% 0.20% 0.54% $ 2,828,970
JULY 28, 2003(3) TO MARCH 31, 2004 ............ 0.90% 0.25% (0.05)% 0.20% 0.61% $ 1,471,711
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.80% 0.55% (0.05)% 0.50% 0.39% $ 6,790,447
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.65% 0.55% (0.05)% 0.50% 0.65% $ 4,767,774
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.24% 0.54% (0.04)% 0.50% 1.27% $ 4,837,603
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.67% 0.52% (0.02)% 0.50% 2.86% $ 5,752,411
APRIL 1, 2000 TO MARCH 31, 2001 ............... 5.79% 0.56% (0.06)% 0.50% 5.97% $ 3,181,143
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 4.94% 0.54% (0.04)% 0.50% 4.18% $ 3,433,956
JUNE 1, 1998 TO MAY 31, 1999 .................. 4.69% 0.52% (0.02)% 0.50% 4.81% $ 3,368,534
NATIONAL TAX-FREE MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.95% 0.26% (0.06)% 0.20% 0.48% $ 462,623
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.82% 0.26% (0.04)% 0.22% 0.85% $ 302,140
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.23% 0.29% 0.00% 0.29% 1.23% $ 126,969
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.05% 0.38% (0.08)% 0.30% 2.20% $ 138,179
APRIL 1, 2000 TO MARCH 31, 2001 ............... 3.86% 0.37% (0.07)% 0.30% 3.93% $ 65,265
NOVEMBER 8, 1999(3) TO MARCH 31, 2000 ......... 3.43% 0.31% (0.01)% 0.30% 1.36% $ 23,134
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.69% 0.55% (0.10)% 0.45% 0.35% $ 1,125,152
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.62% 0.55% (0.10)% 0.45% 0.62% $ 1,262,512
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.06% 0.55% (0.10)% 0.45% 1.07% $ 1,401,583
APRIL 1, 2001 TO MARCH 31, 2002 ............... 1.96% 0.54% (0.09)% 0.45% 2.05% $ 1,433,976
APRIL 1, 2000 TO MARCH 31, 2001 ............... 3.68% 0.56% (0.11)% 0.45% 3.78% $ 1,183,279
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 3.05% 0.57% (0.12)% 0.45% 2.58% $ 1,124,073
JUNE 1, 1998 TO MAY 31, 1999 .................. 2.91% 0.57% (0.12)% 0.45% 2.97% $ 1,019,589
57
WELLS FARGO MONEY MARKET FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING AND DIVIDENDS
NET ASSET NET UNREALIZED FROM NET
VALUE PER INVESTMENT GAIN (LOSS) ON INVESTMENT
SHARE INCOME INVESTMENTS INCOME
- ----------------------------------------------------------------------------------------------------------------------------------
PRIME INVESTMENT MONEY MARKET FUND
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ......... $ 1.00 0.01 0.00 (0.01)
JULY 28, 2003(3) TO MARCH 31, 2004 ...................... $ 1.00 0.01 0.00 (0.01)
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ......... $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ......................... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ......................... $ 1.00 0.06 0.00 (0.06)
JUNE 1, 1999 TO MARCH 31, 2000(4) ....................... $ 1.00 0.04 0.00 (0.04)
SEPTEMBER 2, 1998(3) TO MAY 31, 1999 .................... $ 1.00 0.04 0.00 (0.04)
TREASURY PLUS MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ......... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2003 TO MARCH 31, 2004 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ......................... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ......................... $ 1.00 0.06 0.00 (0.06)
APRIL 1, 1999 TO MARCH 31, 2000 ......................... $ 1.00 0.05 0.00 (0.05)
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ......... $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ......................... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ......................... $ 1.00 0.06 0.00 (0.06)
APRIL 1, 1999 TO MARCH 31, 2000 ......................... $ 1.00 0.05 0.00 (0.05)
100% TREASURY MONEY MARKET FUND
- ----------------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ......... $ 1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2002 TO MARCH 31, 2003 ......................... $ 1.00 0.01 0.00 (0.01)
APRIL 1, 2001 TO MARCH 31, 2002 ......................... $ 1.00 0.03 0.00 (0.03)
APRIL 1, 2000 TO MARCH 31, 2001 ......................... $ 1.00 0.05 0.00 (0.05)
JUNE 1, 1999 TO MARCH 31, 2000(4) ....................... $ 1.00 0.04 0.00 (0.04)
JUNE 1, 1998 TO MAY 31, 1999 ............................ $ 1.00 0.04 0.00 (0.04)
58
FINANCIAL HIGHLIGHTS WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
DISTRIBUTIONS ENDING --------------------------------------------------
FROM NET NET ASSET NET
REALIZED VALUE PER INVESTMENT GROSS EXPENSE NET
GAINS SHARE INCOME EXPENSES WAIVED EXPENSES
- -----------------------------------------------------------------------------------------------------------------------------
PRIME INVESTMENT MONEY MARKET FUND
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) . 0.00 $ 1.00 0.54% 0.26% (0.06)% 0.20%
JULY 28, 2003(3) TO MARCH 31, 2004 .............. 0.00 $ 1.00 0.89% 0.25% (0.05)% 0.20%
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) . 0.00 $ 1.00 0.35% 0.55% 0.00% 0.55%
APRIL 1, 2003 TO MARCH 31, 2004 ................. 0.00 $ 1.00 0.59% 0.55% (0.01)% 0.54%
APRIL 1, 2002 TO MARCH 31, 2003 ................. 0.00 $ 1.00 1.14% 0.55% 0.00% 0.55%
APRIL 1, 2001 TO MARCH 31, 2002 ................. 0.00 $ 1.00 2.64% 0.55% 0.00% 0.55%
APRIL 1, 2000 TO MARCH 31, 2001 ................. 0.00 $ 1.00 5.72% 0.63% (0.08)% 0.55%
JUNE 1, 1999 TO MARCH 31, 2000(4) ............... 0.00 $ 1.00 5.15% 0.93% (0.38)% 0.55%
SEPTEMBER 2, 1998(3) TO MAY 31, 1999 ............ 0.00 $ 1.00 4.69%(5) 0.74%(5) (0.20)%(5) 0.54%(5)
TREASURY PLUS MONEY MARKET FUND
- -----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) . 0.00 $ 1.00 0.48% 0.27% (0.07)% 0.20%
APRIL 1, 2003 TO MARCH 31, 2004 ................. 0.00 $ 1.00 0.88% 0.26% (0.06)% 0.20%
APRIL 1, 2002 TO MARCH 31, 2003 ................. 0.00 $ 1.00 1.38% 0.29% (0.08)% 0.21%
APRIL 1, 2001 TO MARCH 31, 2002 ................. 0.00 $ 1.00 2.78% 0.29% (0.08)% 0.21%
APRIL 1, 2000 TO MARCH 31, 2001 ................. 0.00 $ 1.00 5.88% 0.30% (0.05)% 0.25%
APRIL 1, 1999 TO MARCH 31, 2000 ................. 0.00 $ 1.00 4.81% 0.40% (0.15)% 0.25%
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) . 0.00 $ 1.00 0.35% 0.56% (0.06)% 0.50%
APRIL 1, 2003 TO MARCH 31, 2004 ................. 0.00 $ 1.00 0.60% 0.55% (0.06)% 0.49%
APRIL 1, 2002 TO MARCH 31, 2003 ................. 0.00 $ 1.00 1.18% 0.55% (0.09)% 0.46%
APRIL 1, 2001 TO MARCH 31, 2002 ................. 0.00 $ 1.00 2.54% 0.53% (0.07)% 0.46%
APRIL 1, 2000 TO MARCH 31, 2001 ................. 0.00 $ 1.00 5.64% 0.55% (0.09)% 0.46%
APRIL 1, 1999 TO MARCH 31, 2000 ................. 0.00 $ 1.00 5.04% 0.63% (0.18)% 0.45%
100% TREASURY MONEY MARKET FUND
- -----------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) . 0.00 $ 1.00 0.66% 0.61% (0.11)% 0.50%
APRIL 1, 2003 TO MARCH 31, 2004 ................. 0.00 $ 1.00 0.52% 0.55% (0.06)% 0.49%
APRIL 1, 2002 TO MARCH 31, 2003 ................. 0.00 $ 1.00 1.12% 0.55% (0.09)% 0.46%
APRIL 1, 2001 TO MARCH 31, 2002 ................. 0.00 $ 1.00 2.53% 0.55% (0.09)% 0.46%
APRIL 1, 2000 TO MARCH 31, 2001 ................. 0.00 $ 1.00 5.41% 0.55% (0.09)% 0.46%
JUNE 1, 1999 TO MARCH 31, 2000(4) ............... 0.00 $ 1.00 4.67% 0.54% (0.08)% 0.46%
JUNE 1, 1998 TO MAY 31, 1999 .................... 0.00 $ 1.00 4.34% 0.53% (0.07)% 0.46%
NET ASSETS AT
TOTAL END OF PERIOD
RETURN(2) (000'S OMITTED)
- ------------------------------------------------------------------------------
PRIME INVESTMENT MONEY MARKET FUND
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.54% $ 1,066,670
JULY 28, 2003(3) TO MARCH 31, 2004 ............ 0.60% $ 1,085,856
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.36% $ 1,252,916
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.60% $ 1,466,176
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.14% $ 1,818,364
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.80% $ 2,006,493
APRIL 1, 2000 TO MARCH 31, 2001 ............... 6.02% $ 1,678,432
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 4.30% $ 222,523
SEPTEMBER 2, 1998(3) TO MAY 31, 1999 .......... 3.59% $ 68,771
TREASURY PLUS MONEY MARKET FUND
- ------------------------------------------------------------------------------
INSTITUTIONAL CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.51% $ 945,004
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.88% $ 1,964,435
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.45% $ 1,565,864
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.97% $ 905,766
APRIL 1, 2000 TO MARCH 31, 2001 ............... 6.05% $ 415,965
APRIL 1, 1999 TO MARCH 31, 2000 ............... 4.98% $ 390,592
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.36% $ 886,028
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.60% $ 1,324,943
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.20% $ 1,207,609
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.73% $ 1,158,202
APRIL 1, 2000 TO MARCH 31, 2001 ............... 5.83% $ 1,050,508
APRIL 1, 1999 TO MARCH 31, 2000 ............... 4.76% $ 468,150
100% TREASURY MONEY MARKET FUND
- ------------------------------------------------------------------------------
SERVICE CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.34% $ 2,936,125
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.53% $ 2,978,019
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.15% $ 2,725,643
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.68% $ 2,501,888
APRIL 1, 2000 TO MARCH 31, 2001 ............... 5.59% $ 2,254,618
JUNE 1, 1999 TO MARCH 31, 2000(4) ............. 3.94% $ 1,702,250
JUNE 1, 1998 TO MAY 31, 1999 .................. 4.49% $ 1,548,549
59
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
(1) During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods
less than one year are not annualized.
(3) Commencement of operations.
(4) The Fund changed its fiscal year-end from May 31 to March 31.
(5) Included expenses allocated from the affiliated Portfolio(s) in which the
Fund invested.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
60
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company. The Trust commenced operations on November 8,
1999, and is currently comprised of 75 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the California
Tax-Free Money Market Fund, Cash Investment Money Market Fund, Government Money
Market Fund, National Tax-Free Money Market Fund, Prime Investment Money Market
Fund, Treasury Plus Money Market Fund, and 100% Treasury Money Market Fund.
Each Fund, except for the California Tax-Free Money Market Fund, is a
diversified series of the Trust. California Tax-Free Money Market Fund is a
non-diversified series of the Trust.
Effective at the close of business on June 6, 2003, the Wells Fargo
Government Money Market Fund acquired all of the net assets of the Montgomery
Government Money Market Fund. The Montgomery Government Money Market Fund
exchanged its 180,530,053 Class R shares (valued at $180,585,365) for
180,530,053 Service Class shares of the Wells Fargo Government Money Market
Fund.
Effective at the close of business on July 25, 2003, the Government Money
Market Fund acquired all of the net assets of the Government Institutional Money
Market Fund. The Government Institutional Money Market Fund exchanged its
1,081,553,886 Institutional Class shares (valued at $1,081,553,928) for
1,081,553,886 Institutional Class shares of the Government Money Market Fund.
Effective at the close of business on July 25, 2003, the National Tax-Free
Money Market Fund (formerly named the National Tax-Free Institutional Money
Market Fund) (the "Acquiring Fund") acquired all of the net assets of the
National Tax-Free Money Market Fund (the "Target Fund"). The Target Fund
exchanged its 667,850,273 Class A shares (valued at $667,870,144) for
667,850,273 Class A shares of the Acquiring Fund.
Effective as of the close of business on July 25, 2003, the Prime
Investment Money Market Fund acquired all of the net assets of the Prime
Investment Institutional Money Market Fund. The Prime Investment Institutional
Money Market Fund exchanged its 455,533,672 Institutional Class shares (valued
at $455,533,763) for 455,533,672 Institutional Class shares of the Prime
Investment Money Market Fund.
Effective at the close of business on July 25, 2003, the Treasury Plus
Money Market Fund (formerly named the Treasury Plus Institutional Money Market
Fund) (the "Acquiring Fund") acquired all of the net assets of the Treasury Plus
Money Market Fund (the "Target Fund"). The Target Fund exchanged its
2,352,982,205 Class A shares (valued at $2,352,936,127) for 2,352,982,205 Class
A shares of the Acquiring Fund.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of a Fund, earn
income from the portfolio and are allocated unrealized gains and losses pro rata
based on the average daily net assets of each class, without distinction between
share classes. Dividends are determined separately for each class based on
income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholding
servicing and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
In the normal course of business, the Trust may enter into contracts that
provide certain indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Funds
and, therefore, cannot be estimated; however, based on experience, the risk of
loss from such claims is considered remote.
SECURITY VALUATION
The Fund(s) invests only in securities with remaining maturities not
exceeding 397 days (13 months). Certain floating- and variable-rate instruments
in the portfolio may have maturities in excess of 397 days, but carry a demand
feature that permits the holder to tender the instruments back to the issuer at
par value prior to maturity.
61
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
The amortized cost method is used to value portfolio securities. The
amortized cost method involves valuing a security at its cost, plus accretion of
discount or minus amortization of premium over the period until maturity, which
approximates market value. The Fund(s) seeks to maintain a constant net asset
value of $1.00 per share, although there is no assurance that it will be able to
do so.
Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to
shareholders monthly. Distributions to shareholders from net realized capital
gains, if any, are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
dividends the earnings and profits distributed to shareholders on the redemption
of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at September 30, 2004.
At March 31, 2004, current year deferred post-October capital losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Fund Deferred Post-October Capital Loss
CASH INVESTMENT MONEY MARKET FUND $ 4,622
GOVERNMENT MONEY MARKET FUND 1,768
PRIME INVESTMENT MONEY MARKET FUND 4,269
TREASURY PLUS MONEY MARKET FUND 4,808
100% TREASURY MONEY MARKET FUND 6,921
REPURCHASE AGREEMENTS
The Fund(s) may invest in repurchase agreements and may participate in
pooled repurchase agreement transactions with other funds advised by Wells Fargo
Funds Management, LLC. The repurchase agreements must be fully collateralized
based on values that are marked to market daily. The collateral may be held by
an agent bank under a tri-party agreement. It is the custodian's responsibility
to value collateral daily and to take action to obtain additional collateral as
necessary to maintain market value equal to or greater than the resale price.
The repurchase agreements are collateralized by instruments such as U.S.
Treasury, federal agency, or high-grade corporate obligations. There could be
potential loss to a Fund in the event that such Fund is delayed or prevented
from exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser responsible for day-to-day portfolio management.
62
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment sub-advisers to provide daily portfolio
management. The fees related to sub-advisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment sub-adviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Sub-Advisory Fee
Advisory Fee* (% of Average
Average Daily (% of Average Average Daily Daily Net
Fund Net Assets Daily Net Assets) Sub-Adviser Net Assets Assets)
CALIFORNIA TAX-FREE $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05%
MONEY MARKET FUND $500 - 999 million 0.300 Management > $1 billion 0.04
$1 - $2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
CASH INVESTMENT $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
GOVERNMENT $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
NATIONAL TAX-FREE $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
PRIME INVESTMENT $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
TREASURY PLUS $0 - 499 million 0.100 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.100 Management > $1 billion 0.04
$1 - $2.99 billion 0.100 Incorporated
$3 - 4.99 billion 0.100
>$ 4.99 billion 0.100
100% TREASURY $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.300 Management > $1 billion 0.04
$1 - $2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
* Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a monthly advisory fee at the following annual rates:
Advisory Fee
(% of Average
Fund Daily Net Assets)
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.30
CASH INVESTMENT MONEY MARKET FUND 0.10
GOVERNMENT MONEY MARKET FUND 0.10
NATIONAL TAX-FREE MONEY MARKET FUND 0.10
PRIME INVESTMENT MONEY MARKET FUND 0.10
TREASURY PLUS MONEY MARKET FUND 0.10
100% TREASURY MONEY MARKET FUND 0.35
63
WELLS FARGO MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers out of the
fees it receives as administrator, Funds Management is entitled to receive the
following annual fees:
Admin Fee **
Average Daily % Of Average
Net Assets Daily Net Assets
FUND LEVEL $0 - 4.99 billion 0.05
$5 - 9.99 billion 0.04
> $9.99 billion 0.03
ADMINISTRATOR 0.10
INSTITUTIONAL 0.08
SERVICE 0.12
** Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a fund level administration fee of 0.05% of average daily
net assets.
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to certain transaction charges plus a monthly fee for
custody services at the following annual rates:
% Of Average Daily Net Assets
ALL FUNDS 0.02
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
Administrator Institutional Service
Fund Class A Class Class Class
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.25% N/A N/A 0.25%
CASH INVESTMENT MONEY MARKET FUND N/A 0.10% 0.00% 0.25%
GOVERNMENT MONEY MARKET FUND 0.25% 0.10% 0.00% 0.25%
NATIONAL TAX-FREE MONEY MARKET FUND 0.25% N/A 0.00% 0.25%
PRIME INVESTMENT MONEY MARKET FUND N/A N/A 0.00% 0.25%
TREASURY PLUS MONEY MARKET FUND 0.25% N/A 0.00% 0.25%
100% TREASURY MONEY MARKET FUND 0.25% N/A N/A 0.25%
For the six months ended September 30, 2004, shareholder servicing fees
paid were as follows:
Administrator Institutional Service
Fund Class A Class Class Class
CALIFORNIA TAX-FREE MONEY MARKET FUND $2,808,333 N/A N/A $ 129,951
CASH INVESTMENT MONEY MARKET FUND N/A 198,141 0 10,008,830
GOVERNMENT MONEY MARKET FUND 511,984 158,284 0 6,684,240
NATIONAL TAX-FREE MONEY MARKET FUND 853,360 N/A 0 1,478,430
PRIME INVESTMENT MONEY MARKET FUND N/A N/A 0 2,522,263
TREASURY PLUS MONEY MARKET FUND 2,950,589 N/A 0 1,501,448
100% TREASURY MONEY MARKET FUND 210,804 N/A N/A 1,161,789
64
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee, and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statement
of Operations, for the six months ended September 30, 2004, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. The Fund's Adviser has committed to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense limitation for the Fund(s). Net operating expense limitations during the
period were as follows:
NET OPERATING EXPENSE LIMITATIONS
Administrator Institutional Service
Fund Class Class Class
CALIFORNIA TAX-FREE MONEY MARKET FUND N/A N/A 0.45%
CASH INVESTMENT MONEY MARKET FUND 0.35% 0.20% 0.50%
GOVERNMENT MONEY MARKET FUND 0.35% 0.20% 0.50%
NATIONAL TAX-FREE MONEY MARKET FUND N/A 0.20% 0.45%
PRIME INVESTMENT MONEY MARKET FUND N/A 0.20% 0.55%
TREASURY PLUS MONEY MARKET FUND N/A 0.20% 0.50%
100% TREASURY MONEY MARKET FUND N/A N/A 0.50%
4. SUBSEQUENT EVENTS
- --------------------------------------------------------------------------------
REORGANIZATION AND MEETING OF SHAREHOLDERS
On May 26, 2004, Wells Fargo & Company and Strong Financial Corporation
reached an agreement that provided for Wells Fargo to acquire $34 billion in
assets under management from Strong. Included among those assets under
management were the Strong Funds family of mutual funds. In September 2004, the
Strong Funds' Board of Directors and the WELLS FARGO FUNDS Board of Trustees
unanimously approved the reorganization of the Strong Funds into WELLS FARGO
FUNDS. The reorganization is subject to the approval of Strong Funds'
shareholders at a special meeting on December 10, 2004. If approved by
shareholders, the reorganization will add 43 new mutual funds to WELLS FARGO
FUNDS and is expected to be consummated during the second quarter of 2005.
The WELLS FARGO FUNDS Board of Trustees also has approved, and recommended
that WELLS FARGO FUNDS shareholders approve, the merger of certain WELLS FARGO
FUNDS into other WELLS FARGO FUNDS. Proxy materials soliciting approval of these
proposed mergers was mailed to WELLS FARGO FUNDS shareholders in November 2004,
and a meeting of WELLS FARGO FUNDS shareholders has been scheduled for January
2005. If WELLS FARGO FUNDS shareholders approve such proposed mergers, the
mergers are planned to take place during the second quarter of 2005 concurrently
with the reorganization of the Strong Funds into the WELLS FARGO FUNDS.
65
WELLS FARGO MONEY MARKET FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities and information
regarding the results of such voting is available without charge, upon request,
by calling 1-800-222-8222, visiting our website at www.wellsfargofunds.com or
visiting the SEC website at www.sec.gov.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 100 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Nominating Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 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.
INTERESTED TRUSTEES**
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------
Robert C. Brown Trustee since 1992 Retired. None
73
- -------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee since 1987 Private Investor/Real Estate None
60 Developer; Chairman of White
Point Capital, LLC.
- -------------------------------------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee since 1987 Wake Forest University, None
62 Calloway School of Business
and Accountancy, Associate
Professor of Finance.
- -------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee since 1998 Chairman, CEO, and None
62 (Lead Trustee since 2001) Co-Founder of Crystal Geyser
Water Company and President
of Crystal Geyser Roxane
Water Company.
- -------------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee since 1987 Retired. Prior thereto, None
71 President of Richard M.
Leach Associates (a financial
consulting firm).
- -------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee since 1996 Senior Counselor to the None
52 public relations firm of
Himle-Horner and Senior Fellow
at the Humphrey Institute,
Minneapolis, Minnesota (a
public policy organization).
- -------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee since 1996 Principal in the law firm of None
64 Willeke & Daniels.
- -------------------------------------------------------------------------------------------------------------
66
OTHER INFORMATION (UNAUDITED) WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
OFFICERS
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President since 2003 Executive Vice President of None
45 Wells Fargo Bank, N.A.
President of Wells Fargo
Funds Management, LLC.
Senior Vice President and
Chief Administrative Officer
of Wells Fargo Funds
Management, LLC from 2001 to
2003. Vice President of
Wells Fargo Bank, N.A. from
1997 to 2000.
- -------------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo Treasurer since 2003 Senior Vice President of Wells None
35 Fargo Bank, N.A. Senior Vice
President of Operations for
Wells Fargo Funds Management,
LLC. Prior thereto, Operations
Manager at Scudder Weisel
Capital, LLC (2000 to 2001),
Director of Shareholder
Services at BISYS Fund
Services (1999 to 2000)
and Assistant Vice President
of Operations with
Nicholas-Applegate
Capital Management (1993
to 1999).
- -------------------------------------------------------------------------------------------------------------
C. David Messman Secretary since 2000 Vice President and Managing None
44 Senior Counsel of Wells
Fargo Bank, N.A. Senior Vice
President and Secretary of
Wells Fargo Funds
Management, LLC. Vice
President and Senior Counsel
of Wells Fargo Bank, N.A.
from 1996. to 2003.
- -------------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222.
** Currently, two of the seven Trustees are considered "interested persons"
of the Trusts as defined in the Investment Company Act of 1940. One of the
interested Trustees, Robert C. Brown, owns securities of Wells Fargo &
Company, and one of the interested Trustees, J. Tucker Morse, is
affiliated with a government securities dealer that is registered under
the Securities Exchange Act of 1934, which is not itself affiliated with
Wells Fargo Funds Management, LLC.
*** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
67
WELLS FARGO MONEY MARKET FUNDS LIST OF ABBREVIATIONS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities
which may have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depository Receipts
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CMT -- Constant Maturity Treasury
COFI -- Cost of Funds Index
Connie Lee -- Connie Lee Insurance Company
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
EDFA -- Education Finance Authority
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Notes
FSA -- Financial Security Assurance, Inc
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
MTN -- Medium Term Note
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PLC -- Private Placement
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFMR -- Single Family Mortgage Revenue
STEERS -- Structured Enhanced Return Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
WEBS -- World Equity Benchmark Shares
68
THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
MORE INFORMATION ABOUT WELLS FARGO FUNDS(R) IS AVAILABLE FREE UPON REQUEST. TO
OBTAIN LITERATURE, PLEASE WRITE OR CALL:
WELLS FARGO FUNDS
PO BOX 8266
BOSTON, MA 02266-8266
WELLS FARGO FUNDS INVESTOR SERVICES: 1-800-222-8222 OR VISIT OUR WEB SITE AT
WWW.WELLSFARGOFUNDS.COM
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED
OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE
INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
WELLS FARGO FUNDS MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &
COMPANY, PROVIDES INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES FOR THE WELLS
FARGO FUNDS. OTHER AFFILIATES OF WELLS FARGO & COMPANY PROVIDE SUB-ADVISORY AND
OTHER SERVICES FOR THE FUNDS. THE FUNDS ARE DISTRIBUTED BY STEPHENS INC., MEMBER
NYSE/SIPC. WELLS FARGO & COMPANY AND ITS AFFILIATES ARE NOT AFFILIATED WITH
STEPHENS INC.
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
(C)2004 Wells Fargo Funds Management, LLC. All rights reserved. SAR 006 (11/04)
[GRAPHIC OMITTED]
[LOGO]
WELLS
FARGO
FUNDS
Wells Fargo Money Market Funds
Semi-Annual Report
Wells Fargo California Tax-Free Money Market Trust
Wells Fargo Money Market Trust
Wells Fargo National Tax-Free Money Market Trust
September 30, 2004
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Money Market Overview ..................................................... 2
- --------------------------------------------------------------------------------
Primary Investments ....................................................... 4
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
California Tax-Free Money Market Trust ................................. 5
Money Market Trust ..................................................... 6
National Tax-Free Money Market Trust ................................... 7
Fund Expenses ............................................................. 8
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
California Tax-Free Money Market Trust ................................. 9
Money Market Trust ..................................................... 14
National Tax-Free Money Market Trust ................................... 16
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities .................................... 22
Statement of Operations ................................................ 23
Statements of Changes in Net Assets .................................... 24
Financial Highlights ................................................... 26
Notes to Financial Statements ............................................. 28
- --------------------------------------------------------------------------------
Other Information ......................................................... 31
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 33
- --------------------------------------------------------------------------------
-------------------------------------------------------
NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
-------------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
We are pleased to provide you with this Wells Fargo Money Market Funds
(the Funds) semi-annual report for the six-month period ended September 30,
2004. On the following pages, you will find the money market overview and facts
and figures about each Fund's investment portfolio.
RATES ON THE RISE
- --------------------------------------------------------------------------------
On June 30, 2004, the Federal Open Market Committee (the FOMC or the Fed)
raised the federal funds target rate from 1% to 1.25%. By the end of September
2004, the federal funds rate was 0.50% higher, at 1.75%. Long-term yields
trended lower, shrugging off these successive rate hikes.
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Money market funds invest in short-term debt obligations, such as
commercial paper, treasury bills, government agency securities and tax-free
securities. The amount of top-rated commercial paper outstanding declined again
during the third quarter of 2004, albeit at a slower pace, as issuers continued
to take advantage of record low bond yields to extend the maturity of their
debt. The credit picture improved dramatically during the reporting period. The
pace of downgrades recorded the largest drop this year.
Yield spreads between prime money-market instruments, federal agency
securities and U.S. Treasury bills widened over the reporting period. While U.S.
Treasury yields generally increased during 2004, they did so at a more moderate
pace than prime money market investments. Toward the end of the reporting
period, some U.S. Treasury yields even decreased as other yields were rising.
For buyers of municipal variable-rate demand notes, massive supplies of
new bond issuances, coupled with the rising fed funds rate, have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels.
LOOKING AHEAD
- --------------------------------------------------------------------------------
As the economy continues to improve, increased inflationary pressures
could lead to higher interest rates. This, in turn, could potentially lead to
higher yields for investors in money market funds. The Fund managers will
continue to manage the Funds in a manner that will seek to provide for a stable
net asset value. Regardless of what lies ahead, investors should continue to
follow the fundamentals of investing--asset allocation and diversification--in
an effort to help achieve their long-term financial goals.
Thank you for your investment in WELLS FARGO FUNDS. We appreciate the
confidence that you have placed in us. If you have any questions or need further
information, please contact your investment professional, or call us at
1-800-222-8222. You may also visit our Web site at www.wellsfargofunds.com.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO FUNDS
1
WELLS FARGO MONEY MARKET TRUSTS MONEY MARKET OVERVIEW
- --------------------------------------------------------------------------------
MONEY MARKET OVERVIEW
This report covers the six-month period ended September 30, 2004.
PRIME MONEY MARKET SECURITIES
- --------------------------------------------------------------------------------
By the end of the reporting period, the money market yield curve had
become steeper compared to the prior six-months. By September 30, 2004, the
federal funds rate increased to 1.75%, while the 12-month London Interbank
Offered Rate (LIBOR) increased to 2.43%, a spread of 0.68%. In contrast, on
March 31, 2004, the federal funds rate was 1.00%, and the 12-month LIBOR was
1.35%, with a spread of only 0.35%.
The Federal Open Market Committee (the FOMC or the Fed) stuck to its
balanced approach to stimulating the economy by keeping the overnight federal
funds rate constant at 1% during April and May 2004. However, increasing signs
that the economic picture was improving triggered rate hikes of 0.25% starting
in June 2004 and continuing over the following three months. The markets reacted
to the rate hikes, with one-month rates increasing by 0.75% over the reporting
period and one-year rates increasing by 1.07%.
The amount of top-rated commercial paper outstanding declined again during
the third quarter of 2004, albeit at a slower pace, as issuers continued to take
advantage of record low bond yields to extend the maturity of their debt. The
amount of top-rated commercial paper outstanding fell by just over 2.1% during
the second half of the year, from $1.20 trillion at the end of March 2004, to
$1.18 trillion at the end of September 2004. This represents almost a 17%
decline in issuance since the peak of $1.41 trillion in December 2000, and is
reflected broadly over various sub-sectors, such as asset-backed commercial
paper and directly placed commercial paper.
Unlike the previous six months, the credit picture improved dramatically
during the reporting period. The pace of downgrades recorded the largest drop
this year, and for the first time since January 1998, Moody's reported no
defaults on any of its rated securities. Additionally, many of the corporate
accounting scandals and mutual fund trading investigations were resolved,
leading to increased investor confidence and hopes that the worst of the
corporate governance crisis was past. The only outstanding stresses to the
credit market relate to some widely known, but fairly uneventful, issues with
some of Government Sponsored Entities (GSEs); these are expected to be resolved
shortly and, we believe, could leave the affected GSEs in a much stronger
position.
U.S. GOVERNMENT AGENCY SECURITIES
- --------------------------------------------------------------------------------
Yield spreads between federal agency securities and prime money-market
instruments widened in the first three months of the period and then narrowed
after yielding as much as 0.20% less than the three-month LIBOR. The spread
narrowed to less than 0.10% near the end of September 2004. Spreads between
federal agency securities and U.S. Treasury bills also widened during this
period to over 0.20% near the end of September 2004, after having traded at the
same yield in June 2004.
At the end of the quarter, the Office of Federal Housing Enterprise
Oversight (OFHEO) issued its anticipated report on the Federal National Mortgage
Association (Fannie Mae) about alleged irregularities in financial controls and
accounting policies. Fannie Mae has agreed with OFHEO to boost its capital by
30% above the minimum within nine months. Estimates are that Fannie Mae will
need to increase its capital by $4 to $5 billion during this period and is
likely to use a combination of retaining its earnings and lowering its debt
issuance. This will necessitate a contraction in its mortgage portfolio. We
believe that these developments could prove to be positive for agency debt
holders, as yield spreads narrow due to less supply and improved investor
confidence. The senior debt ratings of Fannie Mae and other GSEs are stable at
this time at triple-A ratings.
U.S. TREASURY SECURITIES
- --------------------------------------------------------------------------------
While U.S. Treasury yields generally increased during 2004, they did so at
a more moderate pace than prime money market investments. Toward the end of the
reporting period, some U.S. Treasury yields even decreased as other yields were
rising. Some investors were buying short-maturity U.S. Treasury bills in the
hopes of reinvesting at higher rates, while others were using the short maturity
bills as a safe haven given election year terrorism fears. Recent strong buying
by Central Banks combined with tactical short selling by the primary government
securities dealers has increased demand for U.S. Treasuries, leading to higher
prices. As of September 30, 2004, the six-month U.S. Treasury bill yielded 0.29%
more than the three-month U.S. Treasury bill, whereas the yield differential at
the end of March 2004 was just 0.05%.
2
MONEY MARKET OVERVIEW WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
The extreme steepness of the yield curve in the U.S. Treasury bill market
occurred just after the first tightening at the Fed's June meeting, when the
pick-up from three- to six-month bills was 0.38%. Because the Fed reiterated it
would tighten at a measured pace, that steepness backed off to just over 0.25%
in September 2004.
TAX-FREE SECURITIES
- --------------------------------------------------------------------------------
In the past six months, news in the municipal markets was dominated by the
financial problems of the State of California as it faced a severe cash
shortage. The State was able to avoid a crisis by issuing $11 billion in
Economic Recovery Bonds. Rating agencies, in turn, raised California's ratings
from triple-B to single-A. These financial problems won't go away, as many of
the one-time measures that have been used to fill the budget deficit will expire
over the next two years.
For buyers of municipal variable rate demand notes, massive supplies of
new bond issuances coupled with the rising federal funds rate have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels. Variable rate demand notes averaged 85% of the one-month LIBOR
throughout the period, compared to the long-term historical average of 65%.
There continue to be reasons for concern about the general quality of
municipal credit. One of the issues that faced municipalities the past six
months was their unfunded pension obligations. During the stock market bubble,
rising equity values enabled municipalities to skip pension fund contributions
and increase benefit payouts. Since the bubble burst, pension funds are no
longer overvalued and these skipped payments and increased payouts have come to
haunt municipalities. For example, the State of Illinois is now faced with
approximately $45 billion in unfunded pension obligations. In addition to
Illinois, the city of San Diego's ratings have recently been removed for, among
other things, failing to properly disclose pension obligations.
Lastly, municipalities have increased their use of swaps. Some are used
appropriately as a form of creating synthetic fixed-rate securities as a cheaper
alternative to regular fixed-rate bonds. Our fear is that some smaller issuers
may be enhancing their investment returns by speculating in their use of these
derivatives. We continue to monitor these issues looming over municipalities.
STRATEGIC OUTLOOK
- --------------------------------------------------------------------------------
The interest rate rise was widely anticipated and the measured pace of the
tightening of rates by the Fed caused no market disruption. Fund yields were
largely responsive to these increases in the federal funds rate, and the Wells
Fargo Money Market Funds (the Funds) experienced minimal changes in assets. We
believe the Funds were positioned to take advantage of the additional yield
available in longer-term investments, while enjoying sensitivity to rate changes
offered by shorter-term investments.
THE VIEWS EXPRESSED ARE AS OF SEPTEMBER 30, 2004, AND ARE THOSE OF THE
FUNDS' MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO
CHANGING CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR
GUARANTEE THE FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR
THE MARKETS GENERALLY, OR THE WELLS FARGO MONEY MARKET FUNDS.
3
WELLS FARGO MONEY MARKET TRUSTS MONEY MARKET OVERVIEW
- --------------------------------------------------------------------------------
PRIMARY INVESTMENTS*
- --------------------------------------------------------------------------------
Certificates
U.S. U.S. of Deposit/ Floating/
Treasury Repurchase Government Commercial Bankers Time Variable Rate
Securities Agreements Obligations Paper Acceptances Deposits Notes/Bonds
Money Market X X X X X X X
National Tax-Free X
California Tax-Free X
Mortgage
and Other
Asset-
Backed Corporate Municipal
Securities Notes/Bonds Obligations
Money Market X X
National Tax-Free X
California Tax-Free X
- --------------------------------------------------------------------------------
* THE CHART HIGHLIGHTS SOME OF THE PRIMARY INVESTMENTS THAT THE TRUSTS MAY MAKE
AS PART OF THEIR INVESTMENT STRATEGIES. THE CHART DOES NOT IDENTIFY ALL OF THE
PERMITTED INVESTMENTS FOR EACH TRUST.
4
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
WELLS FARGO CALIFORNIA TAX-FREE MONEY MARKET TRUST
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo California Tax-Free Money Market Trust (the Trust) seeks
current income exempt from federal income tax and California individual income
tax, while preserving capital and liquidity.
TRUST MANAGERS INCEPTION DATE
Dave Sylvester 05/05/97
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year Life of Fund
Wells Fargo California Tax-Free Money Market Trust 0.47 0.87 1.87 2.25
Benchmark
iMoneyNet California State Specific Institutional
Money Fund Average(2) 0.33 0.61 1.78 2.27
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE TRUST'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE TRUST THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUND'S WEB SITE - WWW.WELLSFARGOFUNDS.COM.
THE TRUST IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE TRUST AND ARE
DESCRIBED IN THE TRUST'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET TRUST IS NOT INSURED OR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET TRUSTS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET TRUSTS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 1.33%
7-Day Compound Yield 1.34%
30-Day Simple Yield 1.19%
30-Day Compound Yield 1.20%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 37 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Demand Notes (84%)
Municipal Commercial Paper (6%)
Municipal Bonds (10%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (21%)
2 - 14 Days (62%)
15 - 29 Days (2%)
30 - 59 Days (2%)
60 - 89 Days (2%)
90 - 179 Days (1%)
180+ Days (10%)
(1) The Trust's Adviser has committed through July 31, 2005, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Trust. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Trust's 7-day current yield would have been 1.33%.
Performance shown for the Wells Fargo California Tax-Free Money
Market Trust for periods prior to November 8, 1999, reflects performance
of the Stagecoach California Tax-Free Money Market Trust, its predecessor
fund. Effective at the close of business November 5, 1999, the Stagecoach
Funds were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet California State Specific Institutional Money Fund Average
is an average of California institutional state tax-free and municipal
money funds.
(3) Portfolio holdings and characteristics are subject to change.
5
WELLS FARGO MONEY MARKET TRUSTS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO MONEY MARKET TRUST
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Money Market Trust (the Trust) seeks current income, while
preserving capital and liquidity.
TRUST MANAGERS INCEPTION DATE
Dave Sylvester 9/17/90
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year 10-Year
Wells Fargo Money Market Trust 0.56 1.04 3.13 4.30
Benchmark
iMoneyNet First Tier Institutional Money Fund Average(2) 0.45 0.81 3.07 5.03
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE TRUST'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE TRUST THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUND'S WEB SITE - WWW.WELLSFARGOFUNDS.COM.
THE TRUST IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE TRUST AND ARE
DESCRIBED IN THE TRUST'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET TRUST IS NOT INSURED OR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET TRUSTS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET TRUSTS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 1.54%
7-Day Compound Yield 1.55%
30-Day Simple Yield 1.43%
30-Day Compound Yield 1.44%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 41 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Certificates of Deposits (4%)
Commercial Paper (42%)
Short-Term Corporate Bonds (6%)
FHLMC (1%)
FNMA (3%)
Floating & Variable Rate Bonds/Notes (13%)
Repurchase Agreements (22%)
Time Deposits (9%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
0 - 1 Days (27%)
2 - 14 Days (27%)
15 - 29 Days (8%)
30 - 59 Days (8%)
60 - 89 Days (15%)
90 - 179 Days (13%)
270+ Days (2%)
(1) The Trust's Adviser has committed through July 31, 2005 to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Trust. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Trust's 7-day current yield would have been 1.54%.
Performance shown for the Wells Fargo Money Market Trust for periods
prior to November 8, 1999, reflects performance of the Stagecoach Money
Market Trust, its predecessor fund. Effective at the close of business
November 5, 1999, the Stagecoach Funds and the Norwest Advantage Funds
were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet First Tier Institutional Money Fund Average is an average of
non-governmental institutional funds that do not hold any second tier
securities. Portfolio holdings of first tier funds include U.S. Treasury
securities, U.S. other securities, repos, time deposits, domestic bank
obligations, foreign bank obligations, first tier commercial paper,
floating rate notes and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
6
PERFORMANCE HIGHLIGHTS WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
WELLS FARGO NATIONAL TAX-FREE MONEY MARKET TRUST
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo National Tax-Free Money Market Trust (the Trust) seeks
current income exempt from federal income taxes, while preserving capital and
liquidity.
TRUST MANAGERS INCEPTION DATE
Dave Sylvester 11/10/97
Julio Bonilla
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-Month* 1-Year 5-Year Life of Fund
Wells Fargo National Tax-Free Money Market Trust 0.47 0.88 2.12 2.41
Benchmark
iMoneyNet Tax-Free Institutional Money Fund Average(2) 0.36 0.66 1.95 2.36
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE TRUST'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE TRUST THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUND'S WEB SITE - WWW.WELLSFARGOFUNDS.COM.
THE TRUST IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE TRUST AND ARE
DESCRIBED IN THE TRUST'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET TRUST IS NOT INSURED OR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET TRUSTS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET TRUSTS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 1.36%
7-Day Compound Yield 1.37%
30-Day Simple Yield 1.21%
30-Day Compound Yield 1.21%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 31 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Municipal Demand Notes (82%)
Municipal Put Bonds (3%)
Municipal Bonds (8%)
Municipal Commercial Paper (7%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (28%)
2 - 14 Days (52%)
15 - 29 Days (2%)
30 - 59 Days (5%)
60 - 89 Days (2%)
90 - 179 Days (6%)
180 - 269 Days (1%)
270+ Days (4%)
(1) The Trust's Adviser has committed through July 31, 2005 to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Trust. Actual reductions of operating
expenses can increase total return to shareholders. Without these
reductions, the Fund's 7-day current yield would have been 1.34%.
Performance shown for the Wells Fargo National Tax-Free Money Market
Trust for the periods prior to November 8, 1999, reflects performance of
the Stagecoach National Tax-Free Money Market Trust, its predecessor fund.
Effective at the close of business November 5, 1999, the Stagecoach Funds
were reorganized into the WELLS FARGO FUNDS(R).
(2) The iMoneyNet Tax-Free Institutional Money Fund Average is an average of
all national and state tax-free and institutional municipal money funds.
Portfolio holdings of tax-free funds include rated and unrated demand
notes, rated and unrated general market notes, commercial paper, put bonds
under six months, put bonds over six months, AMT paper and other tax-free
holdings. It is made up of funds in the National Tax-Free Institutional
and State Specific Institutional categories.
(3) Portfolio holdings and characteristics are subject to change.
7
WELLS FARGO MONEY MARKET TRUSTS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any); and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) 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 period and held for the entire period (April 1, 2004 to September 30,
2004).
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
sales charges (loads), redemption fees, or exchange fees. Therefore, the second
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.
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.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/2004 9/30/2004 the Period* Ratio
California Tax-Free Money Market Trust
- ------------------------------------------------------------------------------------------
Actual $1,000.00 $1,004.70 $1.00 0.20%
Hypothetical
(5% return before expenses) $1,000.00 $1,024.00 $1.01 0.20%
Money Market Trust
- ------------------------------------------------------------------------------------------
Actual $1,000.00 $1,005.60 $1.00 0.20%
Hypothetical
(5% return before expenses) $1,000.00 $1,024.00 $1.01 0.20%
National Tax-Free Money Market Trust
- ------------------------------------------------------------------------------------------
Actual $1,000.00 $1,004.70 $1.00 0.20%
Hypothetical
(5% return before expenses) $1,000.00 $1,024.00 $1.01 0.20%
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY
THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF
DAYS IN THE MOST RECENT FISCAL HALF-YEAR DIVIDED BY THE NUMBER OF DAYS IN
THE FISCAL YEAR (TO REFLECT THE ONE-HALF YEAR PERIOD).
