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 Fund 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: July 31, 2009
Date of reporting period: January 31, 2009
ITEM 1. REPORT TO SHAREHOLDERS
===============================
(WELLS FARGO ADVANTAGE FUNDS LOGO)
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Sign up for electronic delivery of prospectuses and shareholder
reports at www.wellsfargo.com/advantagedelivery
(GRAPHIC)
Semi-Annual Report
January 31, 2009
WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS
- WELLS FARGO ADVANTAGE CAPITAL GROWTH FUND
- WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND (SM)
- WELLS FARGO ADVANTAGE GROWTH FUND
- WELLS FARGO ADVANTAGE LARGE CAP GROWTH FUND
- WELLS FARGO ADVANTAGE LARGE COMPANY CORE FUND
- WELLS FARGO ADVANTAGE LARGE COMPANY VALUE FUND
- WELLS FARGO ADVANTAGE U.S. VALUE FUND
Contents
REDUCE CLUTTER. SAVE TREES. LETTER TO SHAREHOLDERS ................... 2
Sign up for electronic delivery of PERFORMANCE HIGHLIGHTS
prospectuses and shareholder reports at Capital Growth Fund ...................... 6
www.wellsfargo.com/advantagedelivery Endeavor Select Fund ..................... 8
Growth Fund .............................. 10
Large Cap Growth Fund .................... 12
Large Company Core Fund .................. 14
Large Company Value Fund ................. 16
U.S. Value Fund .......................... 18
FUND EXPENSES ............................ 20
PORTFOLIO OF INVESTMENTS
Capital Growth Fund ...................... 23
Endeavor Select Fund ..................... 28
Growth Fund .............................. 32
Large Cap Growth Fund .................... 38
Large Company Core Fund .................. 43
Large Company Value Fund ................. 47
U.S. Value Fund .......................... 52
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..... 58
Statements of Operations ................. 60
Statements of Changes in Net Assets ...... 62
Financial Highlights ..................... 70
NOTES TO FINANCIAL STATEMENTS ............ 80
OTHER INFORMATION ........................ 88
LIST OF ABBREVIATIONS .................... 90
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(GRAPHIC)
WELLS FARGO INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF FUNDS"
THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO THE
WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF OVER 110 FUNDS AND PLACING IT AMONG THE TOP
20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
WELLS FARGO ADVANTAGE FUNDS(R)
WELLS FARGO ADVANTAGE FUNDS skillfully guides institutions, financial advisors,
and individuals through the investment terrain to help them reach their
financial objectives. Everything we do on behalf of our investors is backed by
our unique combination of qualifications.
STRENGTH
Our organization is built on the standards of integrity and service established
by our parent company--Wells Fargo & Company--more than 150 years ago. Our
diverse family of mutual funds covers a broad spectrum of investment styles and
asset classes. And, because we're part of a widely diversified financial
enterprise, we offer the scale and resources to help investors succeed,
providing access to complementary solutions such as separately managed accounts,
college investing plans, and retirement plans.
EXPERTISE
Our approach to investing is guided by the belief that agile, independent
investment teams--each with its own distinct strengths and disciplines--provide
a superior level of insight and expertise. Each team is free to concentrate on
managing money through well-defined philosophies and processes that have proven
to be consistent and repeatable over time.
PARTNERSHIP
Our collaborative approach is built around understanding the needs and goals of
our clients. By adhering to core principles of sound judgment and steady
guidance, we support you through every stage of the investment decision process.
For 529 plans, an investor's or a designated beneficiary's home state may offer
state tax or other benefits that are only available for investments in that
state's qualified tuition program. Please consider this before investing.
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A
CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING
THIS AND OTHER INFORMATION, VISIT www.wellsfargo.com/advantagefunds. READ IT
CAREFULLY BEFORE INVESTING.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS, the WELLS FARGO ADVISOR(SM) program, Wells Fargo Managed
Account Services, and certain 529 college savings plans. Other affiliates of
Wells Fargo & Company provide subadvisory and other services for the Funds. The
Funds and shares in the 529 plans are distributed by WELLS FARGO FUNDS
DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.
NOT PART OF THE SEMI-ANNUAL REPORT.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 110 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF JANUARY 31, 2009.
EQUITY FUNDS
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund+
Diversified Equity Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Select Fund+
Enterprise Fund+
Equity Income Fund
Equity Value Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Equity Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund+
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Social Sustainability Fund+
Specialized Financial Services Fund
Specialized Technology Fund
Strategic Small Cap Value Fund
U.S. Value Fund
BOND FUNDS
California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Diversified Bond Fund
Government Securities Fund(1)
High Income Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Tax/AMT-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
Short Duration Government Bond Fund(1)
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
Aggressive Allocation Fund
Asset Allocation Fund
Conservative Allocation Fund
Growth Balanced Fund
Moderate Balanced Fund
WealthBuilder Conservative Allocation Portfolio+
WealthBuilder Equity Portfolio+
WealthBuilder Growth Allocation Portfolio+
WealthBuilder Growth Balanced Portfolio+
WealthBuilder Moderate Balanced Portfolio+
WealthBuilder Tactical Equity Portfolio+
Target Today Fund(2)+
Target 2010 Fund(2)+
Target 2015 Fund(2)+
Target 2020 Fund(2)+
Target 2025 Fund(2)+
Target 2030 Fund(2)+
Target 2035 Fund(2)+
Target 2040 Fund(2)+
Target 2045 Fund(2)+
Target 2050 Fund(2)+
MONEY MARKET FUNDS
100% Treasury Money Market Fund(1)
California Tax-Free Money Market Fund
California Tax-Free Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund(1)
Heritage Money Market Fund+
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund+
Prime Investment Money Market Fund
Treasury Plus Money Market Fund(1)
VARIABLE TRUST FUNDS(3)
VT Asset Allocation Fund
VT C&B Large Cap Value Fund
VT Discovery Fund+
VT Equity Income Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Money Market Fund
VT Opportunity Fund+
VT Small Cap Growth Fund
VT Small/Mid Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
(1.) The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
(2.) The full name of this Fund series is the Wells Fargo Advantage Dow Jones
Target Date Funds(SM).
(3.) The Variable Trust Funds are generally available only through insurance
company variable contracts.
+ In this report, the Wells Fargo Advantage Discovery Fund(SM), Wells Fargo
Advantage Endeavor Select Fund(SM), Wells Fargo Advantage Enterprise
Fund(SM), Wells Fargo Advantage Opportunity Fund(SM), Wells Fargo Advantage
WealthBuilder Conservative Allocation Portfolio(SM), Wells Fargo Advantage
WealthBuilder Equity Portfolio(SM), Wells Fargo Advantage WealthBuilder
Growth Allocation Portfolio(SM), Wells Fargo Advantage WealthBuilder Growth
Balanced Portfolio(SM), Wells Fargo Advantage WealthBuilder Moderate
Balanced Portfolio(SM), Wells Fargo Advantage WealthBuilder Tactical Equity
Portfolio(SM), Wells Fargo Advantage Target Today Fund(SM), Wells Fargo
Advantage Target 2010 Fund(SM), Wells Fargo Advantage Target 2015 Fund(SM),
Wells Fargo Advantage Target 2020 Fund(SM), Wells Fargo Advantage Target
2025 Fund(SM), Wells Fargo Advantage Target 2030 Fund(SM), Wells Fargo
Advantage Target 2035 Fund(SM), Wells Fargo Advantage Target 2040 Fund(SM),
Wells Fargo Advantage Target 2045 Fund(SM), Wells Fargo Advantage Target
2050 Fund(SM), Wells Fargo Advantage Heritage Money Market Fund(SM), Wells
Fargo Advantage Overland Express Sweep Fund(SM), Wells Fargo Advantage VT
Discovery Fund(SM), Wells Fargo Advantage VT Opportunity Fund(SM), is
referred to as the Discovery Fund, the Endeavor Select Fund, Enterprise
Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio,
WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio,
WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced
Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund,
Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund,
Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund,
Target 2050 Fund, VT Discovery Fund, VT Opportunity Fund respectively.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage Large Cap Stock Funds
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
DISLOCATIONS THAT HAD FIRST SURFACED IN THE SUBPRIME MORTGAGE MARKET AFTER YEARS
OF CREDIT EXCESSES AND LAX LENDING STANDARDS SPREAD ACROSS THE FINANCIAL SYSTEM.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the Wells Fargo
Advantage Large Cap Funds for the six-month period that ended January 31, 2009.
The period was marked by extreme volatility across the financial markets and
proved to be a challenging time for investors. Although periods of volatility
can present challenges, we believe that investors should remember the importance
of maintaining a long-term investment strategy based on their individual goals
and risk tolerance.