8
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MUNICIPAL BONDS & NOTES - 95.86%
CALIFORNIA - 92.88%
$ 5,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
CALIFORNIA JEWISH COMMUNITY CENTER PROJECT ALLIED
IRISH BANK LOC (RECREATIONAL FACILITIES
REVENUE LOC)@+/- 1.72% 11/15/2031 $ 5,000,000
2,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT
CORPORATIONS CALIFORNIA HOUSING REVENUE
SERIES A SOCIETE GENERALE LOC
(HOUSING REVENUE LOC)@+/- 1.77 07/01/2008 2,000,000
2,070,000 ALAMEDA-CONTRA COSTA CA SCHOOLS FINANCING
AUTHORITY CTFS PARTICIPATION CAPITAL IMPROVEMENTS
FINANCING PROJECTS LEASE REVENUE SERIES G
AMBAC INSURED (LEASE REVENUE LOC)@+/- 1.83 08/01/2024 2,070,000
2,200,000 ALVORD CA UNIVERSITY SCHOOL DISTRICT FINANCING
CORP CTFS PARTICIPATION REFINANCING PROJECT LEASE
REVENUE KBC BANK NV LOC (LEASE REVENUE LOC)@+/- 1.73 09/01/2019 2,200,000
3,300,000 CALIFORNIA CITIES HOME OWNERSHIP AUTHORITY
HOUSING REVENUE LEASE PURCHASE PROGRAM PROJECT
SERIES A COLLATERALIZED BY FHLMC
(HOUSING REVENUE LOC)@+/- 1.77 09/01/2006 3,300,000
2,000,000 CALIFORNIA COMMUNITIES HOUSING FINANCE AGENCY
LEASE REVENUE SERIES A COLLATERALIZED BY FHLMC
(HOUSING REVENUE LOC)@+/- 1.77 02/01/2007 2,000,000
5,900,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
REVENUE STANFORD UNIVERSITY SERIES S-4
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.67 11/01/2049 5,900,000
6,065,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES E-1
(HOUSING REVENUE LOC)@+/- 1.65 04/01/2005 6,065,000
1,500,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES E-2
(HOUSING REVENUE LOC)@+/- 1.65 04/01/2005 1,500,000
820,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES U
(HOUSING REVENUE LOC)@+/- 1.75 02/01/2017 820,000
2,760,000 CALIFORNIA HFA REVENUE SERIES F
(HOUSING REVENUE LOC)@+/- 1.77 02/01/2033 2,760,000
1,000,000 CALIFORNIA HFFA REVENUE CTFS SERIES 26 FSA INSURED
(HEALTH FACILITIES FINANCING
AUTHORITY REVENUE LOC)@+/- 1.69 06/01/2022 1,000,000
4,100,000 CALIFORNIA HFFA REVENUE SCRIPPS HEALTH SERIES
A BANK ONE NA LOC (HEALTH FACILITIES FINANCING
AUTHORITY REVENUE LOC)@+/- 1.69 10/01/2023 4,100,000
5,400,000 CALIFORNIA HFFA REVENUE SERIES A MBIA INSURED
(HEALTH FACILITIES FINANCING
AUTHORITY REVENUE LOC)@+/- 1.71 09/01/2028 5,400,000
750,000 CALIFORNIA HFFA REVENUE SERIES B (HEALTHCARE
FACILITIES REVENUE LOC)@+/- 1.69 08/01/2021 750,000
2,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC
DEVELOPMENT BANK REVENUE J PAUL GETTY TRUST
SERIES D (ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.17 02/01/2005 2,200,000
800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC
DEVELOPMENT REVENUE J PAUL GETTY TRUST SERIES B
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.17 02/01/2005 800,000
2,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC
DEVELOPMENT REVENUE J PAUL GETTY TRUST SERIES C
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.17 02/01/2005 2,200,000
2,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC
DEVELOPMENT REVENUE J PAUL GETTY TRUST SERIES A
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.62 10/03/2005 2,000,000
2,300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC
DEVELOPMENT REVENUE J PAUL GETTY TRUST SERIES B
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.62 10/03/2005 2,300,000
3,000,000 CALIFORNIA POLLUTION CONTROL FINANCING
AUTHORITY RESIDENTIAL RECOVERY REVENUE ATLANTIC
RICHFIELD COMPANY PROJECT - SERIES A
(POLLUTION CONTROL REVENUE LOC)@+/- 1.78 12/01/2024 3,000,000
6,000,000 CALIFORNIA SCHOOL CASH RESERVE PROJECT
AUTHORITY POOL SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC) 3.00 07/06/2005 6,062,927
3,400,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE &
POWER SUPPLY REVENUE SERIES C-3 AMBAC INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 3,400,000
25,600,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE &
POWER SUPPLY REVENUE SERIES B-1 BANK OF NEW
YORK LOC (POWER REVENUE LOC)@+/- 1.71 05/01/2022 25,600,000
500,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE &
POWER SUPPLY REVENUE SERIES C11
(ELECTRIC REVENUE LOC)@+/- 1.70 05/01/2022 500,000
9
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 3,800,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE &
POWER SUPPLY REVENUE
SERIES C-15 BANK OF NOVA SCOTIA LOC
(POWER REVENUE LOC)@+/- 1.70% 05/01/2022 $ 3,800,000
12,100,000 CALIFORNIA STATE DEPARTMENT OF WATER RESOURCES
SERIES B-2 (ELECTRIC REVENUE LOC)@+/- 1.80 05/01/2022 12,100,000
2,000,000 CALIFORNIA STATE DEPARTMENT WATER RESERVE
CENTER VALLEY PROJECT REVENUE PUTTERS SERIES 127
FGIC INSURED (WATER REVENUE LOC)@+/- 1.17 12/01/2022 2,000,000
1,360,000 CALIFORNIA STATE DEPARTMENT WATER RESERVE
CENTRAL VALLEY PROJECT REVENUE SERIES R
(WATER REVENUE LOC)@+/- 1.72 12/01/2021 1,360,000
1,450,000 CALIFORNIA STATE ECONOMIC DEVELOPMENT FINANCING
AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE SERRA
MICROCHASSIS PROJECT US BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)@+/- 1.75 08/01/2027 1,450,000
2,400,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.75 07/01/2005 2,400,000
2,250,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.75 07/01/2005 2,250,000
6,795,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.70 07/01/2008 6,795,000
1,865,000 CALIFORNIA STATE ECONOMIC RECOVERY
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.72 01/01/2012 1,865,000
7,650,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE
SERIES C-4 (SALES TAX REVENUE LOC)@+/- 1.71 07/01/2023 7,650,000
6,600,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE
SERIES C-7 (SALES TAX REVENUE LOC)@+/- 1.72 07/01/2023 6,600,000
1,400,000 CALIFORNIA STATE PUBLIC WORKS BOARD LEASE
REVENUE CTFS SERIES D AMBAC INSURED
(LEASE REVENUE LOC)@+/- 1.72 12/01/2019 1,400,000
4,700,000 CALIFORNIA STATE PUTTERS SERIES 142 FGIC INSURED
(GENERAL OBLIGATION - STATES, TERRITORIES LOC)@+/- 1.17 12/01/2029 4,700,000
3,200,000 CALIFORNIA STATEWIDE CDA MFHR BYRON
PARK PROJECT C@+/- 1.76 01/20/2031 3,200,000
2,500,000 CALIFORNIA STATEWIDE CDA MFHR GREENBACK MANOR
APARTMENTS SERIES A COLLATERALIZED BY FHLB
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.72 02/01/2028 2,500,000
3,000,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-1
(INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 3,031,026
1,300,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-2 FRESNO
(INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 1,313,445
2,300,000 CALIFORNIA STATEWIDE CDA REVENUE SERIES A-3
SAN BERNARDINO COUNTY
(INDUSTRIAL DEVELOPMENT REVENUE LOC) 3.00 06/30/2005 2,323,787
5,000,000 CALIFORNIA TRANSPORTATION FINANCING
AUTHORITY REVENUE
(TRANSPORTATION REVENUE LOC)@+/- 1.70 10/01/2027 5,000,000
1,000,000 CENTRAL UNIVERSITY SCHOOL DISTRICT CA CTFS
PARTICIPATION (EDUCATIONAL FACILITIES REVENUE LOC)@+/- 3.50 01/01/2035 1,005,721
6,760,000 CONTRA COSTA COUNTY CA HOME MORTGAGE
REVENUE CTFS SERIES A (HOUSING REVENUE LOC)@+/- 1.78 12/01/2015 6,760,000
100,000 CONTRA COSTA COUNTY CA MFHR DELTA SQUARE
APARTMENTS PROJECT SERIES H COLLATERALIZED
BY FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.68 10/15/2029 100,000
7,100,000 CONTRA COSTA COUNTY CA MFHR LAFAYETTE TOWN
CENTER APARTMENTS SERIES I COLLATERALIZED BY
FNMA (MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 07/15/2032 7,100,000
675,000 CSUCI CA FINANCING AUTHORITY RENTAL HOUSING
CITIBANK INSURED
(COLLEGE AND UNIVERSITY REVENUE LOC)@+/- 1.60 08/01/2031 675,000
3,100,000 EAST BAY CA MUD WATER SYSTEMS REVENUE
PREREFUNDED (UTILITIES REVENUE LOC)@+/- 1.66 06/01/2025 3,100,000
2,500,000 FREMONT CA TRAN 2.00 10/29/2004 2,501,835
1,400,000 HAYWARD CA MFHR TENNYSON GARDENS
APARTMENTS PROJECT SERIES A US BANK NA LOC
(HOUSING REVENUE LOC)@+/- 1.75 08/01/2032 1,400,000
12,600,000 HILLSBOROUGH CA CTFS PARTNERSHIP WATER & SEWER
SYSTEMS PROJECTS SERIES A
(PROPERTY TAX REVENUE LOC)@+/- 1.72 06/01/2033 12,600,000
1,200,000 IRVINE CA IMPT BD ACT 1915 DISTRICT 85-7-I
(SPECIAL TAX REVENUE LOC)@+/- 1.68 09/02/2011 1,200,000
2,200,000 IRVINE UNIFIED SCHOOL DISTRICT RB
(COMMUNITY FACILITIES DISTRICT) NO 01-1
(TAX REVENUE LOC)@+/- 1.73 09/01/2038 2,200,000
10
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 2,000,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH
STREET APARTMENTS PROJECT SERIES C
COLLATERALIZED BY FNMA (HOUSING REVENUE LOC)@+/- 1.68% 12/01/2026 $ 2,000,000
1,580,000 LONG BEACH CA HARBOR REVENUE SERIES 418 FGIC
INSURED (AIRPORT REVENUE LOC)@+/- 1.73 05/15/2020 1,580,000
1,000,000 LONG BEACH CA TRAN (TAX REVENUE LOC) 1.50 10/04/2004 1,000,043
3,630,000 LOS ANGELES CA CONVENTION & EXHIBITION CENTER
AUTHORITY LEASE REVENUE SUB SERIES C-2
(LEASE REVENUE LOC)@+/- 1.68 08/15/2021 3,630,000
2,265,000 LOS ANGELES CA DEPARTMENT WATER & POWER
ELECTRIC REVENUE SERIES 143 MBIA INSURED
(ELECTRIC PLANT REVENUE LOC)@+/- 1.17 02/15/2024 2,265,000
5,500,000 LOS ANGELES CA GO SERIES 1999A MERRILL LYNCH
CAPITAL SERVICES LOC
(GENERAL OBLIGATION - STATES, TERRITORIES LOC)@+/- 1.70 03/01/2012 5,500,000
700,000 LOS ANGELES CA HARBOR DEPARTMENT REVENUE
SERIES A (AIRPORT REVENUE LOC) 5.50 08/01/2005 722,112
2,025,000 LOS ANGELES CA MFHR LOANS TO LENDERS PROJECT
SERIES B FHLB LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.75 12/01/2026 2,025,000
7,000,000 LOS ANGELES CA TRAN (TAX REVENUE LOC) 3.50 06/30/2005 7,104,064
1,000,000 LOS ANGELES CA WASTEWATER SYSTEM SEWER REVENUE
SERIES B FGIC INSURED
(WATER & WASTEWATER AUTHORITY REVENUE LOC)@+/- 1.15 12/01/2031 1,000,000
4,400,000 LOS ANGELES CA WATER & POWER REVENUE
SERIES 184 FSA INSURED (WATER REVENUE LOC)@+/- 1.72 07/01/2022 4,400,000
1,467,000 LOS ANGELES CA WATER & POWER REVENUE
SERIES 873 (ELECTRIC REVENUE LOC)@+/- 1.69 07/01/2011 1,467,000
1,200,000 LOS ANGELES CA WATER & POWER REVENUE
SUBSERIES B-1 DEXIA INSURED (WATER REVENUE LOC)@+/- 1.68 07/01/2035 1,200,000
3,000,000 LOS ANGELES COUNTY CA METROPOLITAN
TRANSPORTATION AUTHORITY REVENUE FSA INSURED
(TRANSPORTATION REVENUE LOC)@+/- 1.72 07/01/2016 3,000,000
2,000,000 LOS ANGELES COUNTY CA MFHR AUTHORITY REVENUE P
FLOAT PT 639 (HOUSING REVENUE LOC)@+/- 1.77 10/01/2031 2,000,000
600,000 LOS ANGELES COUNTY CA SCHOOLS POOLED FINANCING
PROGRAM SERIES A
(EDUCATIONAL FACILITIES REVENUE LOC) 3.50 06/30/2005 608,312
7,500,000 LOS ANGELES COUNTY HOUSING AUTHORITY MULTI-FAMILY
REVENUE BONDS (HOUSING REVENUE LOC)@+/- 1.70 09/01/2030 7,500,000
11,300,000 LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION
AUTHORITY TAX REVENUE REFUNDING SERIES A@+/- 1.70 07/01/2020 11,300,000
900,000 METROPOLITAN WATER DISTRICT SOUTHERN CA
WATERWORKS REVENUE SERIES A2 JP MORGAN CHASE
BANK INSURED (WATER REVENUE LOC)@+/- 1.67 07/01/2023 900,000
6,200,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA
WATERWORKS REVENUE SERIES C1 DEXIA LOC
(WATER REVENUE LOC)@+/- 1.69 07/01/2030 6,200,000
4,400,000 MODESTO CA IRRIGATION DISTRICT FINANCING AUTHORITY
REVENUESERIES SG 66 MBIA INSURED
(ELECTRIC REVENUE LOC)@+/- 1.70 10/01/2015 4,400,000
6,600,000 MSR PUBLIC POWER AGENCY CA UTILITY TAX REVENUE
SAN JUAN PROJECT SERIES F MBIA INSURED
(POWER REVENUE LOC)@+/- 1.71 07/01/2022 6,600,000
3,500,000 NEWPORT BEACH CA REVENUE HOAG MEMORIAL
HOSPITAL SERIES A
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 3,500,000
7,900,000 NEWPORT BEACH CA REVENUE HOAG MEMORIAL
HOSPITAL SERIES B
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.76 10/01/2026 7,900,000
3,400,000 OAKLAND CA JT POWERS FINANCING AUTHORITY
FRUITVALE TRANSIT SERIES B (POWER REVENUE LOC)@+/- 1.69 07/01/2033 3,400,000
17,613,000 OAKLAND-ALAMEDA COUNTY CA COLISEUM AUTHORITY
LEASE REVENUE SERIES C-1 (LEASE REVENUE LOC)@+/- 1.70 02/01/2025 17,613,000
1,100,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
(ECONOMIC DEVELOPMENT REVENUE LOC)@+/- 1.68 11/15/2028 1,100,000
11
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
$ 4,700,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
BLUFFS APARTMENT PROJECT SERIES C FHLMC LOC
(HOUSING REVENUE LOC)@+/- 1.68% 12/01/2029 $ 4,700,000
1,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
HIDDEN HILLS PROJECT SERIES C
(HOUSING REVENUE LOC)@+/- 1.65 11/01/2009 1,000,000
5,500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
ISSUE G SERIES 2 FNMA LOC
(HOUSING REVENUE LOC)@+/- 1.68 11/15/2028 5,500,000
14,600,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
POINTE NIGUEL PROJECT SERIES C
(HOUSING REVENUE LOC)@+/- 1.70 11/01/2022 14,600,000
4,400,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
SERIES B ALISO CREEK PROJECT FHLMC LOC
(HOUSING REVENUE LOC)@+/- 1.67 11/01/2022 4,400,000
1,100,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
SERIES G-3 (HOUSING REVENUE LOC)@+/- 1.68 11/15/2028 1,100,000
4,215,000 ORANGE COUNTY CA SANITATION DISTRICTS COP AMBAC
INSURED (LEASE REVENUE LOC)@+/- 1.70 08/01/2013 4,215,000
950,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY
TEETER PLAN REVENUE SERIES 1995D AMBAC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.69 11/01/2014 950,000
4,600,000 ORANGE COUNTY CA SPECIAL FINANCING AUTHORITY
TEETER PLAN REVENUE SERIES E AMBAC INSURED
(PROPERTY TAX REVENUE LOC)@+/- 1.69 11/01/2014 4,600,000
5,780,000 PLEASANT VALLEY CA SCHOOL DISTRICT
(PROPERTY TAX REVENUE LOC)@+/- 1.70 08/01/2020 5,780,000
10,000,000 RANCHO CALIFORNIA WATER DISTRICT SERIES-B
(FGIC) (WATER REVENUE LOC)@+/- 1.69 08/01/2031 10,000,000
1,600,000 RIVERSIDE - SAN BERNADINO CA HOUSING & FINANCE
AGENCY LEASE REVENUE SERIES A SOCIETE
GENERALE LOC (HOUSING REVENUE LOC)@+/- 1.70 07/01/2006 1,600,000
2,000,000 SACRAMENTO CA CITY UNION SCHOOL DISTRICT
TAX & REVENUE ANTIC NOTES 2003-04
(GENERAL OBLIGATION - SCHOOL DISTRICTS LOC) 2.00 11/12/2004 2,002,156
2,500,000 SACRAMENTO CA MUNICIPAL UTILITIES DISTRICT ELECTRIC
REVENUE (POWER REVENUE LOC)@+/- 1.72 08/15/2017 2,500,000
1,765,000 SACRAMENTO CA MUNICIPAL UTILITIES DISTRICT ELECTRIC
REVENUE (UTILITIES REVENUE LOC)@+/- 1.72 05/15/2020 1,765,000
10,400,000 SACRAMENTO CA UNION SCHOOL DISTRICT CTFS PARTNERS
FSA INSURED (GENERAL OBLIGATION -
SCHOOL DISTRICTS LOC)@+/- 1.68 03/01/2031 10,400,000
3,000,000 SACRAMENTO COUNTY CA HFA MFHR ARLINGTON CREEK
APARTMENT SERIES 1 COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.73 05/15/2034 3,000,000
5,500,000 SACRAMENTO COUNTY CA TRAN SERIES A
(TAX REVENUE LOC) 3.00 07/11/2005 5,556,615
2,100,000 SAN DIEGO CA MFHR COLLATERALIZED BY FNMA
(HOUSING REVENUE LOC)@+/- 1.68 08/01/2014 2,100,000
2,075,000 SAN DIEGO CA SCHOOL DISTRICT TRAN
(OTHER REVENUE LOC) 3.00 07/25/2005 2,098,415
1,275,000 SAN DIEGO CA UNION SCHOOL DISTRICT SERIES PA-804
(EDUCATIONAL FACILITIES REVENUE LOC)@+/- 1.70 07/01/2022 1,275,000
1,245,000 SAN DIEGO CA UNIVERSITY SCHOOL DISTRICT
(GENERAL OBLIGATION - SCHOOL DISTRICTS LOC)@+/- 1.72 07/01/2024 1,245,000
1,300,000 SAN DIEGO COUNTY & SCHOOL DISTRICT TRAN
(EDUCATIONAL FACILITIES REVENUE LOC) 3.25 07/25/2005 1,317,280
7,200,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION
LEASE REVENUE MOSCONE CENTER EXPANSION PROJECT
SERIES 1 AMBAC INSURED (LEASE REVENUE LOC)@+/- 1.67 04/01/2030 7,200,000
3,205,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
AGENCY MFHR NAMIKI APARTMENTS PROJECT
SERIES C CITIBANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)@+/- 1.73 11/01/2036 3,205,000
1,000,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX
ALLOCATION CTFS SERIES 149 MBIA INSURED
(TAX INCREMENTAL REVENUE LOC)@+/- 1.73 08/01/2027 1,000,000
5,790,000 SAN MATEO COUNTY CA TRAN DISTRICT SALES TAX
REVENUE FLOATER PT 1914 FSA INSURED
(SALES TAX REVENUE LOC)@+/- 1.70 12/01/2007 5,790,000
7,500,000 SONOMA COUNTY CA TRAN (TAX REVENUE LOC) 3.00 10/13/2005 7,597,350
2,100,000 SOUTH PLACER CA WASTEWATER AUTHORITY REVENUE
SERIES B (SEWER REVENUE LOC)@+/- 1.68 11/01/2035 2,100,000
5,400,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION
PROJECT REVENUE LLOYDS BANK LOC
(UTILITIES REVENUE LOC)@+/- 1.67 07/01/2019 5,400,000
12
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CALIFORNIA (CONTINUED)
200,000 STOCKTON CA HEALTH FACILITIES REVENUE SERIES A
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.70% 12/01/2032 $ 200,000
1,700,000 TULARE CA LOCAL HEALTH CARE DISTRICT
HEALTH FACILITY REVENUE
(HEALTHCARE FACILITIES REVENUE LOC)@+/- 1.70 12/01/2032 1,700,000
3,200,000 UNION CITY CA MFHR HOUSING MISSION SIERRA SERIES A
(HOUSING REVENUE LOC)@+/- 1.68 07/15/2029 3,200,000
1,695,000 UNIVERSITY CA EDUCATION FACILITIES REVENUE
SERIES 479 MBIA INSURED (HIGHER EDUCATION
FACILITIES AUTHORITY REVENUE LOC)@+/- 1.69 09/01/2022 1,695,000
14,600,000 VERNON CA ELECTRIC SYSTEMS MALBURG PROJECT
SERIES B (ELECTRIC REVENUE LOC)@+/- 1.68 04/01/2033 14,600,000
2,500,000 VERNON CA ELECTRIC SYSTEMS REVENUE MALBURG
PROJECT (ELECTRIC REVENUE LOC)@+/- 1.68 04/01/2023 2,500,000
461,115,088
---------------
OTHER - 1.55%
5,000,000 ABN AMRO MUNITOPS CTFS TR 1998-20 MUNITOPS
CERTIFICATES AMBAC INSURED (OTHER REVENUE LOC)@+/- 1.71 07/05/2006 5,000,000
2,680,000 ABN AMRO MUNITOPS CTFS TR 2000-5 MUNITOPS
CERTIFICATES FGIC INSURED (OTHER REVENUE LOC)@+/-++ 1.75 05/07/2008 2,680,000
7,680,000
---------------
PUERTO RICO - 1.43%
2,500,000 EAGLE TAX-EXEMPT TRUST CTF 20015101 CLASS A
(PUERTO RICO COMMONWEALTH INFRASTRUCTURE
FINANCING AUTHORITY SERIES A) (OTHER REVENUE LOC)@+/- 1.72 10/01/2034 2,500,000
4,575,000 EAGLE TAX-EXEMPT TRUST CTF 20025102 CLASS A
(PUERTO RICO COMMONWEALTH HIGHWAY &
TRANSPORTATION REVENUE SERIES D) FSA INSURED
(TOLL ROAD REVENUE LOC)@+/- 1.72 07/01/2027 4,575,000
7,075,000
---------------
TOTAL MUNICIPAL BONDS & NOTES (COST $475,870,088) 475,870,088
---------------
COMMERCIAL PAPER - 5.56%
3,200,000 PORT OF OAKLAND CALIFORNIA 1.16 10/05/2004 3,200,000
3,000,000 PORT OF OAKLAND CALIFORNIA 1.38 10/12/2004 3,000,000
5,213,000 PORT OF OAKLAND CALIFORNIA 1.43 11/12/2004 5,213,000
3,000,000 UNIVERSITY OF CALIFORNIA 1.30 10/08/2004 3,000,000
2,500,000 UNIVERSITY OF CALIFORNIA 1.15 10/18/2004 2,500,000
1,700,000 UNIVERSITY OF CALIFORNIA 1.15 10/19/2004 1,700,000
2,000,000 UNIVERSITY OF CALIFORNIA 1.22 10/20/2004 2,000,000
4,000,000 UNIVERSITY OF CALIFORNIA 1.22 10/21/2004 4,000,000
3,000,000 UNIVERSITY OF CALIFORNIA 1.35 11/09/2004 3,000,000
TOTAL COMMERCIAL PAPER (COST $27,613,000) 27,613,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $503,483,088)* 101.42% $ 503,483,088
OTHER ASSETS AND LIABILITIES, NET (1.42) (7,046,781)
------ ---------------
TOTAL NET ASSETS 100.00% $ 496,436,307
====== ===============
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
+/- VARIABLE RATE SECURITIES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
13
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - DISCOUNT - 3.36%
$ 49,916,500 FNMA^ 2.00% 01/03/2005 $ 49,655,825
TOTAL AGENCY NOTES - DISCOUNT (COST $49,655,825) 49,655,825
---------------
AGENCY NOTES - INTEREST BEARING - 1.02%
15,000,000 FHLMC+/- 1.59 02/04/2005 14,997,423
TOTAL AGENCY NOTES - INTEREST BEARING (COST $14,997,423) 14,997,423
---------------
CERTIFICATES OF DEPOSIT - 4.60%
15,000,000 BANCO BILBAO VIZCAYA ARGENTARIA NEW YORK 2.25 09/19/2005 14,997,125
25,000,000 BNP PARIBAS NEW YORK 1.50 11/19/2004 25,001,819
10,000,000 CDC IXIS 1.40 11/04/2004 10,000,000
8,000,000 NATEXIS BANQUES POPULAIRES NEW YORK 1.46 04/06/2005 7,999,918
10,000,000 SWEDBANK NEW YORK 1.41 11/03/2004 9,999,910
TOTAL CERTIFICATES OF DEPOSIT (COST $67,998,772) 67,998,772
---------------
COMMERCIAL PAPER - 42.44%
15,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.80 10/07/2004 14,995,500
40,000,000 ALPINE SECURITIZATION CORPORATION^ 1.50 10/04/2004 39,995,000
40,000,000 AMSTEL FUNDING CORPORATION^ 1.81 12/30/2004 39,819,000
40,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.71 12/17/2004 39,853,700
30,000,000 AQUINAS FUNDING LLC^ 1.72 12/15/2004 29,892,500
45,000,000 CHARTA LLC^ 1.51 10/13/2004 44,977,350
38,839,000 CROWN POINT CAPITAL COMPANY^ 2.11 03/08/2005 38,480,182
5,000,000 DORADA FINANCE INCORPORATED^ 1.51 10/12/2004 4,997,693
9,600,000 DORADA FINANCE INCORPORATED^ 1.54 10/12/2004 9,595,483
15,000,000 GOVCO INCORPORATED^ 1.66 10/27/2004 14,982,017
21,000,000 IRISH LIFE & PERMANENT PLC^ 1.75 12/21/2004 20,917,312
30,000,000 LEXINGTON PARKER CAPITAL CORPORATION^ 2.09 03/02/2005 29,735,900
20,000,000 LIQUID FUNDING LIMITED+++/- 1.83 09/22/2005 20,000,000
40,000,000 NATIONWIDE BUILDING SOCIETY^ 1.71 11/29/2004 39,887,900
10,000,000 NEPTUNE FUNDING CORPORATION^ 1.54 10/07/2004 9,997,433
5,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.77 01/06/2005 4,976,154
43,336,000 NIEUW AMSTERDAM RECEIVABLES^ 1.55 10/01/2004 43,336,000
45,000,000 REGENCY MARKETS NUMBER 1 LLC^ 1.80 12/07/2004 44,849,250
40,000,000 SEDNA FINANCE INCORPORATED^ 1.93 01/18/2005 39,766,256
30,000,000 SPINTAB AB^ 1.72 11/09/2004 29,944,100
20,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 19,994,967
46,659,000 WHITE PINE FINANCE LLC^ 1.15 10/04/2004 46,654,528
TOTAL COMMERCIAL PAPER (COST $627,648,225) 627,648,225
---------------
CORPORATE BONDS & NOTES - 1.71%
10,000,000 STRATEGIC MONEY MARKET TRUST SERIES 2003-M+++/- 1.88 12/15/2004 10,000,000
15,000,000 WAL-MART STORES 5.01 06/01/2005 15,290,701
TOTAL CORPORATE BONDS & NOTES (COST $25,290,701) 25,290,701
---------------
EXTENDABLE BONDS - 8.45%
25,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.84 10/07/2005 25,000,601
30,000,000 ING SECURITY LIFE INSTITUTIONAL FUNDING+++/- 1.79 10/07/2005 30,000,000
20,000,000 NORTHERN ROCK PLC+/-++ 1.89 07/08/2005 20,000,000
50,000,000 RESTRUCTURED ASSET SECURITIES ENHANCED
RETURNS SERIES 2002-7-MM+++/- 2.03 10/12/2005 50,000,000
TOTAL EXTENDABLE BONDS (COST $125,000,601) 125,000,601
---------------
14
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MEDIUM TERM NOTES - 6.51%
$ 10,000,000 BANK OF AMERICA SECURITIES+/-@ 1.96% 09/09/2034 $ 10,000,000
25,000,000 CC (USA) INCORPORATED++ 1.50 11/17/2004 25,000,000
2,000,000 K2 (USA) LLC++ 1.43 03/15/2005 2,000,000
25,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 25,190,575
24,000,000 NATEXIS BANQUES POPULAIRES NEW YORK+/- 1.69 09/09/2005 23,992,056
10,000,000 PREMIUM ASSET TRUST SERIES 04-08+++/- 1.77 10/14/2005 10,000,000
TOTAL MEDIUM TERM NOTES (COST $96,182,631) 96,182,631
---------------
PROMISSORY NOTE - 3.04%
25,000,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 1.88 06/06/2005 25,000,000
20,000,000 GOLDMAN SACHS GROUP INCORPORATED+/- 1.71 07/26/2005 20,000,000
TOTAL PROMISSORY NOTE (COST $45,000,000) 45,000,000
---------------
REPURCHASE AGREEMENTS - 22.52%
43,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED
BY US GOVERNMENT SECURITIES
(MATURITY VALUE $43,002,250) 1.91 10/01/2004 43,000,000
42,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED
BY US GOVERNMENT SECURITIES
(MATURITY VALUE $42,008,331) 1.81 10/04/2004 42,000,000
25,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES(MATURITY VALUE $25,001,315) 1.92 10/01/2004 25,000,000
15,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES(MATURITY VALUE $15,000,814) 1.98 10/01/2004 15,000,000
13,131,000 LEHMAN BROTHERS INCORPORATED - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $13,131,702) 1.95 10/01/2004 13,131,000
20,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $20,001,052) 1.92 10/01/2004 20,000,000
175,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $175,009,110) 1.90 10/01/2004 175,000,000
TOTAL REPURCHASE AGREEMENTS (COST $333,131,000) 333,131,000
---------------
TIME DEPOSITS - 9.67%
31,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 31,000,000
25,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 25,000,000
27,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 27,000,000
40,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 40,000,000
11,000,000 FORTIS BANK GRAND CAYMAN 1.78 10/05/2004 11,000,000
9,000,000 LLOYDS TSB BANK PLC LONDON 1.79 10/05/2004 9,000,000
TOTAL TIME DEPOSITS (COST $143,000,000) 143,000,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,527,905,178)* 103.32% $ 1,527,905,178
OTHER ASSETS AND LIABILITIES, NET (3.32) (49,091,900)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,478,813,278
====== ===============
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
+/- VARIABLE RATE SECURITIES.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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.