MARKET VOLATILITY SPIKED AMID A GLOBAL FINANCIAL CRISIS.
Volatility across the financial markets rose to record highs during the
six-month period. Dislocations that had first surfaced in the subprime mortgage
market after years of credit excesses and lax lending standards spread across
the financial system. This contagion resulted in a vicious circle of declining
asset values that escalated the credit crunch into a global financial crisis.
As the period began, delinquencies and foreclosures in the housing market
continued to accelerate, further boosting housing inventory levels and
depressing home prices. Mounting loan losses among lenders and a decline in the
value of the mortgage-backed securities (MBS) tied to those loans hurt the
capital ratios of overleveraged institutions that held the securities. As the
market for lower-quality securities dried up, financial institutions and other
investors were forced to sell their most-liquid securities to maintain
liquidity, required capital ratios, and, in some cases, solvency. This caused
further deterioration in the value of these and other securities, which in turn
caused further deterioration in the asset bases of financial institutions that
held the securities.
RAPID STRUCTURAL CHANGES TRANSFORMED THE FINANCIAL LANDSCAPE.
By the end of the six-month period, the financial landscape was in the midst of
its most consequential changes since the 1930s. Fear reached extreme levels
during September and October in one of the most tumultuous two-month spans that
the financial markets have ever experienced. The failure or government takeover
of several of the nation's most well-known financial institutions led to a
crisis of confidence that resulted in the global financial system becoming
nearly frozen, with large financial institutions too fearful even to lend to one
another.
In September alone, government-sponsored enterprises Fannie Mae and Freddie Mac
were placed into government receivership, investment bank Lehman Brothers filed
Chapter 11 bankruptcy, Merrill Lynch was hastily sold to Bank of America, the
government effectively took over insurer American International Group,
investment banks Goldman Sachs and Morgan Stanley converted into bank holding
companies, and JPMorgan Chase bought Washington Mutual. In October, Wells Fargo
announced that it would acquire Wachovia; in November, Citigroup received a
government bailout.
Wells Fargo Advantage Large Cap Stock Funds 3
Letter to Shareholders
ON THE POSITIVE SIDE, THE PERIOD SAW A DECLINE IN INFLATION AS ENERGY PRICES
REVERSED RAPIDLY. CRUDE OIL PRICES FELL ABOUT $100 A BARREL FROM THEIR PEAK OVER
THE COURSE OF THE PERIOD.
GOVERNMENT TOOK UNPRECEDENTED ACTIONS TO STABILIZE THE FINANCIAL SYSTEM.
Throughout the six-month period, the Fed continued its series of actions to try
to stabilize the financial system. This included additional cuts in the federal
funds rate to a range of 0% to 0.25% in December--the lowest federal funds rate
in history; large injections of capital into the financial system; and the
initiation of several nontraditional, nonmonetary programs.
In October, Congress passed the Emergency Economic Stabilization Act of 2008,
which authorized the Treasury to establish the $700 billion Troubled Asset
Relief Program (TARP) to purchase distressed mortgage securities and other
assets from financial institutions. This later morphed into a program for
providing capital directly to banks and the automotive industry.
In late November, two more programs were implemented: a $600 billion program to
buy the debt and mortgage-backed securities of Fannie Mae, Freddie Mac, and
other agencies and a $200 billion Term Asset-Backed Securities Loan Facility
(TALF) to support the consumer credit and small business segments of the
economy.
These and other government facilities helped bring some signs of stabilization
to the financial system as the six-month period came to a close, but credit
continued to be constrained and the financial system remained stressed as
policymakers debated additional stimulus measures.
ECONOMIC GROWTH WEAKENED, BUT INFLATION PRESSURES EASED.
Economic growth weakened during the six-month period, leading the National
Bureau of Economic Research to declare on December 1, 2008 that a U.S. recession
had begun in December 2007. Gross domestic product contracted 6.2% in the fourth
quarter, after declining 0.5% in the third quarter. The unemployment rate rose
to 7.6% in January 2009, and consumer spending dropped more than 3% in two
consecutive quarters for the first time in recorded history.
On the positive side, the period saw a decline in inflation as energy prices
reversed rapidly. Crude oil prices fell about $100 a barrel from their peak over
the course of the period. This gave the Fed more leeway throughout the period
for interest-rate cuts and additional stimulus without the immediate concern of
higher inflation pressures.
EQUITY MARKETS EXPERIENCED EXTREME VOLATILITY.
The equity markets were turbulent throughout the period, with volatility spiking
to unprecedented levels in September 2008. The broad market, as measured by the
Standard & Poor's 500 Index, ended the six-month period down 35%, with a nearly
17% decline during October in the worst month for the stock markets since
October 1987. For the six-month period, the NASDAQ Composite Index declined 36%,
falling more than 17% in October.
4 Wells Fargo Advantage Large Cap Stock Funds
Letter to Shareholders
Large cap stocks slightly outperformed both mid and small cap stocks amid a
flight to safety during the period but still declined about 35%, as measured by
the Russell 1000(R) Index(1). Performance of the growth and value styles was
approximately equal, with the Russell 1000 Growth(2) and Russell 1000 Value(3)
indices each ending the period down about 35%, as well.
DON'T LET SHORT-TERM VOLATILITY DERAIL LONG-TERM INVESTMENT GOALS.
Although periods of volatility can present challenges, experience has taught us
that maintaining a long-term investment strategy based on individual goals and
risk tolerance can be an effective way to plan for the future. As a whole, WELLS
FARGO ADVANTAGE FUNDS represent investments across a broad range of asset
classes and investment styles, giving you an opportunity to create a diversified
investment portfolio. While diversification may not prevent losses in a
downturn, it may help to reduce them and provide you with one way of managing
risk. Our diverse family of mutual funds may also help. We offer more than 110
Funds that cover a broad spectrum of investment styles and asset classes.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at www.wellsfargo.com/advantagefunds.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
- ----------
(1.) The Russell 1000 Index measures the performance of the 1,000 largest
companies in the Russell 3000 Index, which represents approximately 92% of
the total market capitalization of the Russell 3000 Index. You cannot
invest directly in an index.
(2.) The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an index.
(3.) The Russell 1000 Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an index.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
6 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE CAPITAL GROWTH FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CAPITAL GROWTH FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Michael Harris, CFA
Thomas J. Pence, CFA
FUND INCEPTION
November 3, 1997
SECTOR DISTRIBUTION(1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (16%)
Consumer Staples (7%)
Energy (8%)
Financials (8%)
Health Care (17%)
Industrials (7%)
Information Technology (28%)
Materials (4%)
Telecommunication Services (5%)
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF JANUARY 31, 2009)
QUALCOMM Incorporated 4.35%
Gilead Sciences Incorporated 4.26%
International Business Machines Corporation 3.49%
McDonald's Corporation 3.43%
Wal-Mart Stores Incorporated 3.10%
Google Incorporated Class A 3.05%
Kohl's Corporation 3.04%
American Tower Corporation Class A 2.85%
Praxair Incorporated 2.79%
Celgene Corporation 2.79%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund.
Wells Fargo Advantage Large Cap Stock Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE CAPITAL GROWTH FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF JANUARY 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
CAPITAL GROWTH FUND 6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Gross(4) Net(5)
- ------------------- --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFCGX) (45.47) (44.36) (5.23) 0.98 (42.15) (40.98) (4.10) 1.58 1.29 1.25
Class C (WFCCX) (43.35) (42.41) (4.68) 1.01 (42.35) (41.41) (4.68) 1.01 2.04 2.00
Administrator Class (WFCDX) (42.09) (40.84) (3.70) 1.82 1.11 0.94
Institutional Class (WWCIX) (42.00) (40.65) (3.56) 1.89 0.84 0.75
Investor Class (SLGIX) (42.19) (41.09) (4.15) 1.55 1.39 1.35
Russell 1000(R) Growth Index (6) (34.31) (36.44) (4.76) (5.29)
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses and may generate higher short-term capital gains.
Certain investment strategies tend to increase the total risk of an investment
(relative to the broader market). This Fund is exposed to foreign investment
risk. Consult the Fund's prospectus for additional information on these and
other risks.
- ----------
(3.) Performance shown prior to the inception of the Administrator Class shares
on June 30, 2003, reflects the performance of the Investor Class shares,
and includes expenses that are not applicable to and are higher than those
of the Administrator Class shares. Performance shown prior to the inception
of the Institutional Class shares on April 11, 2005, reflects the
performance of the Administrator Class shares, and includes expenses that
are not applicable to and are higher than those of the Institutional Class
shares. Performance shown prior to June 30, 2003, reflects the performance
of the Investor Class shares, and includes expenses that are not
applicable to and are higher than those of the Institutional Class shares.
Class A and Class C shares incepted on July 31, 2007. Performance shown
prior to the inception of Class A and Class C reflects the performance of
the Investor Class shares, and includes expenses that are not applicable to
and are higher than those of the Class A shares and lower than those of the
Class C shares. The Investor Class shares of the predecessor fund incepted
on November 3, 1997.
(4.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(5.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(6.) The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
8 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Michael Harris, CFA
Thomas J. Pence, CFA
FUND INCEPTION
December 29, 2000
SECTOR DISTRIBUTION(1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (13%)
Consumer Staples (7%)
Energy (8%)
Financials (9%)
Health Care (14%)
Industrials (6%)
Information Technology (31%)
Materials (3%)
Telecommunication Services (9%)
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF JANUARY 31, 2009)
American Tower Corporation Class A 5.74%
Gilead Sciences Incorporated 5.17%
QUALCOMM Incorporated 4.44%
Thermo Fisher Scientific Incorporated 4.01%
International Business Machines Corporation 3.82%
Kohl's Corporation 3.72%
McDonald's Corporation 3.71%
Google Incorporated Class A 3.48%
First Solar Incorporated 3.36%
NII Holdings Incorporated 3.27%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Large Cap Stock Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF JANUARY 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
Life of Life of
ENDEAVOR SELECT FUND 6-Months* 1-Year 5-Year Fund 6-Months* 1-Year 5-Year Fund Gross(4) Net(5)
- -------------------- --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (STAEX) (45.21) (43.18) (5.65) (5.01) (41.87) (39.69) (4.52) (4.31) 1.32 1.25
Class B (WECBX)** (47.10) (45.16) (5.74) (4.93) (42.10) (40.16) (5.23) (4.93) 2.07 2.00
Class C (WECCX) (43.20) (41.20) (5.27) (5.04) (42.20) (40.20) (5.27) (5.04) 2.07 2.00
Administrator Class (WECDX) (41.85) (39.52) (4.34) (4.20) 1.14 1.00
Institutional Class (WFCIX) (41.80) (39.42) (4.20) (4.11) 0.87 0.80
Russell 1000 Growth Index(6) (34.31) (36.44) (4.76) (6.21)
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE --
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk, nondiversification risk, and smaller
company securities risk. Consult the Fund's prospectus for additional
information on these and other risks.
- ----------
(3.) Performance shown prior to the inception of the Administrator Class and
Institutional Class shares, on April 11, 2005, reflects the performance of
the Class A shares, and includes expenses that are not applicable to and
are higher than those of the Administrator Class and Institutional Class
shares, but does not include Class A sales charges. If it did include Class
A sales charges, returns would be lower. The Class A, Class B, and Class C
shares incepted on December 29, 2000.
(4.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(5.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(6.) The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
10 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE GROWTH FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GROWTH FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Joseph M. Eberhardy, CFA, CPA
Thomas C. Ognar, CFA
Bruce C. Olson, CFA
FUND INCEPTION
December 31, 1993
SECTOR DISTRIBUTION(1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (10%)
Consumer Staples (4%)
Energy (7%)
Financials (5%)
Health Care (28%)
Industrials (7%)
Information Technology (32%)
Materials (5%)
Telecommunication Services (2%)
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF JANUARY 31, 2009)
St. Jude Medical Incorporated 4.71%
Google Incorporated Class A 4.06%
Cognizant Technology Solutions Corporation Class A 3.58%
Mettler-Toledo International Incorporated 2.82%
Shire plc ADR 2.69%
Baxter International Incorporated 2.51%
Hewlett-Packard Company 2.38%
Charles Schwab Corporation 2.31%
Abbott Laboratories 2.23%
VistaPrint Limited 2.20%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Large Cap Stock Funds 11
Performance Highlights
WELLS FARGO ADVANTAGE GROWTH FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF JANUARY 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
GROWTH FUND 6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Gross(4) Net(5)
- ----------- --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (SGRAX) (37.58) (39.26) (2.11) (1.41) (33.77) (35.56) (0.94) (0.82) 1.35 1.30
Class C (WGFCX) (34.95) (37.00) (1.64) (1.61) (33.95) (36.00) (1.64) (1.61) 2.10 2.05
Administrator Class (SGRKX) (33.65) (35.36) (0.56) (0.42) 1.17 0.96
Institutional Class (SGRNX) (33.58) (35.24) (0.43) (0.22) 0.90 0.80
Investor Class (SGROX) (33.77) (35.63) (1.04) (0.79) 1.46 1.40
Russell 3000(R) Growth Index(6) (34.68) (36.51) (4.75) (5.04)
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses and may generate higher short-term capital gains.
Certain investment strategies tend to increase the total risk of an investment
(relative to the broader market). This Fund is exposed to foreign investment
risk and smaller company securities risk. Consult the Fund's prospectus for
additional information on these and other risks.
- ----------
(3.) Class A shares incepted on February 24, 2000. Effective June 20, 2008, the
Advisor Class was renamed Class A and modified to assume the features and
attributes of Class A. Performance shown for the Class A shares from
February 24, 2000 through June 20, 2008, includes Advisor Class expenses
and is adjusted to reflect Class A sales charges. Performance shown prior
to February 24, 2000, for the Class A shares reflects the performance of
the Investor Class shares, adjusted to reflect Advisor Class expenses and
Class A sales charges. Performance shown prior to the inception of the
Class C shares on December 26, 2002, reflects the performance of the
Investor Class shares, adjusted to reflect Class C sales charges and
expenses. Administrator Class shares incepted on August 30, 2002.
Institutional Class shares incepted on February 24, 2000. Performance shown
prior to the inception of the Administrator Class shares and Institutional
Class shares reflects the performance of the Investor Class shares, and
includes expenses that are not applicable to and are higher than those of
than those of the Administrator Class shares and the Institutional Class
shares. Investor Class shares incepted on December 31, 1993.
(4.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(5.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(6.) The Russell 3000 Growth Index measures the performance of those Russell
3000 Index companies with higher price-to-book ratios and higher
forecasted growth values. The stocks in this Index are also members of
either the Russell 1000 Growth Index or the Russell 2000(R) Growth Index.
You cannot invest directly in an Index.
12 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE LARGE CAP GROWTH FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE CAP GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Joseph M. Eberhardy, CFA, CPA
Thomas C. Ognar, CFA
Bruce C. Olson, CFA
FUND INCEPTION
December 30, 1981
SECTOR DISTRIBUTION(1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (8%)
Consumer Staples (10%)
Energy (6%)
Financials (4%)
Health Care (27%)
Industrials (8%)
Information Technology (30%)
Materials (5%)
Telecommunication Services (2%)
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF JANUARY 31, 2009)
Google Incorporated Class A 4.43%
St. Jude Medical Incorporated 4.15%
Hewlett-Packard Company 3.39%
Cognizant Technology Solutions Corporation Class A 3.16%
QUALCOMM Incorporated 2.91%
Apple Incorporated 2.68%
Baxter International Incorporated 2.58%
Abbott Laboratories 2.48%
Wal-Mart Stores Incorporated 2.40%
Cisco Systems Incorporated 2.36%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Large Cap Stock Funds 13
Performance Highlights
WELLS FARGO ADVANTAGE LARGE CAP GROWTH FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF JANUARY 31, 2009)
Expense Ratio
-----------------
LARGE CAP GROWTH FUND 6-Months* 1-Year 5-Year 10-Year Gross(3) Net(4)
- --------------------- --------- ------- ------ ------- -------- ------
Investor Class (STRFX) (32.95) (34.40) (3.40) (4.08) 1.43 1.19
Russell 1000 Growth Index(5) (34.31) (36.44) (4.76) (5.29)
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT
DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses and may generate higher short-term capital gains.
Certain investment strategies tend to increase the total risk of an investment
(relative to the broader market). This Fund is exposed to foreign investment
risk. Consult the Fund's prospectus for additional information on these and
other risks.
- ----------
(3.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(4.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(5.) The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
14 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY CORE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE COMPANY CORE FUND (the Fund) seeks total return
comprised of long-term capital appreciation and current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Matrix Asset Advisors, Inc.