15
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER - 6.67%
$ 1,700,000 CUYAHOGA COUNTY OH 1.33% 01/27/2005 $ 1,700,000
1,000,000 HARRIS COUNTY HOSPITAL 1.60 02/08/2005 1,000,000
1,200,000 HOUSTON TX SERIES B 1.15 10/21/2004 1,200,000
1,665,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.35 10/26/2004 1,665,000
600,000 ILLINOIS HEALTH FACILITIES AUTHORITY 1.15 10/04/2004 600,000
2,000,000 LAS VEGAS VALLEY WATER 1.16 10/07/2004 2,000,000
2,100,000 LINCOLN NEBRASKA ELECTRIC 1.14 10/05/2004 2,100,000
1,000,000 MARYLAND HEALTH & HIGHER EDUCATION 1.20 10/19/2004 1,000,000
1,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL
FACILITIES AUTHORITY 1.40 10/19/2004 1,000,000
2,000,000 MASSACHUSETTS HEALTH & EDUCATIONAL
FACILITIES AUTHORITY 1.38 11/17/2004 2,000,000
3,000,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.43 11/12/2004 3,000,000
500,000 PHOENIX CIVIC IMPROVEMENT CORPORATION 1.38 11/17/2004 500,000
500,000 ROCHESTER MN HEALTH CARE 1.15 10/13/2004 500,000
1,000,000 ROCHESTER MN HEALTH CARE 1.37 11/08/2004 1,000,000
500,000 ROCHESTER MN HEALTHCARE 1.35 11/16/2004 500,000
1,500,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES
AUTHORITY REVENUE 1.40 10/13/2004 1,500,000
TOTAL COMMERCIAL PAPER (COST $21,265,000) 21,265,000
---------------
MUNICIPAL BONDS & NOTES - 93.94%
ALASKA - 3.59%
840,000 ALASKA INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE
PROVIDENCE MEDICAL OFFICE BUILDING ASSOCIATES
PROJECT KBC BANK NV LOC
(HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.30 06/01/2010 840,000
10,600,000 VALDEZ AK MARINE TERMINAL REVENUE BP PIPELINES
INCORPORATED PROJECT SERIES B
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.74 07/01/2037 10,600,000
11,440,000
---------------
ARIZONA - 0.03%
85,000 MARICOPA COUNTY AZ IDA SFMR
(HOUSING REVENUE LOC)+/-@ 1.78 09/01/2005 85,000
---------------
CALIFORNIA - 6.42%
13,000,000 CALIFORNIA STATE DEPARTMENT OF WATER RESERVE &
POWER SUPPLY REVENUE SERIES B-1 BANK OF
NEW YORK LOC (POWER REVENUE LOC)+/-@ 1.71 05/01/2022 13,000,000
500,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE
SERIES C-4 (SALES TAX REVENUE LOC)+/-@ 1.71 07/01/2023 500,000
6,970,000 ORANGE COUNTY CA SANITATION DISTRICTS C0P
SERIES B (LEASE REVENUE LOC)+/-@ 1.73 08/01/2030 6,970,000
20,470,000
---------------
COLORADO - 6.26%
8,345,000 ARAPOHOE COUNTY COLORADO WATER AND
WASTEWATER AUTHORITY REVENUE+/-@ 1.72 12/01/2033 8,345,000
1,900,000 ARVADA COUNTY CO WATER ENTERPRISES REVENUE FSA
INSURED (WATER REVENUE LOC)+/-@ 1.45 11/01/2020 1,900,000
8,700,000 FITZSIMONS REDEVELOPMENT AUTHORITY COLORADO
REVENUE UNIVERSITY PHYSICIANS INCORPORATED
ALLIED IRISH BANK PLC LOC (EDUCATIONAL
FACILITIES REVENUE LOC)+/-@ 1.74 01/01/2025 8,700,000
1,000,000 WESTMINSTER COLORADO WATER AND WASTEWATER
UTILITIES ENTERPRISE REVENUE@ 6.25 12/01/2004 1,008,669
19,953,669
---------------
CONNECTICUT - 3.14%
10,000,000 CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES
AUTHORITY REVENUE YALE UNIVERSITY SERIES T-1
(STATE AGENCY HOUSING REVENUE LOC)+/-@ 1.65 07/01/2029 10,000,000
---------------
DELAWARE - 0.25%
800,000 KENT COUNTY STUDENT HOUSING REVENUE+/-@ 1.69 07/01/2036 800,000
---------------
16
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FLORIDA - 3.56%
$ 1,975,000 ESCAMBIA COUNTY FL HOUSING FINANCE AUTHORITY
SFMR CTFS SERIES C
(SINGLE FAMILY MORTGAGE REVENUE LOC)+/-@ 1.81% 10/01/2032 $ 1,975,000
1,405,000 FLORIDA STATE CORRECTIONAL PRIVATIZATION
COMMUNITY CTFS PARTNERSHIP SERIES II R
(JAIL FACILITIES REVENUE LOC)+/-@ 1.75 08/01/2025 1,405,000
1,000,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT HEALTH
CARE FACILITIES REVENUE+/-@ 1.23 09/01/2023 1,000,000
2,765,000 ORANGE COUNTY FL IDA INDUSTRIAL DEVELOPMENT
REVENUE CENTRAL FLORIDA YMCA PROJECT
SERIES A BANK OF AMERICA NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.75 05/01/2027 2,765,000
4,200,000 SUNSHINE STATE GOVERNMENTAL FINANCING
COMMISSION REVENUE (OTHER REVENUE LOC)+/-@ 1.70 07/01/2016 4,200,000
11,345,000
---------------
GEORGIA - 1.44%
4,600,000 GEORGIA LOCAL GOVERNMENT CTFS PARTICIPATION
SERIES K (GENERAL OBLIGATION - POLITICAL
SUBDIVISION LOC)+/-@ 1.79 06/01/2028 4,600,000
---------------
HAWAII - 1.00%
3,200,000 HONOLULU HI CITY & COUNTY TAX REVENUE SERIES C
FGIC INSURED (PROPERTY TAX REVENUE LOC)+/-@ 1.18 12/01/2008 3,200,000
---------------
IDAHO - 0.59%
1,880,000 IDAHO HOUSING & FINANCIAL ASSISTANCE HOUSING
REVENUE BALMORAL APARTMENTS II |DEVELOPMENT
PROJECT US BANK NA LOC (HOUSING REVENUE LOC)+/-@ 1.87 04/01/2033 1,880,000
---------------
ILLINOIS - 5.13%
2,300,000 CHICAGO IL SALES TAX REVENUE SERIES SG 131 FGIC
INSURED (SALES TAX REVENUE LOC)+/-@ 1.73 01/01/2027 2,300,000
1,000,000 EAGLE TAX-EXEMPT TRUST CTF 20021304 CLASS A
(ILLINOIS STATE) FGIC INSURED (OTHER REVENUE LOC)+/-@ 1.75 02/01/2027 1,000,000
5,500,000 EAGLE TAX-EXEMPT TRUST CTF 20021306 CLASS A
(CHICAGO IL PARK DISTRICT SERIES D) FGIC INSURED
(RECREATIONAL FACILITIES REVENUE LOC)+/-@ 1.75 01/01/2029 5,500,000
1,345,000 ELGIN IL INDUSTRIAL DEVELOPMENT REVENUE NELSON
GRAPHIC INCORPORATED PROJECT LASALLE BANK NA LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.78 05/01/2020 1,345,000
2,710,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE
NEWBERRY LIBRARY NORTHERN TRUST COMPANY LOC
(OTHER REVENUE LOC)+/-@ 1.70 03/01/2028 2,710,000
5,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE
ST XAVIER UNIVERSITY PROJECT SERIES A LASALLE BANK
NA LOC (COLLEGE AND UNIVERSITY REVENUE LOC)+/-@ 1.72 10/01/2032 5,000
2,200,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE
MEMORIAL MEDICAL CENTER SERIES C KREDIETBANK
NV LOC (HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.69 01/01/2016 2,200,000
1,300,000 ILLINOIS STATE CTFS SERIES G
(GENERAL OBLIGATION - STATES, TERRITORIES LOC)+/-@ 1.77 05/01/2015 1,300,000
16,360,000
---------------
INDIANA - 5.19%
1,245,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL
ASSOCIATION SERIES A US BANK NA LOC
(HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.77 10/01/2032 1,245,000
500,000 INDIANA HOSPITAL EQUIPMENT FINANCING
AUTHORITY REVENUE SERIES A MBIA INSURED
(HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.67 12/01/2015 500,000
1,700,000 INDIANA STATE EDUCATIONAL FACILITIES AUTHORITY
REVENUE ST MARY PROJECT BANK ONE INDIANA NA LOC
(COLLEGE AND UNIVERSITY REVENUE LOC)+/-@ 1.70 02/15/2026 1,700,000
9,990,000 INDIANA STATE OFFICE BUILDING COMMISSION FACILITIES
REVENUE MERLOTS SERIES B17 MBIA INSURED
(LEASE REVENUE LOC)+/-@ 1.74 07/01/2023 9,990,000
3,100,000 WHITING IN ENVIRONMENTAL FACILITIES REVENUE BP
PRODUCTS PROJECT SERIES C
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.79 07/01/2034 3,100,000
16,535,000
---------------
17
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
IOWA - 0.07%
$ 210,000 IOWA FINANCE AUTHORITY HEALTH CARE FACILITIES
REVENUE ST LUKE'S HEALTH SERIES A GENERAL
ELECTRIC CAPITAL CORPORATION LOC
(HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.69% 03/01/2018 $ 210,000
---------------
KENTUCKY - 2.35%
7,490,000 KENTUCKY STATE PROPERTY AND BUILDINGS
COMMISSION REVENUE ROCS RR II R 4053+/-@ 1.75 11/01/2020 7,490,000
---------------
LOUISIANA - 1.42%
610,000 JEFFERSON PARISH LA HOME MORTGAGE AUTHORITY
FLOATS PT 229 COLLATERALIZED BY GNMA FNMA
(HOUSING REVENUE LOC)+/-@ 1.78 06/01/2007 610,000
1,300,000 LAKE CHARLES LA HARBOR AND TERMINAL DISTRICT PORT
FACILITIES (INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.70 08/01/2007 1,300,000
1,260,000 PLAQUEMINES LA PORT HARBOR & TERMINAL DISTRICT
PORT FACILITIES REVENUE INTERNATIONAL MARINE
TERM PROJECT SERIES B KREDITBANK NV LOC
(HARBOR DEPARTMENT REVENUE LOC)+/-@ 1.08 03/15/2006 1,260,000
1,350,000 PLAQUEMINES LA PORT HARBOR & TERMINAL DISTRICT
PORT FACILITIES REVENUE INTERNATIONAL MARINE
TERMINAL PROJECT SERIES A KREDITBANK NV LOC
(TRANSPORTATION REVENUE LOC)+/-@ 1.08 03/15/2006 1,350,000
4,520,000
---------------
MICHIGAN - 2.61%
2,100,000 LIVONIA MI PUBLIC SCHOOL DISTRICT
(PROPERTY TAX REVENUE LOC)+/-@ 1.75 05/01/2023 2,100,000
2,195,000 MICHIGAN HIGHER EDUCATION STUDENT LOAN
AUTHORITY REVENUE PUTTERS SERIES 238
(OTHER REVENUE LOC)+/-@ 1.76 06/01/2019 2,195,000
2,500,000 MICHIGAN MUNICIPAL AUTHORITY REVENUE
(STATE & LOCAL GOVERNMENTS LOC) 3.00 08/19/2005 2,531,470
1,500,000 MICHIGAN STATE BUILDING AUTHORITY REVENUE SERIES I
(TAX REVENUE LOC) 5.00 10/15/2004 1,502,220
8,328,690
---------------
MINNESOTA - 4.34%
50,000 BURNSVILLE MN MFHR BERKSHIRE PROJECT SERIES A
COLLATERALIZED BY FNMA
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.69 07/15/2030 50,000
525,000 DAKOTA COUNTY MN HOUSING & REDEVELOPMENT
AUTHORITY MFHR PT 484 COLLATERALIZED BY FHLMC
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.74 12/01/2022 525,000
400,000 EAGAN MN MFHR FLOATS PT 1221
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.74 12/01/2029 400,000
6,500,000 HOPKINS MN INDEPENDENT SCHOOL DISTRICT NUMBER 270
TAX ANTICIPATION CTFS (PROPERTY TAX REVENUE LOC) 1.50 03/18/2005 6,514,809
2,500,000 MINNESOTA SCHOOL DISTRICT TAX & AID ANTICIPATION
BORROWING PROGRAM CERTIFICATES SERIES A
(OTHER REVENUE LOC) 3.00 09/02/2005 2,533,223
1,135,000 MINNESOTA STATE HIGHER EDUCATION FACILITIES
AUTHORITY REVENUE ST THOMAS UNIVERSITY SERIES 5L
(EDUCATIONAL FACILITIES REVENUE LOC)+/-@ 1.73 04/01/2027 1,135,000
620,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING
REVENUE SERIES O DEXIA CREDIT LOCAL DE FRANCE LOC
(TRANSPORTATION REVENUE LOC)+/-@ 1.77 03/01/2012 620,000
2,050,000 ST PAUL MN PORT AUTHORITY DISTRICT COOLING
REVENUE SERIES R DEXIA CREDIT LOCAL DE
FRANCE LOC (TRANSPORTATION REVENUE LOC)+/-@ 1.87 03/01/2022 2,050,000
13,828,032
---------------
MISSISSIPPI - 0.07%
230,000 MISSISSIPPI HOME CORPORATION SFMR SERIES 146
GNMA FNMA INSURED
(SINGLE FAMILY MORTGAGE REVENUE LOC)+/-@ 1.78 11/01/2029 230,000
---------------
MISSOURI - 1.95%
6,200,000 MISSOURI DEVELOPMENT FINANCE BOARD CULTURAL
FACILITY REVENUE NELSON GALLERY SERIES B
(OTHER REVENUE LOC)+/-@ 1.72 12/01/2031 6,200,000
---------------
18
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MONTANA - 1.07%
$ 1,000,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL
FINANCE CONSTRUCTION-INTERCAP PROGRAM
(OTHER REVENUE LOC)+/-@ 1.25% 03/01/2005 $ 1,000,000
1,200,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL
FINANCE CONSTRUCTION-INTERCAP PROGRAM
(OTHER REVENUE LOC)+/-@ 1.25 03/01/2009 1,200,000
1,215,000 MONTANA STATE BOARD OF INVESTMENTS MUNICIPAL
FINANCE CONSTRUCTION-INTERCAP PROGRAM
(OTHER REVENUE LOC)+/-@ 1.25 03/01/2010 1,215,000
3,415,000
---------------
NEVADA - 1.64%
2,700,000 CLARK COUNTY NV AIRPORT IMPROVEMENT REVENUE
SERIES A (AIRPORT REVENUE LOC)+/-@ 1.67 07/01/2012 2,700,000
2,535,000 WASHOE COUNTY NV SCHOOL DISTRICT
(PROPERTY TAX REVENUE LOC)+/-@ 1.75 06/01/2020 2,535,000
5,235,000
---------------
NEW HAMPSHIRE - 2.82%
9,000,000 NEW HAMPSHIRE STATE HFA MFHR EQR BOARD
PARTNERSHIP PROJECT (HOUSING REVENUE LOC)+/-@ 1.72 09/15/2026 9,000,000
---------------
NEW JERSEY - 2.33%
2,000,000 NEW JERSEY STATE TAX ANTICIPATION NOTES SERIES A
(GENERAL OBLIGATION - STATES, TERRITORIES LOC) 3.00 06/24/2005 2,021,600
5,400,000 NJ STATE HFA FINANCING AUTHORITY REVENUE HOSPITAL
CAPITAL ASSET FINANCING (HOSPITAL REVENUE LOC)+/-@ 1.70 07/01/2035 5,400,000
7,421,600
---------------
NEW MEXICO - 3.21%
10,225,000 NEW MEXICO STATE SERIES L38 REGION D+/-@ 1.75 06/30/2005 10,225,000
---------------
NEW YORK - 0.82%
2,600,000 NEW YORK NY SUBSERIES C-4
(PROPERTY TAX REVENUE LOC)+/-@ 1.70 08/01/2020 2,600,000
---------------
OHIO - 4.47%
2,000,000 HAMILTON COUNTY OH HOSPITAL FACILITIES
REVENUE ELIZABETH GAMBLE SERIES B JP MORGAN
CHASE & COMPANY LOC
(HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.64 06/01/2027 2,000,000
10,055,000 OHIO STATE SOLID WASTE REVENUE BP EXPLORATION &
OIL PROJECT (SOLID WASTE REVENUE LOC)+/-@ 1.78 08/01/2034 10,055,000
2,200,000 WARREN COUNTY OH INDUSTRIAL DEVELOPMENT
REVENUE PAC MANUFACTURING PROJECT
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.87 12/01/2025 2,200,000
14,255,000
---------------
OREGON - 3.52%
4,200,000 MULTNOMAH COUNTY OR HIGHER EDUCATION REVENUE
CONCORDIA UNIVERSITY PORTLAND PROJECT
(COLLEGE AND UNIVERSITY REVENUE LOC)+/-@ 1.77 12/01/2029 4,200,000
7,000,000 OREGON STATE TAX ANTICIPATION NOTES 2.25 11/15/2004 7,010,063
11,210,063
---------------
OTHER - 2.91%
2,000,000 MUNIMAE TRUST COLLATERALIZED BY FHLMC
(HOUSING REVENUE LOC)+/-@ 1.79 12/19/2005 2,000,000
4,755 PITNEY BOWES CREDIT CORPORATION LEASETOPS TR
REVENUE SERIES 2002-1 (LEASE REVENUE LOC)+/-@ 1.94 07/19/2006 4,755
790,000 ROARING FORK MUNICIPAL PRODUCTS LIMITED LIABILITY
CORPORATION SERIES 2000-14 CLASS A
(OTHER REVENUE LOC)+/-@ 1.84 06/01/2005 790,000
6,485,000 SUNAMERICA TRUST (GENERAL OBLIGATION - SCHOOL
DISTRICTS LOC)+/-@ 1.89 07/01/2041 6,485,000
9,279,755
---------------
19
WELLS FARGO MONEY MARKET TRUSTS
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
PENNSYLVANIA - 4.40%
$ 6,850,000 BEAVER COUNTY PA IDA PCR TOLEDO EDISON COMPANY
PROJECT (POLLUTION CONTROL REVENUE LOC)+/-@ 1.70% 06/01/2030 $ 6,850,000
1,500,000 PHILADELPHIA PA SCHOOL DISTRICT REVENUE SERIES S
(PROPERTY TAX REVENUE LOC) 5.25 03/01/2005 1,526,076
5,640,000 PHILADELPHIA PA WATER & WASTEWATER REVENUE
(WATER REVENUE LOC)+/-@ 1.68 06/15/2023 5,640,000
14,016,076
---------------
RHODE ISLAND - 3.33%
6,500,000 RHODE ISLAND HEALTH & EDUCATIONAL BUILDING
CORPORATION EDUCATIONAL INSTITUTE
REVENUE ST ANDREWS SCHOOL
(PRIVATE SCHOOL REVENUE LOC)+/-@ 1.76 12/01/2029 6,500,000
3,995,000 RHODE ISLAND REFUNDING BOARD AUTHORITY
STATE PUBLIC PROJECTS REVENUE
(LEASE REVENUE LOC)+/-@ 1.73 08/01/2005 3,995,000
100,000 RHODE ISLAND STATE HEALTH & EDUCATIONAL BUILDING
CORPORATION REVENUE HOSPITAL FINANCING CARE
NEW ENGLAND SERIES A FLEET NATIONAL BANK LOC
(HEALTHCARE FACILITIES REVENUE LOC)+/-@ 1.76 09/01/2032 100,000
10,595,000
---------------
SOUTH CAROLINA - 1.12%
2,100,000 CHARLESTON, SOUTH CAROLINA WATERWORKS AND
SEWER REVENUE BONDS SERIES 2003A+/-@ 1.72 01/01/2033 2,100,000
1,465,000 EAGLE TAX-EXEMPT TRUST CTF 20004001 CLASS A
(SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY
REVENUE SERIES A) MBIA INSURED
(UTILITIES REVENUE LOC)+/-@ 1.75 01/01/2022 1,465,000
3,565,000
---------------
TENNESSEE - 1.28%
2,000,000 EAGLE TAX-EXEMPT TRUST CTF 20004202 CLASS A
(CHATTANOOGA TN INDUSTRIAL DEVELOPMENT BOARD
LEASE RENT REVENUE) AMBAC INSURED
(LEASE REVENUE LOC)+/-@ 1.75 10/01/2027 2,000,000
600,000 JACKSON TN ENERGY AUTHORITY WASTEWATER SYSTEM
REVENUE FSA INSURED (SEWER REVENUE LOC)+/-@ 1.70 12/01/2022 600,000
892,000 PORTLAND TN HEALTH & EDUCATION FACILITIES BOARD
HOSPITAL REVENUE SERIES 322
(HOSPITAL REVENUE LOC)+/-@ 1.79 11/15/2014 892,000
570,000 TENNESSEE HOUSING DEVELOPMENT AGENCY SERIES H
(HOUSING REVENUE LOC)+/-@ 1.82 01/01/2021 570,000
4,062,000
---------------
TEXAS - 4.81%
2,450,000 ALIEF TX INDEPENDENT SCHOOL DISTRICT 5.00 02/15/2005 2,486,453
4,100,000 EAGLE TAX-EXEMPT TRUST CTF 20024301 CLASS A
(ECTOR COUNTY TX INDEPENDENT SCHOOL DISTRICT)
PSFG INSURED (PROPERTY TAX REVENUE LOC)+/-@ 1.75 08/15/2021 4,100,000
760,000 HARRIS COUNTY TX HOUSTON SPORTS AUTHORITY
SPECIAL REVENUE JR LIEN RODEO SERIES C MBIA
INSURED (SPORTS FACILITIES REVENUE LOC)+/-@ 1.77 11/15/2030 760,000
500,000 HOUSTON TEXAS GO (TAX REVENUE LOC)+/-@ 1.25 03/01/2010 500,000
1,000,000 HOUSTON TX UTILITY SYSTEMS REVENUE SERIES C-13
(WATER & SEWER REVENUE LOC)+/-@ 1.57 05/15/2025 1,000,000
500,000 NORTH CENTRAL TX HEALTH FACILITIES DEVELOPMENT
CORPORATION REVENUE DALLAS JEWISH COMMUNITY
FOUNDATION ALLIED IRISH BANK PLC LOC
(PRIVATE SCHOOL REVENUE LOC)+/-@ 1.73 12/01/2030 500,000
1,435,000 POLLY RYON HOSPITAL AUTHORITY TX POLLY RYON
MEMORIAL HOSPITAL JP MORGAN CHASE & COMPANY
LOC (HOSPITAL REVENUE LOC)+/-@ 1.70 11/01/2026 1,435,000
4,500,000 TEXAS STATE TRANSPORTATION 3.00 08/31/2005 4,557,389
15,338,842
---------------
VIRGINIA - 0.24%
750,000 VIRGINIA COMMONWEALTH TRANSPORTATION BOARD
FEDERAL HIGHWAY REIMBURSEMENT
ANTIC NT REVENUE BOND 5.50 10/01/2004 750,000
---------------
20
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
WASHINGTON - 4.32%
$ 2,600,000 EVERETT WA BANK OF AMERICA NA LOC
(PROPERTY TAX REVENUE LOC)+/-@ 1.75% 12/01/2021 $ 2,600,000
1,385,000 KING COUNTY WA SCHOOL DISTRICT NO 216
ENUMCLAW ROC RR II R 5026
(PROPERTY TAX REVENUE LOC)+/-@ 1.75 12/01/2015 1,385,000
2,000,000 KING COUNTY WASHINGTON 5.00 12/01/2004 2,012,723
1,425,000 WASHINGTON STATE ECONOMIC DEVELOPMENT
FINANCING AUTHORITY REVENUE PIONEER
HUMAN SERVICES PROJECT H
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.72 09/01/2018 1,425,000
3,550,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY
MFHR SUMMER RIDGE APARTMENTS PROJECT
SERIES A US BANK NA LOC
(MULTI-FAMILY HOUSING REVENUE LOC)+/-@ 1.87 12/01/2029 3,550,000
1,800,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY
NONPROFIT REVENUE TACOMA ART MUSEUM PROJECT
NORTHERN TRUST COMPANY LOC
(INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.77 06/01/2032 1,800,000
1,000,000 YAKIMA COUNTY WA PUBLIC CORPORATION REVENUE
VALLEY PROCESSING PROJECT BANK OF AMERICA NA
LOC (INDUSTRIAL DEVELOPMENT REVENUE LOC)+/-@ 1.75 02/01/2015 1,000,000
13,772,723
---------------
WISCONSIN - 2.24%
2,500,000 KENOSHA WI SCHOOL DISTRICT NUMBER 001 3.00 09/26/2005 2,531,150
4,600,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT
AUTHORITY HOME OWNERSHIP REVENUE SERIES I FSA
INSURED (HOUSING REVENUE LOC)+/-@ 1.75 09/01/2032 4,600,000
7,131,150
---------------
TOTAL MUNICIPAL BONDS & NOTES (COST $299,347,600) 299,347,600
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $320,612,600)* 100.61% $ 320,612,600
OTHER ASSETS AND LIABILITIES, NET (0.61) (1,932,963)
------ ---------------
TOTAL NET ASSETS 100.00% $ 318,679,637
====== ===============
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
+/- VARIABLE RATE SECURITIES.