PORTFOLIO MANAGER
David A. Katz, CFA
FUND INCEPTION
December 29, 1995
SECTOR DISTRIBUTION(1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (19%)
Consumer Staples (6%)
Energy (16%)
Financials (12%)
Health Care (10%)
Industrials (8%)
Information Technology (27%)
Materials (2%)
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF JANUARY 31, 2009)
Devon Energy Corporation 4.17%
Wyeth 4.03%
Walgreen Company 4.01%
ConocoPhillips 3.99%
Valero Energy Corporation 3.97%
Chevron Corporation 3.91%
McGraw-Hill Companies Incorporated 3.70%
Cisco Systems Incorporated 3.60%
Tyco International Limited 3.48%
Microsoft Corporation 3.44%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Large Cap Stock Funds 15
Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY CORE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF JANUARY 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
----------------------------------- ----------------------------------- ----------------
LARGE COMPANY CORE FUND 6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Gross(4) Net(5)
- ----------------------- --------- ------- ------ ------- --------- ------- ------ ------- -------- ------
Class A (SGNAX) (41.80) (45.60) (8.09) (5.29) (38.24) (42.27) (6.99) (4.72) 1.39 1.14
Class B (SGNBX)** (43.46) (47.67) (8.18) (5.11) (38.46) (42.67) (7.62) (5.11) 2.14 1.89
Class C (SGNCX) (39.47) (43.68) (7.63) (5.32) (38.47) (42.68) (7.63) (5.32) 2.14 1.89
Administrator Class
(SGIKX) (38.17) (42.15) (6.76) (4.48) 1.21 0.95
Institutional Class
(SGNIX) (38.11) (42.00) (6.49) (4.18) 0.94 0.66
Investor Class (SGRIX) (38.30) (42.37) (7.10) (4.74) 1.49 1.28
S&P 500 Index(6) (33.95) (38.63) (4.24) (2.65)
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk. Consult the Fund's prospectus for
additional information on these and other risks.
- ----------
(3.) Prior to July 18, 2008, the Fund was named the Growth and Income Fund.
Class A shares incepted on February 29, 2000. Effective June 20, 2008, the
Advisor Class was renamed Class A and modified to assume the features and
attributes of Class A. Performance shown for Class A from February 29,
2000, through June 20, 2008, includes Advisor Class expenses and is
adjusted to reflect Class A sales charges. Performance shown prior to
February 29, 2000, for Class A reflects the performance of the Investor
Class shares, adjusted to reflect Advisor Class expenses and Class A sales
charges. Performance shown prior to the inception of Class B and Class C
reflects the performance of the Class A shares, adjusted to reflect Class B
and Class C sales charges and expenses. Administrator Class shares incepted
on December 31, 2001. Institutional Class shares incepted on February 29,
2000. Performance shown prior to the inception of the Administrator Class
shares and Institutional Class shares reflects the performance of the
Investor Class shares, and includes expenses that are not applicable to and
are higher than those of the Administrator Class shares and Institutional
Class shares. Investor Class shares incepted on December 29, 1995. Class B
and Class C shares incepted on July 18, 2008.
(4.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(5.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(6.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the Index proportionate to its market value. You
cannot invest directly in an Index.
16 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY VALUE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE COMPANY VALUE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Phocas Financial Corporation
PORTFOLIO MANAGERS
Stephen L. Block, CFA
William F.K. Schaff, CFA
FUND INCEPTION
July 1, 1993
SECTOR DISTRIBUTION (1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (10%)
Consumer Staples (11%)
Energy (17%)
Financials (21%)
Health Care (11%)
Industrials (8%)
Information Technology (5%)
Materials (2%)
Telecommunication Services (7%)
Utilities (8%)
TEN LARGEST EQUITY HOLDINGS (2)
(AS OF JANUARY 31, 2009)
Exxon Mobil Corporation 8.76%
AT&T Incorporated 4.12%
ConocoPhillips 3.49%
General Electric Company 3.27%
Johnson & Johnson 3.21%
Walgreen Company 2.65%
Verizon Communications Incorporated 2.52%
Bristol-Myers Squibb Company 2.49%
Entergy Corporation 2.40%
JPMorgan Chase & Company 2.38%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Large Cap Stock Funds 17
Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY VALUE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF JANUARY 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
----------------------------------- ----------------------------------- ----------------
LARGE COMPANY VALUE FUND 6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Gross(4) Net(5)
- ---------------------------- --------- ------- ------ ------- --------- ------- ------ ------- -------- ------
Class A (WLCAX) (37.84) (41.37) (3.65) (0.21) (34.05) (37.78) (2.49) 0.39 1.37 1.25
Class C (WFLVX) (35.26) (39.20) (3.11) (0.28) (34.26) (38.20) (3.11) (0.28) 2.12 2.00
Administrator Class (WWIDX) (33.91) (37.59) (2.12) 0.73 1.19 0.96
Institutional Class (WLCIX) (33.79) (37.47) (2.39) 0.50 0.92 0.75
Investor Class (SDVIX) (34.07) (37.84) (2.51) 0.44 1.49 1.35
Russell 1000 Value Index (6) (35.10) (41.78) (3.52) 0.05
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk. Consult the Fund's prospectus for
additional information on these and other risks.
- ----------
(3.) Prior to March 21, 2008, the Wells Fargo Advantage Large Company Value Fund
was named the Wells Fargo Advantage Dividend Income Fund. The performance
figures prior to March 21, 2008 do not reflect the Fund's current
investment objective and strategies. Class A and Class C shares incepted on
March 31, 2008. Performance shown prior to the inception of Class A and
Class C reflects the performance of the Investor Class shares, and includes
expenses that are not applicable to and are higher than those of the Class
A shares and lower than those of the Class C shares. Administrator Class
shares incepted on December 31, 2001. Institutional Class shares incepted
on March 31, 2008. Performance shown prior to the inception of the
Administrator Class shares and Institutional Class shares reflects the
performance of the Investor Class shares, and includes expenses that are
not applicable to and are higher than those of the Administrator Class
shares and the Institutional Class shares. Investor Class shares incepted
on July 1, 1993. Performance shown prior to April 11, 2005, for the
Investor Class shares reflects the performance of the Investor Class shares
of the Strong Dividend Income Fund.
(4.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(5.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(6.) The Russell 1000 Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an Index.
18 Wells Fargo Advantage Large Cap Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE U.S. VALUE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE U.S. VALUE FUND (the Fund) seeks total return with an
emphasis on long-term capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Robert J. Costomiris, CFA
Bryant VanCronkhite, CFA
FUND INCEPTION
December 29, 1995
SECTOR DISTRIBUTION (1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (9%)
Consumer Staples (14%)
Energy (21%)
Financials (8%)
Health Care (9%)
Industrials (11%)
Information Technology (13%)
Materials (3%)
Telecommunication Services (3%)
Utilities (9%)
TEN LARGEST EQUITY HOLDINGS (2)
(AS OF JANUARY 31, 2009)
Exxon Mobil Corporation 7.93%
Chevron Corporation 4.10%
Kraft Foods Incorporated Class A 3.74%
Johnson & Johnson 3.35%
General Electric Company 3.21%
The Coca-Cola Company 3.12%
AT & T Incorporated 2.78%
Walgreen Company 2.61%
Total SA Sponsored ADR 2.37%
Intel Corporation 2.25%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Large Cap Stock Funds 19
Performance Highlights
WELLS FARGO ADVANTAGE U.S. VALUE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF JANUARY 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
----------------------------------- ----------------------------------- ----------------
U.S. VALUE FUND 6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Gross(4) Net(5)
- ---------------------------- --------- ------- ------ ------- --------- ------- ------ ------- -------- ------
Class A (WFUAX) (35.25) (40.78) (6.02) (2.31) (31.31) (37.19) (4.91) (1.73) 1.39 1.25
Class B (WFUBX)** (36.56) (42.67) (6.13) (2.21) (31.56) (37.67) (5.62) (2.21) 2.14 2.00
Class C (WFUCX) (32.65) (38.73) (5.65) (2.44) (31.65) (37.73) (5.65) (2.44) 2.14 2.00
Administrator Class (SEQKX) (31.17) (36.99) (4.60) (1.37) 1.21 0.96
Investor Class (SEQIX) (31.32) (37.23) (4.96) (1.72) 1.51 1.32
Russell 1000 Value Index(6) (35.10) (41.78) (3.52) 0.05
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to new investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
- ----------
(3.) Performance shown prior to the inception of Class A, Class B and Class C on
November 30, 2000, reflects the performance of the Investor Class shares,
adjusted to reflect Class A, Class B and Class C sales charges and
expenses, as applicable. Performance shown prior to the inception of the
Administrator Class shares on December 31, 2001, reflects the performance
of the Investor Class shares, and includes expenses that are not applicable
to and are higher than those of the Administrator Class shares. Investor
Class shares incepted on December 29, 1995. Effective June 20, 2008, Class
Z was renamed Investor Class and modified to assume the features and
attributes of the Investor Class.
(4.) Reflects the gross expense ratio as stated in the December 1, 2008,
prospectus.
(5.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(6.) The Russell 1000 Value Index measures the performance of those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth
values. You cannot invest directly in an Index.
20 Wells Fargo ADvantage Large Cap Stock 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 (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire six-month period, from August 1, 2008
to January 31, 2009.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE CAPITAL GROWTH FUND 08-01-2008 01-31-2009 Period(1) Expense Ratio
- ------------------------------------------ ------------- ------------- ----------- -------------
CLASS A
Actual $1,000.00 $ 578.50 $ 4.97 1.25%
Hypothetical (5% Return before expenses $1,000.00 $1,018.90 $ 6.36 1.25%
CLASS C
Actual $1,000.00 $ 576.50 $ 7.95 2.00%
Hypothetical (5% Return before expenses $1,000.00 $1,015.12 $10.16 2.00%
ADMINISTRATOR CLASS
Actual $1,000.00 $ 579.10 $ 3.74 0.94%
Hypothetical (5% Return before expenses $1,000.00 $1,020.47 $ 4.79 0.94%
INSTITUTIONAL CLASS
Actual $1,000.00 $ 580.00 $ 2.99 0.75%
Hypothetical (5% Return before expenses $1,000.00 $1,021.42 $ 3.82 0.75%
INVESTOR CLASS
Actual $1,000.00 $ 578.10 $ 5.41 1.36%
Hypothetical (5% Return before expenses $1,000.00 $1,018.35 $ 6.92 1.36%
Wells Fargo Advantage Large Cap Stock Funds 21
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND 08-01-2008 01-31-2009 Period(1) Expense Ratio
- ------------------------------------------ ------------- ------------- ----------- -------------
CLASS A
Actual $1,000.00 $ 581.30 $ 4.98 1.25%
Hypothetical (5% Return before expenses $1,000.00 $1,018.90 $ 6.36 1.25%
CLASS B
Actual $1,000.00 $ 579.00 $ 7.96 2.00%
Hypothetical (5% Return before expenses $1,000.00 $1,015.12 $10.16 2.00%
CLASS C
Actual $1,000.00 $ 578.00 $ 7.95 2.00%
Hypothetical (5% Return before expenses $1,000.00 $1,015.12 $10.16 2.00%
ADMINISTRATOR CLASS
Actual $1,000.00 $ 581.50 $ 3.99 1.00%
Hypothetical (5% Return before expenses $1,000.00 $1,020.16 $ 5.09 1.00%
INSTITUTIONAL CLASS
Actual $1,000.00 $ 582.00 $ 3.19 0.80%
Hypothetical (5% Return before expenses $1,000.00 $1,021.17 $ 4.08 0.80%
WELLS FARGO ADVANTAGE GROWTH FUND
CLASS A
Actual $1,000.00 $ 662.30 $ 5.45 1.30%
Hypothetical (5% Return before expenses $1,000.00 $1,018.65 $ 6.61 1.30%
CLASS C
Actual $1,000.00 $ 660.50 $ 8.58 2.05%
Hypothetical (5% Return before expenses $1,000.00 $1,014.87 $10.41 2.05%
ADMINISTRATOR CLASS
Actual $1,000.00 $ 663.50 $ 4.03 0.96%
Hypothetical (5% Return before expenses $1,000.00 $1,020.37 $ 4.89 0.96%
INSTITUTIONAL CLASS
Actual $1,000.00 $ 664.20 $ 3.36 0.80%
Hypothetical (5% Return before expenses $1,000.00 $1,021.17 $ 4.08 0.80%
INVESTOR CLASS
Actual $1,000.00 $ 662.30 $ 5.91 1.41%
Hypothetical (5% Return before expenses $1,000.00 $1,018.10 $ 7.17 1.41%
WELLS FARGO ADVANTAGE LARGE CAP GROWTH
FUND
INVESTOR CLASS
Actual $1,000.00 $ 670.50 $ 5.01 1.19%
Hypothetical (5% Return before expenses $1,000.00 $1,019.21 $ 6.06 1.19%
WELLS FARGO ADVANTAGE LARGE COMPANY CORE
FUND
CLASS A
Actual $1,000.00 $ 617.60 $ 4.65 1.14%
Hypothetical (5% Return before expenses $1,000.00 $1,019.46 $ 5.80 1.14%
CLASS B
Actual $1,000.00 $ 615.40 $ 7.70 1.89%
Hypothetical (5% Return before expenses $1,000.00 $1,015.68 $ 9.60 1.89%
CLASS C
Actual $1,000.00 $ 615.30 $ 7.70 1.89%
Hypothetical (5% Return before expenses $1,000.00 $1,015.68 $ 9.60 1.89%
22 Wells Fargo Advantage Large Cap Stock Funds
Fund Expenses
Beginning Ending Expenses
WELLS FARGO ADVANTAGE LARGE COMPANY Account Value Account Value Paid During Net Annual
CORE FUND (continued) 08-01-2008 01-31-2009 Period(1) Expense Ratio
- ------------------------------------------ ------------- ------------- ----------- -------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 618.30 $ 3.88 0.95%
Hypothetical (5% Return before expenses $1,000.00 $1,020.42 $ 4.84 0.95%
INSTITUTIONAL CLASS
Actual $1,000.00 $ 618.90 $ 2.69 0.66%
Hypothetical (5% Return before expenses $1,000.00 $1,021.88 $ 3.36 0.66%
INVESTOR CLASS
Actual $1,000.00 $ 617.00 $ 5.30 1.30%
Hypothetical (5% Return before expenses $1,000.00 $1,018.65 $ 6.61 1.30%
WELLS FARGO ADVANTAGE LARGE COMPANY
VALUE FUND
CLASS A
Actual $1,000.00 $ 659.50 $ 5.23 1.25%
Hypothetical (5% Return before expenses $1,000.00 $1,018.90 $ 6.36 1.25%
CLASS C
Actual $1,000.00 $ 657.40 $ 8.33 2.00%
Hypothetical (5% Return before expenses $1,000.00 $1,015.08 $10.13 2.00%
ADMINISTRATOR CLASS
Actual $1,000.00 $ 660.90 $ 4.02 0.96%
Hypothetical (5% Return before expenses $1,000.00 $1,020.37 $ 4.89 0.96%
INSTITUTIONAL CLASS
Actual $1,000.00 $ 662.10 $ 3.14 0.75%
Hypothetical (5% Return before expenses $1,000.00 $1,021.42 $ 3.82 0.75%
INVESTOR CLASS
Actual $1,000.00 $ 659.30 $ 5.69 1.36%
Hypothetical (5% Return before expenses $1,000.00 $1,018.35 $ 6.92 1.36%
WELLS FARGO ADVANTAGE U.S. VALUE FUND
CLASS A
Actual $1,000.00 $ 686.90 $ 5.31 1.25%
Hypothetical (5% Return before expenses $1,000.00 $1,018.90 $ 6.36 1.25%
CLASS B
Actual $1,000.00 $ 684.40 $ 8.49 2.00%
Hypothetical (5% Return before expenses $1,000.00 $1,015.12 $10.16 2.00%
CLASS C
Actual $1,000.00 $ 683.50 $ 8.49 2.00%
Hypothetical (5% Return before expenses $1,000.00 $1,015.12 $10.16 2.00%
ADMINISTRATOR CLASS
Actual $1,000.00 $ 688.30 $ 4.09 0.96%
Hypothetical (5% Return before expenses $1,000.00 $1,020.37 $ 4.89 0.96%
INVESTOR CLASS
Actual $1,000.00 $ 686.80 $ 5.61 1.32%
Hypothetical (5% Return before expenses $1,000.00 $1,018.55 $ 6.72 1.32%
- ----------
(1.) 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).