* 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.
21
WELLS FARGO MONEY MARKET TRUSTS
STATEMENT OF ASSETS AND LIABILITIES - SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
CALIFORNIA NATIONAL
TAX-FREE MONEY MONEY TAX-FREE MONEY
MARKET TRUST MARKET TRUST MARKET TRUST
- ----------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................. $ 503,483,088 $ 1,194,774,178 $ 320,612,600
REPURCHASE AGREEMENTS ...................................... 0 333,131,000 0
--------------- --------------- ---------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ............ 503,483,088 1,527,905,178 320,612,600
--------------- --------------- ---------------
CASH ....................................................... 134,503 50,004 101,199
RECEIVABLES FOR DIVIDENDS AND INTEREST ..................... 1,129,820 2,719,184 920,046
--------------- --------------- ---------------
TOTAL ASSETS ................................................. 504,747,411 1,530,674,366 321,633,845
--------------- --------------- ---------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED .......................... 7,597,350 49,655,825 2,531,150
DIVIDENDS PAYABLE .......................................... 493,018 1,709,481 315,056
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...... 75,713 226,904 44,096
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR .................... 2,111 2,025 1,773
ACCRUED EXPENSES AND OTHER LIABILITIES ..................... 142,912 266,853 62,133
--------------- --------------- ---------------
TOTAL LIABILITIES ............................................ 8,311,104 51,861,088 2,954,208
--------------- --------------- ---------------
TOTAL NET ASSETS ............................................. $ 496,436,307 $ 1,478,813,278 $ 318,679,637
=============== =============== ===============
NET ASSETS CONSIST OF:
- ----------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................ $ 496,431,105 $ 1,478,839,226 $ 318,642,344
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................. (22,319) 3 (27,481)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ...... 27,521 (25,951) 64,774
--------------- --------------- ---------------
TOTAL NET ASSETS ............................................. $ 496,436,307 $ 1,478,813,278 $ 318,679,637
--------------- --------------- ---------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ----------------------------------------------------------------------------------------------------------------------
NET ASSETS ................................................. $ 496,436,307 $ 1,478,813,278 $ 318,679,637
SHARES OUTSTANDING ......................................... 496,418,431 1,478,917,549 318,635,782
NET ASSET VALUE AND OFFERING PRICE PER SHARE ............... $ 1.00 $ 1.00 $ 1.00
--------------- --------------- ---------------
INVESTMENTS AT COST .......................................... $ 503,483,088 $ 1,527,905,178 $ 320,612,600
=============== =============== ===============
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
22
STATEMENT OF OPERATIONS -
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
CALIFORNIA NATIONAL
TAX-FREE MONEY MONEY TAX-FREE MONEY
MARKET TRUST MARKET TRUST MARKET TRUST
- ----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST................................................... $ 2,791,657 $ 10,099,839 $ 2,151,582
--------------- --------------- ---------------
TOTAL INVESTMENT INCOME ...................................... 2,791,657 10,099,839 2,151,582
--------------- --------------- ---------------
EXPENSES
ADMINISTRATION FEES........................................ 422,586 1,320,207 331,123
CUSTODY FEES............................................... 49,716 155,318 38,956
ACCOUNTING FEES............................................ 24,196 54,292 21,129
AUDIT FEES................................................. 8,273 9,026 9,026
LEGAL FEES................................................. 501 501 4,763
REGISTRATION FEES.......................................... 501 501 501
SHAREHOLDER REPORTS........................................ 501 501 10,027
TRUSTEES' FEES............................................. 3,402 3,402 3,402
OTHER FEES AND EXPENSES.................................... 5,084 3,338 3,916
--------------- --------------- ---------------
TOTAL EXPENSES................................................ 514,760 1,547,086 422,843
--------------- --------------- ---------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3)............... (17,531) 0 (33,255)
NET EXPENSES............................................... 497,229 1,547,086 389,588
--------------- --------------- ---------------
NET INVESTMENT INCOME (LOSS).................................. 2,294,428 8,552,753 1,761,994
--------------- --------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ----------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND
FOREIGN CURRENCY TRANSLATION.............................. 5,200 (21,527) 1,440
--------------- --------------- ---------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS .................... 5,200 (21,527) 1,440
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS...... 5,200 (21,527) 1,440
--------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS............................. $ 2,299,628 $ 8,531,226 $ 1,763,434
=============== =============== ===============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
23
WELLS FARGO MONEY MARKET TRUSTS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
CALIFORNIA TAX-FREE
MONEY MARKET TRUST
-----------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- -----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ....................................... $ 501,852,748 $ 830,713,076
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................... 2,294,428 5,199,598
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................... 5,200 22,320
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 2,299,628 5,221,918
------------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME ...................................... (2,316,747) (5,223,825)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD .................................. 1,074,565,206 1,838,011,372
REINVESTMENT OF DISTRIBUTIONS .............................. 61,706 172,313
COST OF SHARES REDEEMED .................................... (1,080,026,234) (2,167,042,106)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ................................. (5,399,322) (328,858,421)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS ......................... (5,416,441) (328,860,328)
------------------- ------------------
ENDING NET ASSETS ............................................. $ 496,436,307 $ 501,852,748
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD ................................................ 1,074,565,206 1,838,011,372
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS ............. 61,706 172,313
SHARES REDEEMED ............................................ (1,080,026,234) (2,167,042,108)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS ................................. (5,399,322) (328,858,423)
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .. $ (22,319) $ 0
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
24
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
MONEY MARKET TRUST
-----------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- -----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ....................................... $ 1,448,899,436 $ 1,823,970,186
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................... 8,552,753 16,674,800
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................... (21,527) (4,424)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 8,531,226 16,670,376
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME ...................................... (8,552,752) (16,812,619)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD .................................. 6,651,954,340 15,517,420,971
REINVESTMENT OF DISTRIBUTIONS .............................. 22 56
COST OF SHARES REDEEMED .................................... (6,622,018,994) (15,892,349,534)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ................................. 29,935,368 (374,928,507)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS ......................... 29,913,842 (375,070,750)
------------------- ------------------
ENDING NET ASSETS ............................................. $ 1,478,813,278 $ 1,448,899,436
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD ................................................ 6,651,954,341 15,517,420,971
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS ............. 22 56
SHARES REDEEMED ............................................ (6,622,018,994) (15,892,349,534)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS ................................. 29,935,369 (374,928,507)
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .. $ 3 $ 2
NATIONAL TAX-FREE
MONEY MARKET TRUST
-----------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- -----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ....................................... $ 563,984,655 $ 507,048,487
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................... 1,761,994 4,490,598
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................... 1,440 64,078
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 1,763,434 4,554,676
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME ...................................... (1,790,399) (4,502,710)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD .................................. 1,246,201,754 2,835,760,285
REINVESTMENT OF DISTRIBUTIONS .............................. 23,004 46,572
COST OF SHARES REDEEMED .................................... (1,491,502,811) (2,778,922,655)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ................................. (245,278,053) 56,884,202
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS ......................... (245,305,018) 56,936,168
------------------- ------------------
ENDING NET ASSETS ............................................. $ 318,679,637 $ 563,984,655
=================== ==================
SHARES ISSUED AND REDEEMED:
SHARES SOLD ................................................ 1,246,201,753 2,835,760,284
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS ............. 23,004 46,572
SHARES REDEEMED ............................................ (1,491,502,811) (2,778,922,655)
------------------- ------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS ................................. (245,278,054) 56,884,201
------------------- ------------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .. $ (27,481) $ 924
25
WELLS FARGO MONEY MARKET TRUSTS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET DIVIDENDS ENDING
NET ASSET INVESTMENT FROM NET NET ASSET
VALUE PER INCOME INVESTMENT VALUE PER
SHARE (LOSS) INCOME SHARE
- --------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.00 0.00 $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.02 (0.02) $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.03 (0.03) $ 1.00
APRIL 1, 1999 TO MARCH 31, 2000 ............... $ 1.00 0.03 (0.03) $ 1.00
MONEY MARKET TRUST
- --------------------------------------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.02 (0.02) $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.03 (0.03) $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.06 (0.06) $ 1.00
APRIL 1, 1999 TO MARCH 31, 2000 ............... $ 1.00 0.05 (0.05) $ 1.00
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2003 TO MARCH 31, 2004 ............... $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2002 TO MARCH 31, 2003 ............... $ 1.00 0.01 (0.01) $ 1.00
APRIL 1, 2001 TO MARCH 31, 2002 ............... $ 1.00 0.02 (0.02) $ 1.00
APRIL 1, 2000 TO MARCH 31, 2001 ............... $ 1.00 0.04 (0.04) $ 1.00
APRIL 1, 1999 TO MARCH 31, 2000 ............... $ 1.00 0.03 (0.03) $ 1.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS
(NOTE 3).
(2) TOTAL RETURN CALCULATIONS FOR LESS THAN ONE YEAR ARE NOT ANNUALIZED AND
WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED
DURING THE PERIODS SHOWN.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
26
FINANCIAL HIGHLIGHTS WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------------------
NET INVESTMENT GROSS EXPENSES NET
INCOME EXPENSES WAIVED EXPENSES
- --------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.92% 0.21% (0.01)% 0.20%
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.81% 0.21% (0.01)% 0.20%
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.16% 0.24% (0.04)% 0.20%
APRIL 1, 2001 TO MARCH 31, 2002 ............... 1.92% 0.25% (0.05)% 0.20%
APRIL 1, 2000 TO MARCH 31, 2001 ............... 3.33% 0.23% (0.03)% 0.20%
APRIL 1, 1999 TO MARCH 31, 2000 ............... 2.89% 0.67% (0.47)% 0.20%
MONEY MARKET TRUST
- --------------------------------------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.55% 0.20% 0.00% 0.20%
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.98% 0.21% (0.01)% 0.20%
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.56% 0.23% (0.03)% 0.20%
APRIL 1, 2001 TO MARCH 31, 2002 ............... 3.02% 0.22% (0.02)% 0.20%
APRIL 1, 2000 TO MARCH 31, 2001 ............... 6.20% 0.22% (0.02)% 0.20%
APRIL 1, 1999 TO MARCH 31, 2000 ............... 5.35% 0.48% (0.28)% 0.20%
NATIONAL TAX-FREE MONEY MARKET TRUST
- --------------------------------------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.90% 0.22% (0.02)% 0.20%
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.86% 0.21% (0.01)% 0.20%
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.28% 0.22% (0.02)% 0.20%
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.08% 0.24% (0.04)% 0.20%
APRIL 1, 2000 TO MARCH 31, 2001 ............... 3.89% 0.25% (0.05)% 0.20%
APRIL 1, 1999 TO MARCH 31, 2000 ............... 3.27% 0.52% (0.32)% 0.20%
NET ASSETS AT
TOTAL END OF PERIOD
RETURN(2) (000'S OMITTED)
- -----------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
- -----------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.47% $ 496,436
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.82% $ 501,853
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.18% $ 830,713
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.01% $ 852,775
APRIL 1, 2000 TO MARCH 31, 2001 ............... 3.41% $ 590,286
APRIL 1, 1999 TO MARCH 31, 2000 ............... 2.93% $ 540,704
MONEY MARKET TRUST
- -----------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.56% $ 1,478,813
APRIL 1, 2003 TO MARCH 31, 2004 ............... 1.00% $ 1,448,899
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.58% $ 1,823,970
APRIL 1, 2001 TO MARCH 31, 2002 ............... 3.27% $ 1,776,435
APRIL 1, 2000 TO MARCH 31, 2001 ............... 6.44% $ 1,161,092
APRIL 1, 1999 TO MARCH 31, 2000 ............... 5.43% $ 713,278
NATIONAL TAX-FREE MONEY MARKET TRUST
- -----------------------------------------------------------------------------------
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) 0.47% $ 318,680
APRIL 1, 2003 TO MARCH 31, 2004 ............... 0.86% $ 563,985
APRIL 1, 2002 TO MARCH 31, 2003 ............... 1.30% $ 507,048
APRIL 1, 2001 TO MARCH 31, 2002 ............... 2.25% $ 627,773
APRIL 1, 2000 TO MARCH 31, 2001 ............... 4.01% $ 339,791
APRIL 1, 1999 TO MARCH 31, 2000 ............... 3.30% $ 269,943
27
WELLS FARGO MONEY MARKET TRUSTS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company. The Trust commenced operations on November 8,
1999, and is currently comprised of 75 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the California
Tax-Free Money Market Trust, Money Market Trust, and National Tax-Free Money
Market Trust. Each Fund, except for the California Tax-Free Money Market Fund,
is a diversified series of the Trust. California Tax-Free Money Market Fund is a
non-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 Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
In the normal course of business, the Trust may enter into contracts that
provide certain indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Funds
and, therefore, cannot be estimated; however, based on experience, the risk of
loss from such claims is considered remote.
SECURITY VALUATION
The Fund(s) invests only in securities with remaining maturities not
exceeding 397 days (13 months). Certain floating- and variable-rate instruments
in the portfolio may have maturities in excess of 397 days, but carry a demand
feature that permits the holder to tender the instruments back to the issuer at
par value prior to maturity.
The amortized cost method is used to value portfolio securities. The
amortized cost method involves valuing a security at its cost, plus accretion of
discount or minus amortization of premium over the period until maturity, which
approximates market value. The Fund(s) seeks to maintain a constant net asset
value of $1.00 per share, although there is no assurance that it will be able to
do so.
Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to
shareholders monthly. Distributions to shareholders from net realized capital
gains, if any, are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at September 30, 2004.
At March 31, 2004, the following Funds had estimated net capital loss
carryforwards which are available to offset future net realized capital gains:
Capital Loss
Year Expires Carryforward
Money Market Trust 2012 $2,491
28
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
At March 31, 2004, current year deferred post-October capital losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Fund Deferred Post-October Capital Loss
Money Market Trust 1,933
REPURCHASE AGREEMENTS
The Fund(s) may invest in repurchase agreements and may participate in
pooled repurchase agreement transactions with other funds advised by Wells Fargo
Funds Management, LLC. The repurchase agreements must be fully collateralized
based on values that are marked to market daily. The collateral may be held by
an agent bank under a tri-party agreement. It is the custodian's responsibility
to value collateral daily and to take action to obtain additional collateral as
necessary to maintain market value equal to or greater than the resale price.
The repurchase agreements are collateralized by instruments such as U.S.
Treasury, federal agency, or high-grade corporate obligations. There could be
potential loss to a Fund in the event that such Fund is delayed or prevented
from exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser responsible for day-to-day portfolio management.
Pursuant to the advisory contract, Funds Management does not receive a fee
for providing those services.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers out of the
fees it receives as administrator, Funds Management is entitled to receive the
following annual fees:
Average (% Of Average
Daily Net Assets Daily Net Assets)*
Fund Level $0 - 4.99 billion 0.05
$5 - 9.99 billion 0.04
>$9.99 billion 0.03
Class Level 0.12
* Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a fund level administration fee of 0.05% of average daily
net assets.
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to certain transaction charges plus a monthly fee for
custody services at the following annual rates:
% Of Average Daily Net Assets
All Funds 0.02
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee, and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
29
WELLS FARGO MONEY MARKET TRUSTS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statement
of Operations, for the six months ended September 30, 2004, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. The Fund's Adviser has committed to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense limitation for the Fund(s). Net operating expense limitations during the
period were as follows:
Net Operating Expense Limitations
California Tax-Free Money Market Trust 0.20%
Money Market Trust 0.20%
National Tax-Free Money Market Trust 0.20%
30
OTHER INFORMATION (UNAUDITED) WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
- --------------------------------------------------------------------------------
A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities and information
regarding the results of such voting is available without charge, upon request,
by calling 1-800-222-8222, visiting our website at www.wellsfargofunds.com or
visiting the SEC website at www.sec.gov
BOARD OF TRUSTEES
- --------------------------------------------------------------------------------
The following table provides basic information about the Board of Trustees
("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 100 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Nominating Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 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.
INTERESTED TRUSTEES**
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Robert C. Brown Trustee Retired. None
73 since 1992
- -------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee Private Investor/Real Estate None
60 since 1987 Developer; Chairman of
White Point Capital, LLC.
- -------------------------------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee Wake Forest University, None
62 since 1987 Calloway School of Business
and Accountancy, Associate
Professor of Finance.
- -------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee Chairman, CEO, and None
62 since 1998 Co-Founder of Crystal Geyser
(Lead Trustee Water Company and President
since 2001) of Crystal Geyser Roxane
Water Company.
- -------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee Retired. Prior thereto, None
71 |since 1987 President of Richard M. Leach
Associates (a financial
consulting firm).
- -------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee Senior Counselor to the public None
52 since 1996 relations firm of Himle-Horner
and Senior Fellow at the
Humphrey Institute,
Minneapolis, Minnesota (a
public policy organization).
- -------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee Principal in the law firm of None
64 since 1996 Willeke & Daniels.
- -------------------------------------------------------------------------------------------------------
31
WELLS FARGO MONEY MARKET TRUSTS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
OFFICERS
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, Executive Vice President of None
45 since 2003 Wells Fargo Bank, N.A.
President of Wells Fargo Funds
Management, LLC. Senior Vice
President and Chief
Administrative Officer of
Wells Fargo Funds Management,
LLC from 2001 to 2003. Vice
President of Wells Fargo Bank,
N.A. from 1997 to 2000.
- -------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo Treasurer, Senior Vice President of Wells None
35 since 2003 Fargo Bank, N.A. Senior Vice
President of Operations for
Wells Fargo Funds Management,
LLC. Prior thereto, Operations
Manager at Scudder Weisel
Capital, LLC (2000 to 2001),
Director of Shareholder
Services at BISYS Fund
Services (1999 to 2000) and
Assistant Vice President of
Operations with Nicholas-
Applegate Capital Management
(1993 to 1999).
- -------------------------------------------------------------------------------------------------------
C. David Messman Secretary, Vice President and Managing None
44 since 2000 Senior Counsel of Wells Fargo
Bank, N.A. Senior Vice
President and Secretary of
Wells Fargo Funds Management,
LLC. Vice President and Senior
Counsel of Wells Fargo Bank,
N.A. from 1996 to 2003.
- -------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222.
** Currently, two of the seven Trustees are considered "interested persons"
of the Trusts as defined in the Investment Company Act of 1940. One of the
interested Trustees, Robert C. Brown, owns securities of Wells Fargo &
Company, and one of the interested Trustees, J. Tucker Morse, is
affiliated with a government securities dealer that is registered under
the Securities Exchange Act of 1934, which is not itself affiliated with
Wells Fargo Funds Management, LLC.
*** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
32
LIST OF ABBREVIATIONS WELLS FARGO MONEY MARKET TRUSTS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depository Receipts
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CMT -- Constant Maturity Treasury
COFI -- Cost of Funds Index
Connie Lee -- Connie Lee Insurance Company
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
EDFA -- Education Finance Authority
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Notes
FSA -- Financial Security Assurance, Inc
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
MTN -- Medium Term Note
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PLC -- Private Placement
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFMR -- Single Family Mortgage Revenue
STEERS -- Structured Enhanced Return Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
WEBS -- World Equity Benchmark Shares
33
THIS PAGE IS INTENTIONALLY LEFT BLANK --
MORE INFORMATION ABOUT WELLS FARGO FUNDS(R) IS AVAILABLE FREE UPON REQUEST. TO
OBTAIN LITERATURE, PLEASE WRITE OR CALL:
WELLS FARGO FUNDS
PO BOX 8266
BOSTON, MA 02266-8266
WELLS FARGO FUNDS INVESTOR SERVICES: 1-800-222-8222 OR VISIT OUR WEB SITE AT
WWW.WELLSFARGOFUNDS.COM.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED
OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE
INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
WELLS FARGO FUNDS MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &
COMPANY, PROVIDES INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES FOR THE WELLS
FARGO FUNDS. OTHER AFFILIATES OF WELLS FARGO & COMPANY PROVIDE SUB-ADVISORY AND
OTHER SERVICES FOR THE FUNDS. THE FUNDS ARE DISTRIBUTED BY STEPHENS INC., MEMBER
NYSE/SIPC. WELLS FARGO & COMPANY AND ITS AFFILIATES ARE NOT AFFILIATED WITH
STEPHENS INC.