Wells Fargo Advantage Large Cap Stock Funds 23
Portfolio of Investments--January 31, 2009 (Unaudited)
CAPITAL GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 97.62%
APPAREL & ACCESSORY STORES: 2.97%
811,450 KOHL'S CORPORATION+ $ 29,788,330
---------------
BIOPHARMACEUTICALS: 9.01%
516,180 CELGENE CORPORATION+ 27,331,731
820,706 GILEAD SCIENCES INCORPORATED+ 41,667,244
515,260 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR<< 21,357,527
90,356,502
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.79%
156,202 FASTENAL COMPANY<< 5,338,984
691,830 LOWE'S COMPANIES INCORPORATED 12,639,734
17,978,718
---------------
BUSINESS SERVICES: 5.29%
951,400 ACTIVISION BLIZZARD INCORPORATED+<< 8,334,264
88,044 GOOGLE INCORPORATED CLASS A+ 29,805,535
885,400 ORACLE CORPORATION+ 14,901,282
53,041,081
---------------
CHEMICALS & ALLIED PRODUCTS: 5.95%
239,081 ABBOTT LABORATORIES 13,254,651
136,300 MOSAIC COMPANY 4,861,821
439,060 PRAXAIR INCORPORATED 27,335,876
260,950 PROCTER & GAMBLE COMPANY 14,221,775
59,674,123
---------------
COMMUNICATIONS: 8.60%
918,974 AMERICAN TOWER CORPORATION CLASS A+<< 27,881,671
1,156,784 DIRECTV GROUP INCORPORATED+<< 25,333,570
277,872 EQUINIX INCORPORATED+<< 14,824,471
936,787 NII HOLDINGS INCORPORATED+ 18,173,668
86,213,380
---------------
DEPOSITORY INSTITUTIONS: 1.77%
419,430 JPMORGAN CHASE & COMPANY 10,699,659
301,243 STATE STREET CORPORATION 7,009,925
17,709,584
---------------
EATING & DRINKING PLACES: 5.23%
579,250 MCDONALD'S CORPORATION 33,608,085
657,350 YUM! BRANDS INCORPORATED<< 18,813,357
52,421,442
---------------
EDUCATIONAL SERVICES: 2.25%
277,246 APOLLO GROUP INCORPORATED CLASS A+<< 22,584,459
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 12.31%
699,700 BROADCOM CORPORATION CLASS A+ 11,090,245
1,422,750 CISCO SYSTEMS INCORPORATED+ 21,298,568
186,289 FIRST SOLAR INCORPORATED+<< 26,602,069
1,231,830 QUALCOMM INCORPORATED 42,559,727
2,902,700 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR 21,886,358
123,436,967
---------------
24 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
CAPITAL GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
GENERAL MERCHANDISE STORES: 3.02%
642,940 WAL-MART STORES INCORPORATED $ 30,295,333
---------------
HEALTH SERVICES: 0.73%
123,750 LABORATORY CORPORATION OF AMERICA HOLDINGS+<< 7,326,000
---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.55%
273,150 FOSTER WHEELER LIMITED+ 5,454,806
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 13.83%
202,945 APPLE INCORPORATED+ 18,291,433
2,193,983 EMC CORPORATION+ 24,221,572
479,870 GAMESTOP CORPORATION CLASS A+ 11,891,179
606,942 HEWLETT-PACKARD COMPANY 21,091,235
372,743 INTERNATIONAL BUSINESS MACHINES CORPORATION 34,161,896
444,400 NATIONAL OILWELL VARCO INCORPORATED+ 11,749,936
311,600 RESEARCH IN MOTION LIMITED+<< 17,262,640
138,669,891
---------------
INSURANCE CARRIERS: 6.46%
717,060 METLIFE INCORPORATED 20,601,134
700,411 THE TRAVELERS COMPANIES INCORPORATED 27,063,881
602,150 UNITEDHEALTH GROUP INCORPORATED 17,058,910
64,723,925
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 3.47%
353,000 COVIDIEN LIMITED 13,534,020
591,870 THERMO FISHER SCIENTIFIC INCORPORATED+<< 21,265,889
34,799,909
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.89%
244,000 ST. JUDE MEDICAL INCORPORATED+ 8,874,280
---------------
METAL MINING: 0.78%
195,900 NEWMONT MINING CORPORATION 7,792,902
---------------
MISCELLANEOUS RETAIL: 2.38%
886,741 CVS CAREMARK CORPORATION 23,835,598
---------------
OIL & GAS EXTRACTION: 3.95%
182,900 OCCIDENTAL PETROLEUM CORPORATION 9,977,195
329,850 PIONEER NATURAL RESOURCES COMPANY 4,829,004
320,343 TRANSOCEAN LIMITED+ 17,497,135
664,472 WEATHERFORD INTERNATIONAL LIMITED+ 7,329,126
39,632,460
---------------
OIL COMPANIES: 2.57%
984,400 PETROLEO BRASILEIRO SA ADR+ 25,791,280
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.18%
145,782 GOLDMAN SACHS GROUP INCORPORATED 11,768,981
---------------
TRANSPORTATIONBY AIR: 0.56%
588,084 UAL CORPORATION+<< 5,551,513
---------------
Wells Fargo Advantage Large Cap Stock Funds 25
Portfolio of Investments--January 31, 2009 (Unaudited)
CAPITAL GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
TRANSPORTATION EQUIPMENT: 2.08%
166,800 ITT CORPORATION $ 7,552,704
162,550 LOCKHEED MARTIN CORPORATION 13,335,598
20,888,302
---------------
TOTAL COMMON STOCKS (COST $1,335,754,283) 978,609,766
---------------
COLLATERAL FORSECURITIES LENDING: 11.48%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.28%
5,715,276 AIM STIT-LIQUID ASSETS PORTFOLIO 5,715,276
5,715,276 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 5,715,276
5,715,276 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 5,715,276
5,715,276 DWS MONEY MARKET SERIES INSTITUTIONAL 5,715,276
22,861,104
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
- ------------ ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 9.20%
$ 1,801,554 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 1,801,457
1,863,677 AEGON NV 0.55 02/13/2009 1,863,307
310,613 AEGON NV 0.60 02/13/2009 310,546
1,987,922 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 1,987,758
1,925,800 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 1,925,687
1,900,951 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 1,900,127
2,050,045 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 2,049,390
1,553,064 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 1,552,490
1,677,309 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 1,677,142
1,863,677 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 1,863,491
1,987,922 BANK OF IRELAND++ 0.60 02/03/2009 1,987,823
2,174,290 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 2,174,383
1,925,116 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 1,924,707
1,863,677 CALYON NY 3.12 02/09/2009 1,864,870
2,174,290 CANCARA ASSET SECURITIZATION LIMITED++ 0.40 02/09/2009 2,174,072
1,366,696 CHARIOT FUNDING LLC++ 0.45 02/25/2009 1,366,269
1,586,033 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 26,170
1,221,084 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 20,148
869,716 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 869,662
745,471 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 745,371
1,987,922 CME GROUP INCORPORATED++ 0.45 02/06/2009 1,987,773
167,731 COLORADO HOUSING & FINANCE AUTHORITY+/- ss 3.90 10/01/2038 167,731
931,839 CONOCOPHILLIPS 0.45 02/09/2009 931,734
1,677,309 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 1,677,309
1,118,206 DENVER COLORADO CITY & COUNTY SCHOOL DISTRICT+/- ss 5.75 12/15/2037 1,118,206
1,863,677 E.ON AG++ 0.50 02/20/2009 1,863,159
2,112,167 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 2,111,692
186,368 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 186,360
1,987,922 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 1,987,856
993,961 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 993,941
1,987,922 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 1,987,740
117,971 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $117,974) 0.29 02/02/2009 117,971
1,677,309 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 1,677,275
5,850,910 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 2,435,149
102,502 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/- ss 1.25 11/01/2042 102,502
124,245 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/- ss 1.00 01/01/2018 124,245
186,368 IRISH LIFE & PERMANENT PLC 0.90 02/02/2009 186,358
26 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
CAPITAL GROWTH FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,801,554 IRISH LIFE & PERMANENT PLC 1.05% 02/02/2009 $ 1,801,449
186,368 IRISH LIFE & PERMANENT PLC++ 1.30 02/24/2009 186,206
186,368 KANSAS CITY MO SPL GO+/- ss 1.00 04/15/2025 186,368
1,987,922 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 1,986,888
317,571 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 317,566
1,987,922 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 1,987,260
838,655 LMA AMERICAS LLC++ 0.55 02/26/2009 838,322
1,863,677 MATCHPOINT MASTER TRUST++ 0.45 02/18/2009 1,863,258
1,987,922 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 1,987,591
267,127 MISSISSIPPI STATE GO+/- ss 5.00 11/01/2028 267,127
1,863,677 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,863,719) 0.27 02/02/2009 1,863,677
124,245 NEW JERSEY STATE TURNPIKE AUTHORITY+/- ss 3.75 01/01/2018 124,245
1,987,922 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 1,987,878
2,112,167 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 2,112,126
496,981 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 496,971
1,242,451 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 1,242,451
1,996,992 REGENCY MARKETS #1 LLC++ 0.35 02/09/2009 1,996,817
1,242,451 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 1,241,733
621,226 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 620,859
1,918,159 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 1,918,111
1,242,451 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 1,242,331
496,981 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 496,969
621,226 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 621,149
1,925,800 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 1,925,607
1,972,392 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 1,972,293
1,366,696 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 1,366,621
310,613 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 310,577
323,410 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 323,362
2,174,290 UNICREDITO ITALIANO NY 0.57 03/03/2009 2,174,309
2,259,384 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 1,152,286
1,312,059 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 669,150
1,608,705 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18 04/03/2008 820,440
2,611,328 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 02/15/2008 1,331,777
2,449,504 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 2,167,566
869,716 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 869,689
92,212,900
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $118,875,700) 115,074,004
---------------
Wells Fargo Advantage Large Cap Stock Funds 27
Portfolio of Investments--January 31, 2009 (Unaudited)
CAPITAL GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
SHORT-TERM INVESTMENTS: 2.11%
21,200,466 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 21,200,466
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $21,200,466) 21,200,466
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,475,830,449)* 111.21% $ 1,114,884,236
OTHER ASSETS AND LIABILITIES, NET (11.21) (112,413,493)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,002,470,743
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $21,200,466.