-----------------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------------
(c) 2004 Wells Fargo Funds Management, LLC. All rights reserved. SAR 010 (11/04)
[GRAPHIC OMITTED]
[LOGO]
WELLS
FARGO
FUNDS
Wells Fargo Overland Express Sweep Fund
Semi-Annual Report
Wells Fargo Overland Express Sweep Fund
September 30, 2004
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Money Market Overview ..................................................... 2
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
Overland Express Sweep Fund ............................................ 4
Fund Expenses ............................................................. 5
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
Overland Express Sweep Fund ............................................ 6
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities .................................... 9
Statement of Operations ................................................ 10
Statements of Changes in Net Assets .................................... 11
Financial Highlights ................................................... 12
Notes to Financial Statements ............................................. 14
- --------------------------------------------------------------------------------
Other Information ......................................................... 17
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 19
- --------------------------------------------------------------------------------
-------------------------------------------------------
NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
-------------------------------------------------------
This page is intentionally left blank --
LETTER TO SHAREHOLDERS WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
We are pleased to provide you with this Wells Fargo Money Market Funds
(the Funds) semi-annual report for the six-month period ended September 30,
2004. On the following pages, you will find the money market overview and facts
and figures about each Fund's investment portfolio.
RATES ON THE RISE
- --------------------------------------------------------------------------------
On June 30, 2004, the Federal Open Market Committee (the FOMC or the Fed)
raised the federal funds target rate from 1% to 1.25%. By the end of September
2004, the federal funds rate was 0.50% higher, at 1.75%. Long-term yields
trended lower, shrugging off these successive rate hikes.
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Money market funds invest in short-term debt obligations, such as
commercial paper, treasury bills, government agency securities and tax-free
securities. The amount of top-rated commercial paper outstanding declined again
during the third quarter of 2004, albeit at a slower pace, as issuers continued
to take advantage of record low bond yields to extend the maturity of their
debt. The credit picture improved dramatically during the reporting period. The
pace of downgrades recorded the largest drop this year.
Yield spreads between prime money-market instruments, federal agency
securities and U.S. Treasury bills widened over the reporting period. While U.S.
Treasury yields generally increased during 2004, they did so at a more moderate
pace than prime money market investments. Toward the end of the reporting
period, some U.S. Treasury yields even decreased as other yields were rising.
For buyers of municipal variable-rate demand notes, massive supplies of
new bond issuances, coupled with the rising fed funds rate, have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels.
LOOKING AHEAD
- --------------------------------------------------------------------------------
As the economy continues to improve, increased inflationary pressures
could lead to higher interest rates. This, in turn, could potentially lead to
higher yields for investors in money market funds. The Fund managers will
continue to manage the Funds in a manner that will seek to provide for a stable
net asset value. Regardless of what lies ahead, investors should continue to
follow the fundamentals of investing - asset allocation and diversification - in
an effort to help achieve their long-term financial goals.
Thank you for your investment in WELLS FARGO FUNDS. We appreciate the
confidence that you have placed in us. If you have any questions or need further
information, please contact your investment professional, or call us at
1-800-222-8222. You may also visit our Web site at www.wellsfargofunds.com.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO FUNDS
1
WELLS FARGO OVERLAND EXPRESS SWEEP FUND MONEY MARKET OVERVIEW
- --------------------------------------------------------------------------------
MONEY MARKET OVERVIEW
This report covers the six-month period ended September 30, 2004.
PRIME MONEY MARKET SECURITIES
- --------------------------------------------------------------------------------
By the end of the reporting period, the money market yield curve had
become steeper compared to the prior six-months. By September 30, 2004, the
federal funds rate increased to 1.75%, while the 12-month London Interbank
Offered Rate (LIBOR) increased to 2.43%, a spread of 0.68%. In contrast, on
March 31, 2004, the federal funds rate was 1.00%, and the 12-month LIBOR was
1.35%, with a spread of only 0.35%.
The Federal Open Market Committee (the FOMC or the Fed) stuck to its
balanced approach to stimulating the economy by keeping the overnight federal
funds rate constant at 1% during April and May 2004. However, increasing signs
that the economic picture was improving triggered rate hikes of 0.25% starting
in June 2004 and continuing over the following three months. The markets reacted
to the rate hikes, with one-month rates increasing by 0.75% over the reporting
period and one-year rates increasing by 1.07%.
The amount of top-rated commercial paper outstanding declined again during
the third quarter of 2004, albeit at a slower pace, as issuers continued to take
advantage of record low bond yields to extend the maturity of their debt. The
amount of top-rated commercial paper outstanding fell by just over 2.1% during
the second half of the year, from $1.20 trillion at the end of March 2004, to
$1.18 trillion at the end of September 2004. This represents almost a 17%
decline in issuance since the peak of $1.41 trillion in December 2000, and is
reflected broadly over various sub-sectors, such as asset-backed commercial
paper and directly placed commercial paper.
Unlike the previous six months, the credit picture improved dramatically
during the reporting period. The pace of downgrades recorded the largest drop
this year, and for the first time since January 1998, Moody's reported no
defaults on any of its rated securities. Additionally, many of the corporate
accounting scandals and mutual fund trading investigations were resolved,
leading to increased investor confidence and hopes that the worst of the
corporate governance crisis was past. The only outstanding stresses to the
credit market relate to some widely known, but fairly uneventful, issues with
some of Government Sponsored Entities (GSEs); these are expected to be resolved
shortly and, we believe, could leave the affected GSEs in a much stronger
position.
U.S. GOVERNMENT AGENCY SECURITIES
- --------------------------------------------------------------------------------
Yield spreads between federal agency securities and prime money-market
instruments widened in the first three months of the period and then narrowed
after yielding as much as 0.20% less than the three-month LIBOR. The spread
narrowed to less than 0.10% near the end of September 2004. Spreads between
federal agency securities and U.S. Treasury bills also widened during this
period to over 0.20% near the end of September 2004, after having traded at the
same yield in June 2004.
At the end of the quarter, the Office of Federal Housing Enterprise
Oversight (OFHEO) issued its anticipated report on the Federal National Mortgage
Association (Fannie Mae) about alleged irregularities in financial controls and
accounting policies. Fannie Mae has agreed with OFHEO to boost its capital by
30% above the minimum within nine months. Estimates are that Fannie Mae will
need to increase its capital by $4 to $5 billion during this period and is
likely to use a combination of retaining its earnings and lowering its debt
issuance. This will necessitate a contraction in its mortgage portfolio. We
believe that these developments could prove to be positive for agency debt
holders, as yield spreads narrow due to less supply and improved investor
confidence. The senior debt ratings of Fannie Mae and other GSEs are stable at
this time at triple-A ratings.
U.S. TREASURY SECURITIES
- --------------------------------------------------------------------------------
While U.S. Treasury yields generally increased during 2004, they did so at
a more moderate pace than prime money market investments. Toward the end of the
reporting period, some U.S. Treasury yields even decreased as other yields were
rising. Some investors were buying short-maturity U.S. Treasury bills in the
hopes of reinvesting at higher rates, while others were using the short maturity
bills as a safe haven given election year terrorism fears. Recent strong buying
by Central Banks combined with tactical short selling by the primary government
securities dealers has increased demand for U.S. Treasuries, leading to higher
prices. As of September 30, 2004, the six-month U.S. Treasury bill yielded 0.29%
more than the three-month U.S. Treasury bill, whereas the yield differential at
the end of March 2004 was just 0.05%.
The extreme steepness of the yield curve in the U.S. Treasury bill market
occurred just after the first tightening at the Fed's June meeting, when the
pick-up from three- to six-month bills was 0.38%. Because the Fed reiterated it
would tighten at a measured pace, that steepness backed off to just over 0.25%
in September 2004.
2
MONEY MARKET OVERVIEW WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
TAX-FREE SECURITIES
- --------------------------------------------------------------------------------
In the past six months, news in the municipal markets was dominated by the
financial problems of the State of California as it faced a severe cash
shortage. The State was able to avoid a crisis by issuing $11 billion in
Economic Recovery Bonds. Rating agencies, in turn, raised California's ratings
from triple-B to single-A. These financial problems won't go away, as many of
the one-time measures that have been used to fill the budget deficit will expire
over the next two years.
For buyers of municipal variable rate demand notes, massive supplies of
new bond issuances coupled with the rising federal funds rate have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels. Variable rate demand notes averaged 85% of the one-month LIBOR
throughout the period, compared to the long-term historical average of 65%.
There continue to be reasons for concern about the general quality of
municipal credit. One of the issues that faced municipalities the past six
months was their unfunded pension obligations. During the stock market bubble,
rising equity values enabled municipalities to skip pension fund contributions
and increase benefit payouts. Since the bubble burst, pension funds are no
longer overvalued and these skipped payments and increased payouts have come to
haunt municipalities. For example, the State of Illinois is now faced with
approximately $45 billion in unfunded pension obligations. In addition to
Illinois, the city of San Diego's ratings have recently been removed for, among
other things, failing to properly disclose pension obligations.
Lastly, municipalities have increased their use of swaps. Some are used
appropriately as a form of creating synthetic fixed-rate securities as a cheaper
alternative to regular fixed-rate bonds. Our fear is that some smaller issuers
may be enhancing their investment returns by speculating in their use of these
derivatives. We continue to monitor these issues looming over municipalities.
STRATEGIC OUTLOOK
- --------------------------------------------------------------------------------
The interest rate rise was widely anticipated and the measured pace of the
tightening of rates by the Fed caused no market disruption. Fund yields were
largely responsive to these increases in the federal funds rate, and the Wells
Fargo Money Market Funds (the Funds) experienced minimal changes in assets. We
believe the Funds were positioned to take advantage of the additional yield
available in longer-term investments, while enjoying sensitivity to rate changes
offered by shorter-term investments.
THE VIEWS EXPRESSED ARE AS OF SEPTEMBER 30, 2004, AND ARE THOSE OF THE
FUNDS' MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO
CHANGING CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR
GUARANTEE THE FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR
THE MARKETS GENERALLY, OR THE WELLS FARGO MONEY MARKET FUNDS.
3
WELLS FARGO OVERLAND EXPRESS SWEEP FUND PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Overland Express Sweep Fund (the Fund) seeks current
income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester 10/01/91
Laurie White
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6-MONTH* 1-YEAR 5-YEAR 10-YEAR
Wells Fargo Overland Express Sweep Fund 0.13 0.18 2.12 3.25
Benchmark
iMoneyNet First Tier Retail Money Fund Average(2) 0.27 0.46 2.67 4.52
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 0.66%
7-Day Compound Yield 0.66%
30-Day Simple Yield 0.58%
30-Day Compound Yield 0.58%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 40 days
PORTFOLIO COMPOSITION(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Certificates of Deposit (4%)
Commercial Paper (46%)
Floating Rate Notes (10%)
Repurchase Agreements (21%)
Time Deposits (9%)
FHLMC (3%)
FHLB (2%)
Short-Term Corporate Bonds (5%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (25%)
2 - 14 Days (25%)
15 - 29 Days (10%)
30 - 59 Days (14%)
60 - 89 Days (16%)
90 - 179 Days (6%)
180 - 269 Days (3%)
270+ Days (1%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005 to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. The Fund's Adviser also has
voluntarily waived fees and/or reimbursed expenses, which reduced
operating expenses. Actual reductions of operating expenses increased
total return to shareholders. Without these reductions, the Fund's 7-day
current yield would have been 0.66%.
Performance shown for the Wells Fargo Overland Express Sweep Fund for
periods prior to November 8, 1999, reflects performance of the Stagecoach
Overland Express Fund, its predecessor fund. Effective at the close of business
November 5, 1999, the Stagecoach Funds were reorganized into the WELLS FARGO
Funds(R). Performance shown for periods prior to December 15, 1997, reflects
performance of the predecessor Overland Express Funds, Inc. portfolio.
(2) The iMoneyNet First Tier Retail Money Fund Average is an average of
non-government retail funds that do not hold any second tier
securities. Portfolio holdings of first tier funds include U.S. Treasury
securities, U.S. other securities, repos, time deposits, domestic bank
obligations, foreign bank obligations, first tier commercial paper,
floating rate notes and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
4
FUND EXPENSES WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any), and exchange fees (if any), and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) 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.
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
sales charges (loads), redemption fees, or exchange fees. Therefore, the second
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.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (April 1, 2004 to September 30,
2004).
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.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/2004 9/30/2004 the Period* Ratio
Wells Fargo Overland Express Sweep Fund
- --------------------------------------------------------------------------------------------------
Actual $1,000.00 $1,001.30 $ 5.25 1.05%
Hypothetical (5% return before expenses) $1,000.00 $1,019.75 $ 5.30 1.05%
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO 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).
5
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
AGENCY NOTES - INTEREST BEARING - 3.63%
$ 70,000,000 FHLB+/- 1.48% 10/05/2005 $ 69,963,651
90,000,000 FHLMC+/- 1.59 02/04/2005 89,984,536
TOTAL AGENCY NOTES - INTEREST BEARING (COST $159,948,187) 159,948,187
--------------
CERTIFICATES OF DEPOSIT - 4.40%
60,000,000 BANCO BILBAO VIZCAYA ARGENTARIA NEW YORK 2.25 09/19/2005 59,988,499
27,000,000 CDC IXIS 1.40 11/04/2004 27,000,000
57,000,000 FORTIS BANK NEW YORK 1.44 11/16/2004 56,999,584
20,000,000 NATEXIS BANQUES POPULAIRES NEW YORK 1.46 04/06/2005 19,999,795
15,000,000 NORDEA BANK FINLAND 1.34 10/08/2004 14,999,884
15,000,000 SWEDBANK NEW YORK 1.41 11/03/2004 14,999,865
TOTAL CERTIFICATES OF DEPOSIT (COST $193,987,627) 193,987,627
--------------
CORPORATE BONDS & NOTES - 1.94%
45,000,000 ASSOCIATES CORPORATION OF NORTH AMERICA+/- 2.05 06/27/2005 45,000,000
40,000,000 WAL-MART STORES 5.01 06/01/2005 40,769,949
TOTAL CORPORATE BONDS & NOTES (COST $85,769,949) 85,769,949
--------------
COMMERCIAL PAPER - 45.44%
30,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.80 10/07/2004 29,991,000
50,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.69 11/29/2004 49,861,514
78,000,000 ALPINE SECURITIZATION CORPORATION^ 1.50 10/04/2004 77,990,250
40,000,000 AMSTEL FUNDING CORPORATION^ 1.59 10/05/2004 39,992,933
25,000,000 AMSTEL FUNDING CORPORATION^ 1.81 12/30/2004 24,886,875
25,000,000 AQUINAS FUNDING LLC^ 1.66 11/16/2004 24,946,972
59,505,000 ATOMIUM FUNDING CORPORATION^ 1.81 12/01/2004 59,322,502
35,000,000 BLUE SPICE LLC^ 1.54 10/12/2004 34,983,531
53,000,000 CAFCO LLC^ 1.67 11/23/2004 52,869,694
20,000,000 CC USA INCORPORATED^ 1.66 11/12/2004 19,961,267
17,000,000 CC USA INCORPORATED^ 1.67 11/24/2004 16,957,415
35,000,000 CCX LLC^ 1.51 10/12/2004 34,983,851
46,211,000 CEDAR SPRINGS CAPITAL COMPANY^ 1.75 12/02/2004 46,071,725
100,000,000 CHARTA LLC^ 1.66 10/25/2004 99,889,333
15,000,000 CONCORD MINUTEMEN CAPITAL COMPANY+/- 1.68 10/05/2005 14,999,876
25,000,000 CONCORD MINUTEMEN CAPITAL COMPANY+/- 1.72 10/06/2005 24,999,622
23,792,000 CROWN POINT CAPITAL COMPANY^ 1.66 11/04/2004 23,754,699
43,878,000 CROWN POINT CAPITAL COMPANY^ 1.85 01/20/2005 43,628,389
50,000,000 CROWN POINT CAPITAL COMPANY^ 2.09 03/08/2005 49,541,361
10,000,000 DORADA FINANCE INCORPORATED^ 1.51 10/12/2004 9,995,386
40,000,000 EDISON ASSET SECURITIZATION LLC^ 1.62 10/22/2004 39,962,200
81,600,000 GALAXY FUNDING INCORPORATED^ 1.55 10/06/2004 81,582,433
28,100,000 GOVCO INCORPORATED^ 1.66 10/27/2004 28,066,311
60,000,000 GOVCO INCORPORATED^ 1.82 12/13/2004 59,778,567
64,000,000 GRAMPIAN FUNDING LLC^ 1.66 11/19/2004 63,855,396
35,000,000 GRAMPIAN FUNDING LLC^ 1.71 12/22/2004 34,863,675
20,000,000 IRISH LIFE & PERMANENT PLC^ 1.72 12/16/2004 19,927,378
55,000,000 IRISH LIFE & PERMANENT PLC^ 1.75 12/21/2004 54,783,438
20,000,000 K2 (USA) LLC^ 1.72 12/10/2004 19,933,111
6
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
COMMERCIAL PAPER (CONTINUED)
$ 35,412,000 LEGACY CAPITAL LLC^ 1.53% 10/14/2004 $ 35,392,435
29,388,000 LEXINGTON PARKER CAPITAL CORPORATION^ 1.26 10/18/2004 29,370,514
40,000,000 LEXINGTON PARKER CAPITAL CORPORATION^ 1.93 03/01/2005 39,676,189
65,000,000 LIQUID FUNDING LIMITED+++/- 1.83 09/22/2005 65,000,000
20,000,000 MORGAN STANLEY+/- 1.86 03/10/2005 20,000,000
40,000,000 MORTGAGE INTEREST NETWORKING TRUST^ 1.73 11/30/2004 39,884,667
130,000,000 NATIONWIDE BUILDING SOCIETY^ 1.71 11/29/2004 129,635,675
58,484,000 NEPTUNE FUNDING CORPORATION^ 1.78 11/18/2004 58,345,198
10,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.77 01/06/2005 9,952,308
60,000,000 NIEUW AMSTERDAM RECEIVABLES^ 1.55 10/01/2004 60,000,000
40,000,000 NORTHERN ROCK PLC^ 1.73 11/26/2004 39,892,356
35,000,000 REGENCY MARKETS NUMBER 1 LLC^ 1.80 12/07/2004 34,882,750
43,206,000 SCALDIS CAPITAL LLC^ 2.12 03/24/2005 42,763,283
20,000,000 SPINTAB AB^ 1.72 11/09/2004 19,962,733
25,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 24,993,708
21,500,000 TANGO FINANCE CORPORATION^ 1.64 10/29/2004 21,472,576
25,900,000 TANGO FINANCE CORPORATION^ 1.65 10/29/2004 25,866,762
34,500,000 TANGO FINANCE CORPORATION^ 1.66 11/08/2004 34,439,548
42,000,000 TANGO FINANCE CORPORATION^ 1.66 11/22/2004 41,899,293
24,382,000 THAMES ASSET GLOBAL SECURITIZATION^ 1.75 12/03/2004 24,307,330
23,906,000 WHITE PINE FINANCE LLC^ 1.28 10/27/2004 23,883,900
TOTAL COMMERCIAL PAPER (COST $2,004,001,929) 2,004,001,929
--------------
AGENCY NOTES - DISCOUNT - 0.90%
30,000,000 FHLMC^ 1.72 12/28/2004 29,873,867
10,000,000 FNMA^ 1.61 10/01/2004 10,000,000
TOTAL AGENCY NOTES - DISCOUNT (COST $39,873,867) 39,873,867
--------------
EXTENDABLE BONDS - 2.58%
60,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.84 10/07/2005 60,001,442
20,000,000 ING SECURITY LIFE INSTITUTIONAL FUNDING+++/- 1.79 10/07/2005 20,006,313
34,000,000 NORTHERN ROCK PLC+++/- 1.89 07/08/2005 34,000,000
TOTAL EXTENDABLE BONDS (COST $114,007,755) 114,007,755
--------------
MEDIUM TERM NOTES - 7.67%
26,000,000 BANK OF AMERICA SECURITIES+/-@ 1.96 09/09/2034 26,000,000
48,500,000 BEAR STEARNS COMPANIES INCORPORATED+/- 2.08 10/22/2004 48,513,139
11,250,000 JOHN HANCOCK GLOBAL FUNDING II+++/- 1.70 12/04/2004 11,250,000
7,000,000 K2 (USA) LLC++ 1.43 03/15/2005 7,000,000
50,000,000 K2 (USA) LLC++ 1.71 05/03/2005 49,995,034
40,000,000 LIBERTY LIGHTHOUSE US CAPITAL COMPANY++ 1.50 11/12/2004 40,000,000
60,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 60,457,312
65,000,000 NATEXIS BANQUES POPULAIRES NEW YORK+/- 1.69 09/09/2005 64,978,487
20,000,000 PREMIUM ASSET TRUST SERIES 04-08+++/- 1.77 10/14/2005 20,000,000
10,000,000 STRATEGIC MONEY MARKET TRUST SERIES 1999-D+++/- 2.15 06/03/2005 10,013,921
TOTAL MEDIUM TERM NOTES (COST $338,207,893) 338,207,893
--------------
7
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
PROMISSORY NOTE - 2.95%
$ 80,000,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 1.88% 06/06/2005 $ 80,000,000
50,000,000 GOLDMAN SACHS GROUP INCORPORATED+/- 1.71 07/26/2005 50,000,000
TOTAL PROMISSORY NOTE (COST $130,000,000) 130,000,000
--------------
REPURCHASE AGREEMENTS - 21.02%
126,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $126,006,593) 1.91 10/01/2004 126,000,000
126,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $126,024,993) 1.81 10/04/2004 126,000,000
293,837,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $293,852,296) 1.90 10/01/2004 293,837,000
69,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $69,003,630) 1.92 10/01/2004 69,000,000
45,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $45,002,441) 1.98 10/01/2004 45,000,000
21,894,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $21,895,170) 1.95 10/01/2004 21,894,000
55,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $55,002,893) 1.92 10/01/2004 55,000,000
190,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $190,009,890) 1.90 10/01/2004 190,000,000
TOTAL REPURCHASE AGREEMENTS (COST $926,731,000) 926,731,000
--------------
TIME DEPOSITS - 9.45%
91,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 91,000,000
64,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 64,000,000
81,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 81,000,000
120,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 120,000,000
34,000,000 FORTIS BANK GRAND CAYMAN 1.78 10/05/2004 34,000,000
27,000,000 LLOYDS TSB BANK PLC LONDON 1.79 10/05/2004 27,000,000
TOTAL TIME DEPOSITS (COST $417,000,000) 417,000,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $4,409,528,207)* 99.98% $4,409,528,207
OTHER ASSETS AND LIABILITIES, NET 0.02 1,017,705
------ --------------
TOTAL NET ASSETS 100.00% $4,410,545,912
====== ==============
+/- VARIABLE RATE SECURITIES.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
8
STATEMENT OF ASSETS AND LIABILITIES -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ................................ $ 3,482,797,207
REPURCHASE AGREEMENTS ......................................... 926,731,000
---------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ................ 4,409,528,207
---------------
CASH .......................................................... 50,345
RECEIVABLES FOR DIVIDENDS AND INTEREST ........................ 7,335,474
---------------
TOTAL ASSETS ..................................................... 4,416,914,026
---------------
LIABILITIES
DIVIDENDS PAYABLE ............................................. 2,056,928
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ......... 2,026,853
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ....................... 1,777,523
ACCRUED EXPENSES AND OTHER LIABILITIES ........................ 506,810
---------------
TOTAL LIABILITIES ................................................ 6,368,114
---------------
TOTAL NET ASSETS ................................................. $ 4,410,545,912
===============
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................... $ 4,410,615,265
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .................... (20,556)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ......... (48,797)
---------------
TOTAL NET ASSETS ................................................. $ 4,410,545,912
---------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -------------------------------------------------------------------------------------
NET ASSETS .................................................... 4,410,545,912
SHARES OUTSTANDING ............................................ 4,410,640,198
NET ASSET VALUE AND OFFERING PRICE PER SHARE .................. $ 1.00
---------------
INVESTMENTS AT COST .............................................. $ 4,409,528,207
===============
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
9
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED SEPTEMBER 30,2004
(UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ....................................................... $ 28,087,727
------------
TOTAL INVESTMENT INCOME ........................................... 28,087,727
------------
EXPENSES
ADVISORY FEES .................................................. 8,448,867
ADMINISTRATION FEES ............................................ 5,785,803
CUSTODY FEES ................................................... 428,578
SHAREHOLDER SERVICING FEES ..................................... 6,075,746
ACCOUNTING FEES ................................................ 132,171
DISTRIBUTION FEES (NOTE 3) ..................................... 6,075,746
AUDIT FEES ..................................................... 10,027
LEGAL FEES ..................................................... 501
REGISTRATION FEES .............................................. 501
TRUSTEES' FEES ................................................. 3,402
OTHER FEES AND EXPENSES ........................................ 7,921
------------
TOTAL EXPENSES .................................................... 26,969,263
------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ................... (4,408,994)
NET EXPENSES ................................................... 22,560,269
------------
NET INVESTMENT INCOME (LOSS) ...................................... 5,527,458
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES ..................................................... (61,419)
------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ......................... (61,419)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ (61,419)
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ... $ 5,466,039
============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
10
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
OVERLAND EXPRESS SWEEP FUND
------------------------------------------
(UNAUDITED) FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- ---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ...................................................... $ 4,477,979,501 $ 5,084,537,775
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .............................................. 5,527,458 4,776,542
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................... (61,419) 12,622
---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .............. 5,466,039 4,789,164
---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME ..................................................... (5,547,842) (4,779,487)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD ................................................. 6,028,194,902 12,205,414,388
REINVESTMENT OF DISTRIBUTIONS ............................................. 1,097,506 1,801,752
COST OF SHARES REDEEMED ................................................... (6,096,644,194) (12,813,784,091)
---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS ................................................................ (67,351,786) (606,567,951)
================ ================
NET INCREASE (DECREASE) IN NET ASSETS ........................................ (67,433,589) (606,558,274)
================ ================
ENDING NET ASSETS ............................................................ $ 4,410,545,912 $ 4,477,979,501
================ ================
SHARES ISSUED AND REDEEMED:
SHARES SOLD ............................................................... 6,028,194,903 12,205,414,388
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS ............................ 1,097,506 1,801,752
SHARES REDEEMED ........................................................... (6,096,644,174) (12,813,784,092)
---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS ................................................................ (67,351,765) (606,567,952)
================ ================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................. $ (20,556) $ (172)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
11
WELLS FARGO OVERLAND EXPRESS SWEEP FUND FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING DIVIDENDS ENDING
NET ASSET NET FROM NET NET ASSET
VALUE PER INVESTMENT INVESTMENT VALUE PER
SHARE INCOME (LOSS) INCOME SHARE
- -----------------------------------------------------------------------------------------------------------------------------
OVERLAND EXPRESS SWEEP FUND
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) ........ $1.00 0.00 0.00 $1.00
APRIL 1, 2003 TO MARCH 31, 2004 ........................ $1.00 0.00 0.00 $1.00
APRIL 1, 2002 TO MARCH 31, 2003 ........................ $1.00 0.01 (0.01) $1.00
APRIL 1, 2001 TO MARCH 31, 2002 ........................ $1.00 0.02 (0.02) $1.00
APRIL 1, 2000 TO MARCH 31, 2001 ........................ $1.00 0.05 (0.05) $1.00
APRIL 1, 1999 TO MARCH 31, 2000 ........................ $1.00 0.04 (0.04) $1.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED.
THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS THE EXPENSE
RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS.
(2) TOTAL RETURN CALCULATION WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN WAIVED OR REIMBURSED DURING THE PERIODS SHOWN. RETURNS FOR PERIODS
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
12
FINANCIAL HIGHLIGHTS WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------ NET ASSETS AT
NET INVESTMENT GROSS EXPENSES NET TOTAL END OF PERIOD
INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2) (000'S OMITTED)
- ---------------------------------------------------------------------------------------------------------------------------------
OVERLAND EXPRESS SWEEP FUND
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) .. 0.26% 1.26% (0.21)% 1.05% 0.13% $4,410,546
APRIL 1, 2003 TO MARCH 31, 2004 .................. 0.10% 1.35% (0.28)% 1.07% 0.10% $4,477,980
APRIL 1, 2002 TO MARCH 31, 2003 .................. 0.52% 1.25% 0.00% 1.25% 0.52% $5,084,538
APRIL 1, 2001 TO MARCH 31, 2002 .................. 2.13% 1.25% 0.00% 1.25% 2.26% $6,107,675
APRIL 1, 2000 TO MARCH 31, 2001 .................. 5.21% 1.25% 0.00% 1.25% 5.35% $4,924,869
APRIL 1, 1999 TO MARCH 31, 2000 .................. 4.29% 1.29% (0.04)% 1.25% 4.32% $3,863,612
13
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company. The Trust commenced operations on November 8,
1999, and is currently comprised of 75 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Overland
Express Sweep Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
In the normal course of business, the Trust may enter into contracts that
provide certain indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Funds
and, therefore, cannot be estimated; however, based on experience, the risk of
loss from such claims is considered remote.
SECURITY VALUATION
The Fund(s) invests only in securities with remaining maturities not
exceeding 397 days (13 months). Certain floating- and variable-rate instruments
in the portfolio may have maturities in excess of 397 days, but carry a demand
feature that permits the holder to tender the instruments back to the issuer at
par value prior to maturity.
The amortized cost method is used to value portfolio securities. The
amortized cost method involves valuing a security at its cost, plus accretion of
discount or minus amortization of premium over the period until maturity, which
approximates market value. The Fund(s) seeks to maintain a constant net asset
value of $1.00 per share, although there is no assurance that it will be able to
do so.
Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to
shareholders monthly. Distributions to shareholders from net realized capital
gains, if any, are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
dividends the earnings and profits distributed to shareholders on the redemption
of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at September 30, 2004.
At March 31, 2004, current year deferred post-October capital losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Deferred Post-October
Fund Capital Loss
OVERLAND EXPRESS SWEEP FUND 7,782
14
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS
The Fund(s) may invest in repurchase agreements and may participate in
pooled repurchase agreement transactions with other funds advised by Wells Fargo
Funds Management, LLC. The repurchase agreements must be fully collateralized
based on values that are marked to market daily. The collateral may be held by
an agent bank under a tri-party agreement. It is the custodian's responsibility
to value collateral daily and to take action to obtain additional collateral as
necessary to maintain market value equal to or greater than the resale price.
The repurchase agreements are collateralized by instruments such as U.S.
Treasury, federal agency, or high-grade corporate obligations. There could be
potential loss to a Fund in the event that such Fund is delayed or prevented
from exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment sub-advisers to provide daily portfolio
management. The fees related to sub-advisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment sub-adviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Sub-Advisory Fee
(% of Average (% of
Average Daily Daily Average Daily
Fund Advisory Fee* Net Assets) Sub-Adviser Net Assets Net Assets)
OVERLAND EXPRESS $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05
SWEEP FUND $500 - 999 million 0.300 Management >$1 billion 0.04
$1 - 2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
* Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a monthly advisory fee at an annual rate of 0.45%.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers out of the
fees it receives as administrator, Funds Management is entitled to receive the
following annual fees:
(% of Average
Average Daily Net Assets Daily Net Assets)**
FUND LEVEL $0 - 4.99 billion 0.05
$5 - 9.99 billion 0.04
>$9.99 billion 0.03
CLASS LEVEL 0.22
** Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a fund level administration fee of 0.05% of average
daily net assets.
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to certain transaction charges plus a monthly fee for
custody services at the following annual rates:
% Of Average
Daily Net Assets
OVERLAND EXPRESS SWEEP FUND 0.02
15
WELLS FARGO OVERLAND EXPRESS SWEEP FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
Fund
OVERLAND EXPRESS SWEEP FUND 0.25%*
* Effective 8/2/04. Prior to 8/2/04, the Fund paid shareholder servicing
fees at an annual rate of 0.30% of daily average net assets.
For the six months ended September 30, 2004, shareholder servicing fees
paid are disclosed on the Statement of Operations.
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for the Fund
pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the
Fund and paid to Stephens Inc. ("Stephens") at an annual rate of 0.25%** of
average daily net assets.
** Effective 8/2/04. Prior to 8/2/04, the Fund paid distribution fees at an
annual rate of 0.30% of daily average net assets.
For the six months ended September 30, 2004, distribution fees paid are
disclosed on the Statement of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee, and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statement
of Operations, for the six months ended September 30, 2004, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. The Fund's Adviser has committed to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense limitation for the Fund(s). Net operating expense limitations during the
period were as follows:
Net Operating Expense Limitations
Current Prior to 08/02/04
OVERLAND EXPRESS SWEEP FUND 1.08% 1.25%
16
OTHER INFORMATION (UNAUDITED) WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities and information
regarding the results of such voting is available without charge, upon request,
by calling 1-800-222-8222, visiting our website at www.wellsfargofunds.com or
visiting the SEC website at www.sec.gov.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 100 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Nominating Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 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.
INTERESTED TRUSTEES**
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- ----------------------------------------------------------------------------------------------------------
Robert C. Brown Trustee since 1992 Retired. None
73
- ----------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee since 1987 Private Investor/Real Estate None
60 Developer; Chairman of White
Point Capital, LLC.
- ----------------------------------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- ----------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee since 1987 Wake Forest University, None
62 Calloway School of Business
and Accountancy, Associate
Professor of Finance.
- ----------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee since 1998 Chairman, CEO, and Co- None
62 (Lead Trustee since Founder of Crystal Geyser
2001) Water Company and President
of Crystal Geyser Roxane Water
Company.
- ----------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee since 1987 Retired. Prior thereto, President None
71 of Richard M. Leach Associates
(a financial consulting firm).
- ----------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee since 1996 Senior Counselor to the public None
52 relations firm of Himle-Horner
and Senior Fellow at the
Humphrey Institute,
Minneapolis, Minnesota (a pub-
lic policy organization).
- ----------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee since 1996 Principal in the law firm of None
64 Willeke & Daniels.
- ----------------------------------------------------------------------------------------------------------
17
WELLS FARGO OVERLAND EXPRESS SWEEP FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
OFFICERS
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- ----------------------------------------------------------------------------------------------------------
Karla M. Rabusch President since 2003 Executive Vice President of None
45 Wells Fargo Bank, N.A.
President of Wells Fargo Funds
Management, LLC. Senior Vice
President and Chief
Administrative Officer of Wells
Fargo Funds Management, LLC
from 2001 to 2003. Vice
President of Wells Fargo Bank,
N.A. from 1997 to 2000.
- ----------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo Treasurer since 2003 Senior Vice President of Wells None
35 Fargo Bank, N.A. Senior Vice
President of Operations for
Wells Fargo Funds
Management, LLC. Prior there-
to, Operations Manager at
Scudder Weisel Capital, LLC
(2000 to 2001), Director of
Shareholder Services at BISYS
Fund Services (1999 to 2000)
and Assistant Vice President of
Operations with Nicholas-
Applegate Capital Management
(1993 to 1999).
- ----------------------------------------------------------------------------------------------------------
C. David Messman Secretary since 2000 Vice President and Managing None
44 Senior Counsel of Wells Fargo
Bank, N.A. Senior Vice
President and Secretary of Wells
Fargo Funds Management, LLC.
Vice President and Senior
Counsel of Wells Fargo Bank,
N.A. from 1996 to 2003.
- ----------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222.
** Currently, two of the seven Trustees are considered "interested persons"
of the Trusts as defined in the Investment Company Act of 1940. One of the
interested Trustees, Robert C. Brown, owns securities of Wells Fargo &
Company, and one of the interested Trustees, J. Tucker Morse, is
affiliated with a government securities dealer that is registered under
the Securities Exchange Act of 1934, which is not itself affiliated with
Wells Fargo Funds Management, LLC.
*** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
18
LIST OF ABBREVIATIONS WELLS FARGO OVERLAND EXPRESS SWEEP FUND
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depository Receipts
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CMT -- Constant Maturity Treasury
COFI -- Cost of Funds Index
Connie Lee -- Connie Lee Insurance Company
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
EDFA -- Education Finance Authority
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Notes
FSA -- Financial Security Assurance, Inc
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
MTN -- Medium Term Note
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PLC -- Private Placement
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFMR -- Single Family Mortgage Revenue
STEERS -- Structured Enhanced Return Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
WEBS -- World Equity Benchmark Shares
19
THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
MORE INFORMATION ABOUT WELLS FARGO FUNDS(R) IS AVAILABLE FREE UPON REQUEST. TO
OBTAIN LITERATURE, PLEASE WRITE OR CALL:
WELLS FARGO FUNDS
PO BOX 8266
BOSTON, MA 02266-8266
WELLS FARGO FUNDS INVESTOR SERVICES: 1-800-222-8222 OR VISIT OUR WEB SITE AT
WWW.WELLSFARGOFUNDS.COM.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED
OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE
INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
WELLS FARGO FUNDS MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &
COMPANY, PROVIDES INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES FOR THE WELLS
FARGO FUNDS. OTHER AFFILIATES OF WELLS FARGO & COMPANY PROVIDE SUB-ADVISORY AND
OTHER SERVICES FOR THE FUNDS. THE FUNDS ARE DISTRIBUTED BY STEPHENS INC., MEMBER
NYSE/SIPC. WELLS FARGO & COMPANY AND ITS AFFILIATES ARE NOT AFFILIATED WITH
STEPHENS INC.
--------------------------------------------------------
NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
--------------------------------------------------------
(C)2004 Wells Fargo Funds Management, LLC. All rights reserved. SAR 011 (11/04)
[GRAPHIC OMITTED]
[LOGO]
WELLS
FARGO
FUNDS
Wells Fargo Liquidity Reserve Money Market Fund
Semi-Annual Report
Wells Fargo Liquidity Reserve Money Market Fund
Investor Class
September 30, 2004
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Money Market Overview ..................................................... 2
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
Liquidity Reserve Money Market Fund .................................... 4
Fund Expenses ............................................................. 5
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
Liquidity Reserve Money Market Fund .................................... 6
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities .................................... 9
Statement of Operations ................................................ 10
Statements of Changes in Net Assets .................................... 11
Financial Highlights ................................................... 12
Notes to Financial Statements ............................................. 14
- --------------------------------------------------------------------------------
Other Information ......................................................... 17
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 19
- --------------------------------------------------------------------------------
-------------------------------------------------------
NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
-------------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
We are pleased to provide you with this Wells Fargo Money Market Funds
(the Funds) semi-annual report for the six-month period ended September 30,
2004. On the following pages, you will find the money market overview and facts
and figures about each Fund's investment portfolio.
RATES ON THE RISE
- --------------------------------------------------------------------------------
On June 30, 2004, the Federal Open Market Committee (the FOMC or the Fed)
raised the federal funds target rate from 1% to 1.25%. By the end of September
2004, the federal funds rate was 0.50% higher, at 1.75%. Long-term yields
trended lower, shrugging off these successive rate hikes.
WELLS FARGO MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Money market funds invest in short-term debt obligations, such as
commercial paper, treasury bills, government agency securities and tax-free
securities. The amount of top-rated commercial paper outstanding declined again
during the third quarter of 2004, albeit at a slower pace, as issuers continued
to take advantage of record low bond yields to extend the maturity of their
debt. The credit picture improved dramatically during the reporting period. The
pace of downgrades recorded the largest drop this year.
Yield spreads between prime money-market instruments, federal agency
securities and U.S. Treasury bills widened over the reporting period. While U.S.
Treasury yields generally increased during 2004, they did so at a more moderate
pace than prime money market investments. Toward the end of the reporting
period, some U.S. Treasury yields even decreased as other yields were rising.
For buyers of municipal variable-rate demand notes, massive supplies of
new bond issuances, coupled with the rising fed funds rate, have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels.
LOOKING AHEAD
- --------------------------------------------------------------------------------
As the economy continues to improve, increased inflationary pressures
could lead to higher interest rates. This, in turn, could potentially lead to
higher yields for investors in money market funds. The Fund managers will
continue to manage the Funds in a manner that will seek to provide for a stable
net asset value. Regardless of what lies ahead, investors should continue to
follow the fundamentals of investing -- asset allocation and diversification --
in an effort to achieve their long-term financial goals.
Thank you for your investment in WELLS FARGO FUNDS. We appreciate the
confidence that you have placed in us. If you have any questions or need further
information, please contact your investment professional, or call us at
1-800-222-8222. You may also visit our Web site at www.wellsfargofunds.com.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO FUNDS
1
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND MONEY MARKET OVERVIEW
- --------------------------------------------------------------------------------
MONEY MARKET OVERVIEW
This report covers the six-month period ended September 30, 2004.
PRIME MONEY MARKET SECURITIES
- --------------------------------------------------------------------------------
By the end of the reporting period, the money market yield curve had
become steeper compared to the prior six-months. By September 30, 2004, the
federal funds rate increased to 1.75%, while the 12-month London Interbank
Offered Rate (LIBOR) increased to 2.43%, a spread of 0.68%. In contrast, on
March 31, 2004, the federal funds rate was 1.00%, and the 12-month LIBOR was
1.35%, with a spread of only 0.35%.
The Federal Open Market Committee (the FOMC or the Fed) stuck to its
balanced approach to stimulating the economy by keeping the overnight federal
funds rate constant at 1% during April and May 2004. However, increasing signs
that the economic picture was improving triggered rate hikes of 0.25% starting
in June 2004 and continuing over the following three months. The markets reacted
to the rate hikes, with one-month rates increasing by 0.75% over the reporting
period and one-year rates increasing by 1.07%.
The amount of top-rated commercial paper outstanding declined again during
the third quarter of 2004, albeit at a slower pace, as issuers continued to take
advantage of record low bond yields to extend the maturity of their debt. The
amount of top-rated commercial paper outstanding fell by just over 2.1% during
the second half of the year, from $1.20 trillion at the end of March 2004, to
$1.18 trillion at the end of September 2004. This represents almost a 17%
decline in issuance since the peak of $1.41 trillion in December 2000, and is
reflected broadly over various sub-sectors, such as asset-backed commercial
paper and directly placed commercial paper.
Unlike the previous six months, the credit picture improved dramatically
during the reporting period. The pace of downgrades recorded the largest drop
this year, and for the first time since January 1998, Moody's reported no
defaults on any of its rated securities. Additionally, many of the corporate
accounting scandals and mutual fund trading investigations were resolved,
leading to increased investor confidence and hopes that the worst of the
corporate governance crisis was past. The only outstanding stresses to the
credit market relate to some widely known, but fairly uneventful, issues with
some of Government Sponsored Entities (GSEs); these are expected to be resolved
shortly and, we believe, could leave the affected GSEs in a much stronger
position.
U.S. GOVERNMENT AGENCY SECURITIES
- --------------------------------------------------------------------------------
Yield spreads between federal agency securities and prime money-market
instruments widened in the first three months of the period and then narrowed
after yielding as much as 0.20% less than the three-month LIBOR. The spread
narrowed to less than 0.10% near the end of September 2004. Spreads between
federal agency securities and U.S. Treasury bills also widened during this
period to over 0.20% near the end of September 2004, after having traded at the
same yield in June 2004.
At the end of the quarter, the Office of Federal Housing Enterprise
Oversight (OFHEO) issued its anticipated report on the Federal National Mortgage
Association (Fannie Mae) about alleged irregularities in financial controls and
accounting policies. Fannie Mae has agreed with OFHEO to boost its capital by
30% above the minimum within nine months. Estimates are that Fannie Mae will
need to increase its capital by $4 to $5 billion during this period and is
likely to use a combination of retaining its earnings and lowering its debt
issuance. This will necessitate a contraction in its mortgage portfolio. We
believe that these developments could prove to be positive for agency debt
holders, as yield spreads narrow due to less supply and improved investor
confidence. The senior debt ratings of Fannie Mae and other GSEs are stable at
this time at triple-A ratings.
U.S. TREASURY SECURITIES
- --------------------------------------------------------------------------------
While U.S. Treasury yields generally increased during 2004, they did so at
a more moderate pace than prime money market investments. Toward the end of the
reporting period, some U.S. Treasury yields even decreased as other yields were
rising. Some investors were buying short-maturity U.S. Treasury bills in the
hopes of reinvesting at higher rates, while others were using the short maturity
bills as a safe haven given election year terrorism fears. Recent strong buying
by Central Banks combined with tactical short selling by the primary government
securities dealers has increased demand for U.S. Treasuries, leading to higher
prices. As of September 30, 2004, the six-month U.S. Treasury bill yielded 0.29%
more than the three-month U.S. Treasury bill, whereas the yield differential at
the end of March 2004 was just 0.05%.
The extreme steepness of the yield curve in the U.S. Treasury bill market
occurred just after the first tightening at the Fed's June meeting, when the
pick-up from three- to six-month bills was 0.38%. Because the Fed reiterated it
would tighten at a measured pace, that steepness backed off to just over 0.25%
in September 2004.
2
MONEY MARKET OVERVIEW WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
TAX-FREE SECURITIES
- --------------------------------------------------------------------------------
In the past six months, news in the municipal markets was dominated by the
financial problems of the State of California as it faced a severe cash
shortage. The State was able to avoid a crisis by issuing $11 billion in
Economic Recovery Bonds. Rating agencies, in turn, raised California's ratings
from triple-B to single-A. These financial problems won't go away, as many of
the one-time measures that have been used to fill the budget deficit will expire
over the next two years.
For buyers of municipal variable rate demand notes, massive supplies of
new bond issuances coupled with the rising federal funds rate have helped keep
spreads between weekly municipals and taxable issues at historically narrow
levels. Variable rate demand notes averaged 85% of the one-month LIBOR
throughout the period, compared to the long-term historical average of 65%.
There continue to be reasons for concern about the general quality of
municipal credit. One of the issues that faced municipalities the past six
months was their unfunded pension obligations. During the stock market bubble,
rising equity values enabled municipalities to skip pension fund contributions
and increase benefit payouts. Since the bubble burst, pension funds are no
longer overvalued and these skipped payments and increased payouts have come to
haunt municipalities. For example, the State of Illinois is now faced with
approximately $45 billion in unfunded pension obligations. In addition to
Illinois, the city of San Diego's ratings have recently been removed for, among
other things, failing to properly disclose pension obligations.
Lastly, municipalities have increased their use of swaps. Some are used
appropriately as a form of creating synthetic fixed-rate securities as a cheaper
alternative to regular fixed-rate bonds. Our fear is that some smaller issuers
may be enhancing their investment returns by speculating in their use of these
derivatives. We continue to monitor these issues looming over municipalities.
STRATEGIC OUTLOOK
- --------------------------------------------------------------------------------
The interest rate rise was widely anticipated and the measured pace of the
tightening of rates by the Fed caused no market disruption. Fund yields were
largely responsive to these increases in the federal funds rate, and the Wells
Fargo Money Market Funds (the Funds) experienced minimal changes in assets. We
believe the Funds were positioned to take advantage of the additional yield
available in longer-term investments, while enjoying sensitivity to rate changes
offered by shorter-term investments.
THE VIEWS EXPRESSED ARE AS OF SEPTEMBER 30, 2004, AND ARE THOSE OF THE
FUNDS' MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO
CHANGING CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR
GUARANTEE THE FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR
THE MARKETS GENERALLY, OR THE WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND.
3
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
LIQUIDITY RESERVE MONEY MARKET FUND--INVESTOR CLASS
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The Wells Fargo Liquidity Reserve Money Market Fund (the Fund) seeks
current income, while preserving capital and liquidity.
FUND MANAGERS INCEPTION DATE
Dave Sylvester
Laurie White 7/31/02
AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
6 Month* 1-Year Life of Fund
Wells Fargo Liquidity Reserve Money Market Fund - Investor Class 0.15 0.22 0.36
Benchmark
iMoneyNet First Tier Retail Money Fund Average(2) 0.27 0.46 0.62
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT
THE CURRENT EARNINGS OF THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE - WWW.WELLSFARGOFUNDS.COM.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A WELLS FARGO MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE WELLS FARGO MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
MONEY MARKET FUNDS.
FUND YIELD SUMMARY(1) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
7-Day Current Yield 0.72%
7-Day Compound Yield 0.73%
30-Day Simple Yield 0.64%
30-Day Compound Yield 0.64%
FUND CHARACTERISTICS(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
Weighted Average Maturity 41 days
PORTFOLIO COMPOSITION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Commercial Paper (50%)
Certificates of Deposit (4%)
Floating/Variable Rate Bonds/Notes (10%)
Repurchase Agreements (17%)
Corporate Bonds (3%)
Time Deposits (10%)
FHLMC (2%)
FNMA (2%)
FHLB (2%)
MATURITY DISTRIBUTION(3) (AS OF SEPTEMBER 30, 2004)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Overnight (20%)
2-14 days (35%)
15-29 days (9%)
30-59 days (15%)
60-89 days (9%)
90-179 days (9%)
180-269 days (2%)
270 + days (1%)
- --------------------------------------------------------------------------------
(1) The Fund's Adviser has committed through July 31, 2005 to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain
net operating expense ratio for the Fund. The Fund's Adviser also has
voluntarily waived fees and/or reimbursed expenses, which reduced
operating expenses. Actual reductions of operating expenses increased
total return to shareholders. Without these reductions, the Fund's 7-day
current yield would have been 0.62%.
(2) The iMoneyNet First Tier Retail Money Fund Average is an average of
non-government retail funds that do not hold any second tier
securities. Portfolio holdings of first tier funds include U.S. Treasury
securities, U.S. other securities, repos, time deposits, domestic bank
obligations, foreign bank obligations, first tier commercial paper,
floating rate notes and asset-backed commercial paper.