* Cost for federal income tax purposes is $1,478,840,809 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 16,387,294
Gross unrealized depreciation (380,343,867)
-------------
Net unrealized appreciation (depreciation) $(363,956,573)
The accompanying notes are an integral part of these financial statements.
28 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
ENDEAVOR SELECT FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 95.13%
APPAREL & ACCESSORY STORES: 3.54%
983,000 KOHL'S CORPORATION+ $ 36,085,930
---------------
BIOPHARMACEUTICALS: 6.55%
987,644 GILEAD SCIENCES INCORPORATED+ 50,142,686
401,300 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR<< 16,633,885
66,776,571
---------------
BUSINESS SERVICES: 5.27%
99,782 GOOGLE INCORPORATED CLASS A+ 33,779,200
1,184,700 ORACLE CORPORATION+ 19,938,501
53,717,701
---------------
CHEMICALS & ALLIED PRODUCTS: 5.43%
242,454 ABBOTT LABORATORIES 13,441,650
435,200 PRAXAIR INCORPORATED 27,095,552
271,800 PROCTER & GAMBLE COMPANY 14,813,100
55,350,302
---------------
COMMUNICATIONS: 13.43%
1,834,447 AMERICAN TOWER CORPORATION CLASS A+ 55,657,122
1,443,800 DIRECTV GROUP INCORPORATED+<< 31,619,220
335,563 EQUINIX INCORPORATED+<< 17,902,286
1,634,772 NII HOLDINGS INCORPORATED+ 31,714,577
136,893,205
---------------
DEPOSITORY INSTITUTIONS: 1.83%
430,500 JPMORGAN CHASE & COMPANY 10,982,055
328,991 STATE STREET CORPORATION<< 7,655,621
18,637,676
---------------
EATING & DRINKING PLACES: 3.53%
620,000 MCDONALD'S CORPORATION 35,972,400
---------------
EDUCATIONAL SERVICES: 2.25%
282,031 APOLLO GROUP INCORPORATED CLASS A+<< 22,974,245
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 13.25%
992,400 BROADCOM CORPORATION CLASS A+<< 15,729,540
1,443,400 CISCO SYSTEMS INCORPORATED+ 21,607,698
228,346 FIRST SOLAR INCORPORATED+<< 32,607,809
1,246,300 QUALCOMM INCORPORATED 43,059,665
2,934,200 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR<< 22,123,868
135,128,580
---------------
GENERAL MERCHANDISE STORES: 3.01%
651,800 WAL-MART STORES INCORPORATED 30,712,816
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 14.53%
231,549 APPLE INCORPORATED+ 20,869,511
2,408,866 EMC CORPORATION+<< 26,593,881
869,552 HEWLETT-PACKARD COMPANY 30,216,932
404,329 INTERNATIONAL BUSINESS MACHINES CORPORATION 37,056,753
603,000 NATIONAL OILWELL VARCO INCORPORATED+ 15,943,320
314,200 RESEARCH IN MOTION LIMITED+<< 17,406,680
148,087,077
---------------
Wells Fargo Advantage Large Cap Stock Funds 29
Portfolio of Investments--January 31, 2009 (Unaudited)
ENDEAVOR SELECT FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
INSURANCE CARRIERS: 4.93%
813,200 METLIFE INCORPORATED $ 23,363,236
695,854 THE TRAVELERS COMPANIES INCORPORATED 26,887,799
50,251,035
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.39%
418,200 COVIDIEN LIMITED 16,033,788
1,082,800 THERMO FISHER SCIENTIFIC INCORPORATED+<< 38,905,004
54,938,792
---------------
MISCELLANEOUS RETAIL: 2.68%
1,017,019 CVS CAREMARK CORPORATION 27,337,471
---------------
OIL & GAS EXTRACTION: 3.48%
186,300 OCCIDENTAL PETROLEUM CORPORATION<< 10,162,665
464,373 TRANSOCEAN LIMITED+ 25,364,053
35,526,718
---------------
OIL COMPANIES: 2.83%
1,100,300 PETROLEO BRASILEIRO SA ADR+ 28,827,860
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.18%
148,600 GOLDMAN SACHS GROUP INCORPORATED 11,996,478
---------------
TRANSPORTATION BY AIR: 0.70%
1,036,601 DELTA AIR LINES INCORPORATED+ 7,152,547
---------------
TRANSPORTATION EQUIPMENT: 1.32%
163,500 LOCKHEED MARTIN CORPORATION 13,413,539
---------------
TOTAL COMMON STOCKS (COST $1,227,810,091) 969,780,943
---------------
COLLATERAL FOR SECURITIES LENDING: 12.40%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.46%
6,277,568 AIM STIT-LIQUID ASSETS PORTFOLIO 6,277,568
6,277,568 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 6,277,568
6,277,568 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 6,277,568
6,277,568 DWS MONEY MARKET SERIES INSTITUTIONAL 6,277,568
25,110,272
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
- ------------ ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 9.94%
$ 1,978,799 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 1,978,691
2,047,033 AEGON NV 0.55 02/13/2009 2,046,626
341,172 AEGON NV 0.60 02/13/2009 341,098
2,183,502 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 2,183,322
2,115,267 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 2,115,144
2,087,974 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 2,087,069
2,251,736 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 2,251,017
1,705,861 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 1,705,231
1,842,330 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 1,842,145
2,047,033 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 2,046,828
2,183,502 BANK OF IRELAND++ 0.60 02/03/2009 2,183,393
2,388,205 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 2,388,307
2,114,517 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 2,114,068
2,047,033 CALYON NY 3.12 02/09/2009 2,048,344
30 WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS
PORTFOLIO OF INVESTMENTS--JANUARY 31, 2009 (UNAUDITED)
ENDEAVOR SELECT FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 2,388,205 CANCARA ASSET SECURITIZATION LIMITED++ 0.40% 02/09/2009 $ 2,387,966
1,501,158 CHARIOT FUNDING LLC++ 0.45 02/25/2009 1,500,688
1,742,073 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 28,744
1,341,219 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 22,130
955,282 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 955,222
818,813 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 818,704
2,183,502 CME GROUP INCORPORATED++ 0.45 02/06/2009 2,183,338
184,233 COLORADO HOUSING & FINANCE AUTHORITY+/- ss 3.90 10/01/2038 184,233
1,023,517 CONOCOPHILLIPS 0.45 02/09/2009 1,023,401
1,842,330 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 1,842,330
1,228,220 DENVER COLORADO CITY & COUNTY SCHOOL DISTRICT+/- ss 5.75 12/15/2037 1,228,220
2,047,033 E.ON AG++ 0.50 02/20/2009 2,046,464
2,319,971 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 2,319,449
204,703 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 204,695
2,183,502 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 2,183,429
1,091,751 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 1,091,729
2,183,502 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 2,183,302
129,577 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $129,580) 0.29 02/02/2009 129,577
1,842,330 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 1,842,292
6,426,546 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 2,674,729
112,587 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/- ss 1.25 11/01/2042 112,587
136,469 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/- ss 1.00 01/01/2018 136,469
204,703 IRISH LIFE & PERMANENT PLC 0.90 02/02/2009 204,693
1,978,799 IRISH LIFE & PERMANENT PLC 1.05 02/02/2009 1,978,683
204,703 IRISH LIFE & PERMANENT PLC++ 1.30 02/24/2009 204,526
204,703 KANSAS CITY MO SPL GO+/- ss 1.00 04/15/2025 204,703
2,183,502 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 2,182,366
348,814 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 348,810
2,183,502 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 2,182,774
921,165 LMA AMERICAS LLC++ 0.55 02/26/2009 920,799
2,047,033 MATCHPOINT MASTER TRUST++ 0.45 02/18/2009 2,046,572
2,183,502 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 2,183,138
293,408 MISSISSIPPI STATE GO+/- ss 5.00 11/01/2028 293,408
2,047,033 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,047,079) 0.27 02/02/2009 2,047,033
136,469 NEW JERSEY STATE TURNPIKE AUTHORITY+/- ss 3.75 01/01/2018 136,469
2,183,502 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 2,183,453
2,319,971 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 2,319,926
545,875 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 545,865
1,364,689 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 1,364,689
2,193,464 REGENCY MARKETS #1 LLC++ 0.35 02/09/2009 2,193,272
1,364,689 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 1,363,900
682,344 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 681,942
2,106,875 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 2,106,822
1,364,689 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 1,364,556
545,875 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 545,863
682,344 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 682,260
2,115,267 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 2,115,056
2,166,443 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 2,166,335
1,501,158 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 1,501,074
341,172 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 341,132
355,228 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 355,175
2,388,205 UNICREDITO ITALIANO NY 0.57 03/03/2009 2,388,226
2,481,671 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 1,265,652
1,441,144 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 734,984
Wells Fargo Advantage Large Cap Stock Funds 31
Portfolio of Investments--January 31, 2009 (Unaudited)
ENDEAVOR SELECT FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,766,976 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18% 04/03/2008 $ 901,158
2,868,241 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 02/15/2008 1,462,803
2,690,496 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 2,380,820
955,282 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 955,255
101,285,173
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $129,902,354) 126,395,445
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 4.51%
46,016,976 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 46,016,976
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $46,016,976) 46,016,976
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,403,729,421)* 112.04% $ 1,142,193,364
OTHER ASSETS AND LIABILITIES, Net (12.04) (122,757,281)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,019,436,083
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $46,016,976.