(3) Portfolio holdings and characteristics are subject to change.
4
FUND EXPENSES WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any), and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) 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.
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
sales charges (loads), redemption fees, or exchange fees. Therefore, the second
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.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (April 1, 2004 to September 30,
2004).
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.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/31/2004 9/30/2004 the Period* Ratio
Wells Fargo Liquidity Reserve Money Market Fund
- ----------------------------------------------------------------------------------------------------------------------
Actual $1,000.00 $1,001.50 $5.00 1.00%
Hypothetical
(5% annual return before expenses) $1,000.00 $1,020.00 $5.05 1.00%
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO 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).
5
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
AGENCY NOTES - INTEREST BEARING - 2.93%
$ 30,000,000 FHLB# 1.48% 10/05/2005 $ 29,984,422
25,000,000 FHLMC# 1.59 02/04/2005 24,995,704
TOTAL AGENCY NOTES - INTEREST BEARING (COST $54,980,126) 54,980,126
---------------
CERTIFICATES OF DEPOSIT - 3.95%
25,000,000 BANCO BILBAO VIZCAYA ARGENTARIA NEW YORK 2.25 09/19/2005 24,995,208
10,000,000 BNP PARIBAS NEW YORK 1.50 11/19/2004 10,000,728
8,000,000 CDC IXIS 1.40 11/04/2004 8,000,000
7,000,000 NATEXIS BANQUES POPULAIRES NEW YORK 1.46 04/06/2005 6,999,928
9,000,000 NORDEA BANK FINLAND 1.34 10/08/2004 8,999,930
15,000,000 SVENSKA HANDELSBANKEN NEW YORK 1.49 05/04/2005 14,989,379
TOTAL CERTIFICATES OF DEPOSIT (COST $73,985,173) 73,985,173
---------------
COMMERCIAL PAPER - 52.38%
15,000,000 ABBEY NATIONAL NORTH AMERICA LLC^ 1.80 10/07/2004 14,995,500
50,000,000 ALPINE SECURITIZATION CORPORATION^ 1.50 10/04/2004 49,993,750
50,000,000 AMSTEL FUNDING CORPORATION^ 1.59 10/05/2004 49,991,167
20,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.57 10/07/2004 19,994,767
30,000,000 AQUINAS FUNDING LLC^ 1.46 11/10/2004 29,951,333
25,000,000 AQUINAS FUNDING LLC^ 1.72 12/15/2004 24,910,417
50,000,000 ATOMIUM FUNDING CORPORATION^ 1.67 11/08/2004 49,911,861
10,000,000 BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO^ 1.59 10/14/2004 9,994,258
45,000,000 CAFCO LLC^ 1.67 11/23/2004 44,889,363
53,100,000 CHARTA LLC^ 1.51 10/13/2004 53,073,273
20,000,000 CONCORD MINUTEMEN CAPITAL COMPANY^ 1.58 10/20/2004 19,983,322
7,000,000 CONCORD MINUTEMEN CAPITAL COMPANY# 1.68 10/05/2005 6,999,942
10,000,000 CONCORD MINUTEMEN CAPITAL COMPANY# 1.72 10/06/2005 9,999,849
50,000,000 CROWN POINT CAPITAL COMPANY^ 2.09 03/21/2005 49,503,625
5,000,000 DORADA FINANCE INCORPORATED^ 1.51 10/12/2004 4,997,693
40,000,000 DORADA FINANCE INCORPORATED^ 1.54 10/12/2004 39,981,178
15,000,000 GALAXY FUNDING INCORPORATED^ 1.55 10/06/2004 14,996,771
30,000,000 GOVCO INCORPORATED^ 1.66 10/27/2004 29,964,033
20,000,000 GOVCO INCORPORATED^ 1.82 12/13/2004 19,926,189
5,000,000 GRAMPIAN FUNDING LLC^ 1.71 12/22/2004 4,980,525
50,000,000 GRAMPIAN FUNDING LLC^ 2.12 03/24/2005 49,488,875
16,600,000 IRISH LIFE & PERMANENT PLC^ 1.53 10/14/2004 16,590,829
24,000,000 IRISH LIFE & PERMANENT PLC^ 1.75 12/21/2004 23,905,500
28,800,000 K2 (USA) LLC^ 1.66 11/15/2004 28,740,240
20,000,000 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED^ 1.77 11/16/2004 19,954,767
25,096,000 LEXINGTON PARKER CAPITAL CORPORATION^ 2.09 03/02/2005 24,875,072
35,000,000 LIQUID FUNDING LIMITED# 1.80 12/21/2004 35,000,000
10,000,000 MORGAN STANLEY# 1.86 03/10/2005 10,000,000
15,000,000 NATIONWIDE BUILDING SOCIETY^ 1.71 11/29/2004 14,957,963
6
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
COMMERCIAL PAPER (continued)
$ 25,000,000 NEPTUNE FUNDING CORPORATION^ 1.54% 10/07/2004 $ 24,993,583
20,000,000 NEPTUNE FUNDING CORPORATION^ 1.78 11/18/2004 19,952,533
5,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.77 01/06/2005 4,976,154
52,000,000 PERRY GLOBAL FUNDING LLC^ 1.56 10/05/2004 51,990,987
29,671,000 REGENCY MARKETS NUMBER 1 LLC^ 1.80 12/07/2004 29,571,602
10,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 9,997,483
15,250,000 TANGO FINANCE CORPORATION^ 1.15 10/07/2004 15,247,077
38,000,000 TANGO FINANCE CORPORATION^ 1.66 11/22/2004 37,908,884
15,000,000 THAMES ASSET GLOBAL SECURITIZATION^ 1.75 12/03/2004 14,954,062
TOTAL COMMERCIAL PAPER (COST $982,144,427) 982,144,427
---------------
CORPORATE BONDS & NOTES - 0.82%
15,000,000 WAL-MART STORES 5.01 06/01/2005 15,290,701
TOTAL CORPORATE BONDS & NOTES (COST $15,290,701) 15,290,701
---------------
AGENCY NOTES - DISCOUNT - 2.73%
10,000,000 FHLMC^ 1.72 12/28/2004 9,957,955
31,757,420 FNMA 2.00 01/03/2005 31,591,576
9,696,280 FNMA^ 2.00 01/03/2005 9,645,644
TOTAL AGENCY NOTES - DISCOUNT (COST $51,195,175) 51,195,175
---------------
EXTENDABLE BONDS - 1.60%
20,000,000 GENERAL ELECTRIC CAPITAL CORPORATION# 1.84 10/07/2005 20,002,405
10,000,000 NORTHERN ROCK PLC++# 1.89 07/08/2005 10,000,000
TOTAL EXTENDABLE BONDS (COST $30,002,405) 30,002,405
---------------
MEDIUM TERM NOTES - 7.63%
15,000,000 AMERICAN EXPRESS CENTURION BANK# 1.74 05/13/2005 14,998,148
10,000,000 BANK OF AMERICA SECURITIES#@ 1.96 09/09/2034 10,000,000
15,000,000 BEAR STEARNS COMPANIES INCORPORATED# 2.08 10/22/2004 15,004,064
30,000,000 BELFORD U.S. CAPITAL COMPANY++# 1.81 04/19/2005 30,000,000
10,000,000 CC (USA) INCORPORATED++ 1.50 11/17/2004 10,000,000
3,000,000 K2 (USA) LLC++ 1.43 03/15/2005 3,000,000
20,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 20,152,494
25,000,000 NATEXIS BANQUES POPULAIRES NEW YORK# 1.69 09/09/2005 24,991,726
10,000,000 PREMIUM ASSET TRUST SERIES 04-08++# 1.77 10/14/2005 10,000,000
5,000,000 STRATEGIC MONEY MARKET TRUST SERIES 1999-D++# 2.15 06/03/2005 5,006,961
TOTAL MEDIUM TERM NOTES (COST $143,153,393) 143,153,393
---------------
PROMISSORY NOTE - 2.40%
30,000,000 CITIGROUP GLOBAL MARKETS INCORPORATED# 1.88 06/06/2005 30,000,000
15,000,000 GOLDMAN SACHS GROUP INCORPORATED# 1.71 07/26/2005 15,000,000
TOTAL PROMISSORY NOTE(COST $45,000,000) 45,000,000
---------------
7
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST
PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
REPURCHASE AGREEMENTS- 17.81%
$ 65,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $65,003,401) 1.91% 10/01/2004 $ 65,000,000
55,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $55,010,910) 1.81 10/04/2004 55,000,000
30,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $30,001,578) 1.92 10/01/2004 30,000,000
15,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $15,000,814) 1.98 10/01/2004 15,000,000
19,014,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $19,001,015) 1.95 10/01/2004 19,014,000
25,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $25,001,315) 1.92 10/01/2004 25,000,000
125,000,000 UBS SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $125,006,507) 1.90 10/01/2004 125,000,000
TOTAL REPURCHASE AGREEMENTS (COST $334,014,000) 334,014,000
---------------
TIME DEPOSITS - 9.97%
40,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 40,000,000
30,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 30,000,000
35,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 35,000,000
55,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 55,000,000
15,000,000 FORTIS BANK GRAND CAYMAN 1.78 10/05/2004 15,000,000
12,000,000 LLOYDS TSB BANK PLC LONDON 1.79 10/05/2004 12,000,000
TOTAL TIME DEPOSITS (COST $187,000,000) 187,000,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,916,765,400)* 102.22% $ 1,916,765,400
OTHER ASSETS AND LIABILITIES, NET (2.22) (41,537,610)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,875,227,790
====== ===============
# VARIABLE RATE SECURITIES.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
@ THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE
SECURITIES ACT OF 1933, AS AMENDED.
* 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
STATEMENT OF ASSETS AND LIABILITIES -- SEPTEMBER 30, 2004 (UNAUDITED)
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE .................................. $ 1,582,751,400
REPURCHASE AGREEMENTS ........................................... 334,014,000
---------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) .................. 1,916,765,400
---------------
CASH ............................................................ 492
RECEIVABLES FOR DIVIDENDS AND INTEREST .......................... 2,335,417
---------------
TOTAL ASSETS ....................................................... 1,919,101,309
---------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ............................... 41,237,220
DIVIDENDS PAYABLE ............................................... 979,199
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........... 726,633
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ......................... 768,788
ACCRUED EXPENSES AND OTHER LIABILITIES .......................... 161,679
---------------
TOTAL LIABILITIES .................................................. 43,873,519
---------------
TOTAL NET ASSETS ................................................... $ 1,875,227,790
===============
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------------
PAID-IN CAPITAL ................................................. $ 1,875,244,718
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ...................... (1)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (16,927)
---------------
TOTAL NET ASSETS ................................................... $ 1,875,227,790
---------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ---------------------------------------------------------------------------------------
NET ASSETS - INVESTOR CLASS ..................................... $ 1,875,227,790
SHARES OUTSTANDING - INVESTOR CLASS ............................. 1,875,244,717
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS ... $ 1.00
---------------
INVESTMENTS AT COST ............................................. $ 1,916,765,400
===============
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
9
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
STATEMENT OF OPERATIONS --
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST ....................................................... $ 11,849,041
------------
TOTAL INVESTMENT INCOME ........................................... 11,849,041
------------
EXPENSES
ADVISORY FEES .................................................. 2,979,301
ADMINISTRATION FEES ............................................ 452,204
ADMINISTRATION FEES
INVESTOR CLASS .............................................. 1,989,698
CUSTODY FEES ................................................... 180,882
SHAREHOLDER SERVICING FEES ..................................... 2,261,021
ACCOUNTING FEES ................................................ 61,578
DISTRIBUTION FEES (NOTE 3) ..................................... 2,261,021
AUDIT FEES ..................................................... 8,023
LEGAL FEES ..................................................... 9,274
REGISTRATION FEES .............................................. 10,027
SHAREHOLDER REPORTS ............................................ 137,876
TRUSTEES' FEES ................................................. 3,402
OTHER FEES AND EXPENSES ........................................ 17,160
------------
TOTAL EXPENSES .................................................... 10,371,467
------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ................... (1,324,739)
NET EXPENSES ................................................... 9,046,728
------------
NET INVESTMENT INCOME (LOSS) ...................................... 2,802,313
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- -----------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES ..................................................... (15,406)
------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ......................... (15,406)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ (15,406)
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ... $ 2,786,907
============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
10
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
LIQUIDITY RESERVE
MONEY MARKET FUND
--------------------------------------------
(UNAUDITED)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 2004 MARCH 31, 2004
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .......................................................... $ 1,734,451,320 $ 1,054,549,239
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .................................................. 2,802,313 2,088,575
NET REALIZED GAIN (LOSS) ON INVESTMENTS ....................................... (15,406) (1,521)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .................. 2,786,907 2,087,054
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME ......................................................... (2,802,314) (2,111,622)
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD ..................................................... 514,657,011 1,636,687,509
REINVESTMENT OF DISTRIBUTIONS ................................................. 1,823,115 2,418,153
COST OF SHARES REDEEMED ....................................................... (375,688,249) (959,179,013)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 140,791,877 679,926,649
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS ............................................ 140,776,470 679,902,081
=============== ===============
NET ASSETS:
- -----------------------------------------------------------------------------------------------------------------------------------
ENDING NET ASSETS ................................................................ $ 1,875,227,790 $ 1,734,451,320
--------------- ---------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD ................................................................... 514,657,011 1,636,687,506
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS ................................ 1,823,115 2,418,153
SHARES REDEEMED ............................................................... (375,688,249) (959,179,013)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS .............................................................. $ 140,791,877 $ 679,926,646
--------------- ---------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME ............................ $ (1) $ 0
=============== ===============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
11
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DIVIDENDS
NET ASSET INVESTMENT UNREALIZED FROM NET
VALUE PER INCOME GAIN ON INVESTMENT
SHARE (LOSS) INVESTMENTS INCOME
- -----------------------------------------------------------------------------------------------------------
LIQUIDITY RESERVE MONEY MARKET FUND
INVESTOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) .. $1.00 0.00 0.00 0.00
APRIL 1, 2003 TO MARCH 31, 2004 .................. $1.00 0.00 0.00 0.00
JULY 31, 2002(3) TO MARCH 31, 2003 ............... $1.00 0.00 0.00 0.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN WAIVED OR REIMBURSED DURING THE PERIODS SHOWN. RETURNS FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(3) COMMENCEMENT OF OPERATIONS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
12
FINANCIAL HIGHLIGHTS WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
- --------------------------------------------------------------------------------
DIVIDENDS ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
FROM NET NET ASSET ---------------------------------------------------
REALIZED VALUE PER NET INVESTMENT GROSS EXPENSES NET
GAINS SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- ---------------------------------------------------------------------------------------------------------------------------------
LIQUIDITY RESERVE MONEY MARKET FUND
INVESTOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) .. 0.00 $1.00 0.31% 1.15% (0.15)% 1.00%
APRIL 1, 2003 TO MARCH 31, 2004 .................. 0.00 $1.00 0.16% 1.19% (0.19)% 1.00%
JULY 31, 2002(3) TO MARCH 31, 2003 ............... 0.00 $1.00 0.64% 1.07% (0.15)% 0.92%
NET ASSETS AT
TOTAL END OF PERIOD
RETURN(2) (000'S OMITTED)
- -----------------------------------------------------------------------------------
LIQUIDITY RESERVE MONEY MARKET FUND
INVESTOR CLASS
APRIL 1, 2004 TO SEPTEMBER 30, 2004 (UNAUDITED) .. 0.15% $1,875,228
APRIL 1, 2003 TO MARCH 31, 2004 .................. 0.17% $1,734,451
JULY 31, 2002(3) TO MARCH 31, 2003 ............... 0.46% $1,054,549
13
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company. The Trust commenced operations on November 8,
1999, and is currently comprised of 75 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Liquidity
Reserve Money Market Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
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The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
In the normal course of business, the Trust may enter into contracts that
provide certain indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Funds
and, therefore, cannot be estimated; however, based on experience, the risk of
loss from such claims is considered remote.
SECURITY VALUATION
The Fund(s) invests only in securities with remaining maturities not
exceeding 397 days (13 months). Certain floating- and variable-rate instruments
in the portfolio may have maturities in excess of 397 days, but carry a demand
feature that permits the holder to tender the instruments back to the issuer at
par value prior to maturity. The amortized cost method is used to value
portfolio securities.
The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates market value. The Fund(s) seeks to maintain a
constant net asset value of $1.00 per share, although there is no assurance that
it will be able to do so.
Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to
shareholders monthly. Distributions to shareholders from net realized capital
gains, if any, are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at September 30, 2004.
At March 31, 2004, current year deferred post-October capital losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Fund Deferred Post-October
Capital Loss
LIQUIDITY RESERVE MONEY MARKET FUND 1,521
14
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
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REPURCHASE AGREEMENTS
The Fund(s) may invest in repurchase agreements and may participate in
pooled repurchase agreement transactions with other funds advised by Wells Fargo
Funds Management, LLC. The repurchase agreements must be fully collateralized
based on values that are marked to market daily. The collateral may be held by
an agent bank under a tri-party agreement. It is the custodian's responsibility
to value collateral daily and to take action to obtain additional collateral as
necessary to maintain market value equal to or greater than the resale price.
The repurchase agreements are collateralized by instruments such as U.S.
Treasury, federal agency, or high-grade corporate obligations. There could be
potential loss to a Fund in the event that such Fund is delayed or prevented
from exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
3. EXPENSES
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ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment sub-advisers to provide daily portfolio
management. The fees related to sub-advisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment sub-adviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fee* Sub-Advisory Fee
(% of Average Daily Average Daily Net (% of Average Daily
Fund Net Assets) Sub-Adviser Assets Net Assets)
LIQUIDITY RESERVE $0 - 499 million 0.300 Wells Capital $0 - 1 billion 0.05
MONEY MARKET FUND $500 - 999 million 0.300 Management >$1 billion 0.04
$1 - 2.99 billion 0.275 Incorporated
$3 - 4.99 billion 0.275
>$ 4.99 billion 0.250
* Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a monthly advisory fee at an annual rate of 0.35%.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers out of the
fees it receives as administrator, Funds Management is entitled to receive the
following annual fees:
Average Daily % Of Average
Fund Net Assets Daily Net Assets**
FUND LEVEL $0 - 4.999 billion 0.05
$4.999 - 9.999 billion 0.04
>$9.999 billion 0.03
CLASS LEVEL 0.22
** Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a fund level administration fee of 0.05% of average
daily net assets.
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to certain transaction charges plus a monthly fee for
custody services at the following annual rates:
% Of Average
Fund Daily Net Assets
LIQUIDITY RESERVE MONEY MARKET FUND 0.02
15
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% Of Average
Fund Daily Net Assets
LIQUIDITY RESERVE MONEY MARKET FUND 0.25%
For the six months ended September 30, 2004, shareholder servicing fees
paid are disclosed on the Statement of Operations.
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for the Fund
pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to
Investor Class shares and paid to Stephens Inc. ("Stephens") at an annual rate
of up to 0.25% of average daily net assets.
For the six months ended September 30, 2004, distribution fees paid are
disclosed on the Statement of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee, and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statement
of Operations, for the six months ended September 30, 2004, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. The Fund's Adviser has committed to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense limitation for the Fund(s). Net operating expense limitations during the
period were as follows:
Net Operating Expense
Fund Limitations
LIQUIDITY RESERVE MONEY MARKET FUND 1.00%
16
OTHER INFORMATION (UNAUDITED) WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities and information
regarding the results of such voting is available without charge, upon request,
by calling 1-800-222-8222, visiting our website at www.wellsfargofunds.com or
visiting the SEC website at www.sec.gov.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 100 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Nominating Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 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.
INTERESTED TRUSTEES**
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
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Robert C. Brown Trustee since 1992 Retired. None
73
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J. Tucker Morse Trustee since 1987 Private Investor/Real Estate None
60 Developer; Chairman of White
Point Capital, LLC.
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NON-INTERESTED TRUSTEES
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
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Thomas S. Goho Trustee since 1987 Wake Forest University, None
62 Calloway School of Business
and Accountancy, Associate
Professor of Finance.
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Peter G. Gordon Trustee since 1998 Chairman, CEO, and Co- None
62 (Lead Trustee since Founder of Crystal Geyser
2001) Water Company and President
of Crystal Geyser Roxane Water
Company.
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Richard M. Leach Trustee since 1987 Retired. Prior thereto, President None
71 of Richard M. Leach Associates
(a financial consulting firm).
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Timothy J. Penny Trustee since 1996 Senior Counselor to the public None
52 relations firm of Himle-Horner
and Senior Fellow at the
Humphrey Institute,
Minneapolis, Minnesota (a
public policy organization).
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Donald C. Willeke Trustee since 1996 Principal in the law firm of None
64 Willeke & Daniels.
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17
WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND OTHER INFORMATION (UNAUDITED)
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OFFICERS
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
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Karla M. Rabusch President since Executive Vice President of None
45 2003 Wells Fargo Bank, N.A.
President of Wells Fargo Funds
Management, LLC. Senior Vice
President and Chief
Administrative Officer of Wells
Fargo Funds Management, LLC
from 2001 to 2003. Vice
President of Wells Fargo Bank,
N.A. from 1997 to 2000.
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Stacie D. DeAngelo Treasurer since 2003 Senior Vice President of Wells None
35 Fargo Bank, N.A. Senior Vice
President of Operations for
Wells Fargo Funds
Management, LLC. Prior
thereto, Operations Manager at
Scudder Weisel Capital, LLC
(2000 to 2001), Director of
Shareholder Services at BISYS
Fund Services (1999 to 2000)
and Assistant Vice President of
Operations with Nicholas-
Applegate Capital Management
(1993 to 1999).
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C. David Messman Secretary since 2000 Vice President and Managing None
44 Senior Counsel of Wells Fargo
Bank, N.A. Senior Vice
President and Secretary of Wells
Fargo Funds Management, LLC.
Vice President and Senior
Counsel of Wells Fargo Bank,
N.A. from 1996-2003.
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* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222.
** Currently, two of the seven Trustees are considered "interested persons"
of the Trusts as defined in the Investment Company Act of 1940. One of the
interested Trustees, Robert C. Brown, owns securities of Wells Fargo &
Company, and one of the interested Trustees, J. Tucker Morse, is
affiliated with a government securities dealer that is registered under
the Securities Exchange Act of 1934, which is not itself affiliated with
Wells Fargo Funds Management, LLC.
*** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
18
LIST OF ABBREVIATIONS WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND
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The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depository Receipts
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CMT -- Constant Maturity Treasury
COFI -- Cost of Funds Index
Connie Lee -- Connie Lee Insurance Company
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
EDFA -- Education Finance Authority
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Notes
FSA -- Financial Security Assurance, Inc
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
MTN -- Medium Term Note
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PLC -- Private Placement
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFMR -- Single Family Mortgage Revenue
STEERS -- Structured Enhanced Return Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
WEBS -- World Equity Benchmark Shares
19
THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
MORE INFORMATION ABOUT WELLS FARGO FUNDS(R) IS AVAILABLE FREE UPON REQUEST. TO
OBTAIN LITERATURE, PLEASE WRITE OR CALL:
WELLS FARGO FUNDS
PO BOX 8266
BOSTON, MA 02266-8266
WELLS FARGO FUNDS INVESTOR SERVICES: 1-800-222-8222 OR VISIT OUR WEB SITE AT
WWW.WELLSFARGOFUNDS.COM.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED
OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE
INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
WELLS FARGO FUNDS MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &
COMPANY, PROVIDES INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES FOR THE WELLS
FARGO FUNDS. OTHER AFFILIATES OF WELLS FARGO & COMPANY PROVIDE SUB-ADVISORY AND
OTHER SERVICES FOR THE FUNDS. THE FUNDS ARE DISTRIBUTED BY STEPHENS INC., MEMBER
NYSE/SIPC. WELLS FARGO & COMPANY AND ITS AFFILIATES ARE NOT AFFILIATED WITH
STEPHENS INC.
-----------------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------------
(c) 2004 Wells Fargo Funds Management, LLC. All rights reserved. SAR 027(11/04)
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES
(a)(i) The President and Treasurer have concluded that the Wells Fargo Funds
Trust (the "Trust") disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances
that material information relating to the Trust is made known to them by the
appropriate persons based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(a)(ii) There were no significant changes in the Trust's internal controls or in
other factors that could significantly affect these controls subsequent to the
date of the evaluation referenced in (a)(i) above.
ITEM 10. EXHIBITS
(a) Not applicable.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant.
Wells Fargo Funds Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
By: /s/ Stacie D. DeAngelo
Stacie D. DeAngelo
Treasurer
Date: November 22, 2004