* Cost for federal income tax purposes is $1,425,373,383 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 30,225,422
Gross unrealized depreciation (313,405,441)
-------------
Net unrealized appreciation (depreciation) $(283,180,019)
The accompanying notes are an integral part of these financial statements.
32 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investment--January 31, 2009 (Unaudited)
GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 98.77%
APPAREL & ACCESSORY STORES: 0.40%
245,000 URBAN OUTFITTERS INCORPORATED+ $ 3,817,100
---------------
BIOPHARMACEUTICALS: 3.87%
235,000 CEPHALON INCORPORATED+<< 18,137,300
70,000 GENENTECH INCORPORATED+ 5,686,800
190,000 GILEAD SCIENCES INCORPORATED+ 9,646,300
85,000 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR 3,523,250
36,993,650
---------------
BUSINESS SERVICES: 15.89%
215,000 ADOBE SYSTEMS INCORPORATED+ 4,151,650
264,000 CAPELLA EDUCATION COMPANY+<< 14,607,120
1,805,000 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+<< 33,807,650
641,000 CONCUR TECHNOLOGIES INCORPORATED+<< 15,826,290
106,000 F5 NETWORKS INCORPORATED+<< 2,350,020
75,000 FACTSET RESEARCH SYSTEMS INCORPORATED<< 2,985,000
113,000 GOOGLE INCORPORATED CLASS A+ 38,253,890
104,000 MASTERCARD INCORPORATED CLASS A<< 14,121,120
475,000 RISKMETRICS GROUP INCORPORATED+<< 6,108,500
188,000 SALESFORCE.COM INCORPORATED+<< 5,002,680
264,000 VISA INCORPORATED CLASS A SHARES<< 13,028,400
98,950 VOCUS INCORPORATED+ 1,509,977
151,752,297
---------------
CHEMICALS & ALLIED PRODUCTS: 12.34%
380,000 ABBOTT LABORATORIES 21,067,200
260,000 AIR PRODUCTS & CHEMICALS INCORPORATED<< 13,078,000
25,000 BIOGEN IDEC INCORPORATED+ 1,216,250
50,000 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 1,220,500
231,000 COLGATE-PALMOLIVE COMPANY 15,024,240
239,650 ECOLAB INCORPORATED 8,138,514
75,000 JOHNSON & JOHNSON 4,326,750
83,000 MONSANTO COMPANY<< 6,312,980
251,500 PRAXAIR INCORPORATED 15,658,390
119,000 PROCTER & GAMBLE COMPANY 6,485,500
580,000 SHIRE PLC ADR 25,328,600
117,856,924
---------------
COAL MINING: 0.12%
55,000 PENN VIRGINIA CORPORATION<< 1,133,000
---------------
COMMUNICATIONS: 2.74%
163,000 AMERICAN TOWER CORPORATION CLASS A+ 4,945,420
212,000 EQUINIX INCORPORATED+<< 11,310,200
510,000 NII HOLDINGS INCORPORATED+ 9,894,000
26,149,620
---------------
DEPOSITORY INSTITUTIONS: 0.40%
285,000 NEW YORK COMMUNITY BANCORP INCORPORATED 3,776,250
---------------
E-COMMERCE/SERVICES: 1.73%
246,000 PRICELINE.COM INCORPORATED+<< 16,504,140
---------------
Wells Fargo Advantage Large Cap Stock Funds 33
Portfolio of Investment--January 31, 2009 (Unaudited)
GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
EATING & DRINKING PLACES: 3.13%
790,000 BURGER KING HOLDINGS INCORPORATED<< $ 17,577,500
213,000 MCDONALD'S CORPORATION 12,358,260
29,935,760
---------------
EDUCATIONAL SERVICES: 2.03%
264,250 AMERICAN PUBLIC EDUCATION INCORPORATED+<< 10,348,030
415,000 K12 INCORPORATED+<< 6,627,550
50,000 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INCORPORATED+<< 2,392,000
19,367,580
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.36%
1,205,000 CISCO SYSTEMS INCORPORATED+ 18,038,850
163,000 EMERSON ELECTRIC COMPANY 5,330,100
10,000 FIRST SOLAR INCORPORATED+<< 1,428,000
2,155,000 HARMONIC INCORPORATED+ 11,098,250
420,000 MICROCHIP TECHNOLOGY INCORPORATED<< 7,967,400
55,000 MICROSEMI CORPORATION+ 462,000
675,000 MONOLITHIC POWER SYSTEMS+ 8,201,250
455,000 QUALCOMM INCORPORATED 15,720,250
88,000 SILICON LABORATORIES INCORPORATED+<< 2,026,640
70,272,740
---------------
GENERAL MERCHANDISE STORES: 2.15%
88,000 TARGET CORPORATION 2,745,600
378,000 WAL-MART STORES INCORPORATED 17,811,360
20,556,960
---------------
HEALTH SERVICES: 1.09%
248,000 COVANCE INCORPORATED+<< 9,572,800
15,000 EDWARDS LIFESCIENCES CORPORATION+ 862,350
10,435,150
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.38%
192,000 APPLE INCORPORATED+ 17,304,960
10,000 GAMESTOP CORPORATION CLASS A+ 247,800
645,000 HEWLETT-PACKARD COMPANY 22,413,750
414,000 INTEL CORPORATION 5,340,600
130,000 SMITH INTERNATIONAL INCORPORATED<< 2,951,000
75,000 SPX CORPORATION 3,158,250
51,416,360
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 10.02%
232,000 BECTON DICKINSON & COMPANY 16,859,440
90,000 COVIDIEN LIMITED 3,450,600
200,000 FLIR SYSTEMS INCORPORATED+<< 4,994,000
803,000 ICON PLC ADR+ 16,140,300
229,170 MASIMO CORPORATION+ 6,364,051
399,000 METTLER-TOLEDO INTERNATIONAL INCORPORATED+<< 26,565,420
163,000 RAYTHEON COMPANY 8,251,060
182,000 THERMO FISHER SCIENTIFIC INCORPORATED+<< 6,539,260
315,000 WRIGHT MEDICAL GROUP INCORPORATED+ 6,533,100
95,697,231
---------------
34 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investment--January 31, 2009 (Unaudited)
GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
MEDICAL EQUIPMENT & SUPPLIES: 7.91%
140,100 INTUITIVE SURGICAL INCORPORATED+<< $ 14,462,523
447,000 NUVASIVE INCORPORATED+<< 16,690,980
1,221,700 ST. JUDE MEDICAL INCORPORATED+ 44,433,229
75,586,732
---------------
MEDICAL MANAGEMENT SERVICES: 0.92%
163,000 EXPRESS SCRIPTS INCORPORATED+ 8,762,880
---------------
MEDICAL PRODUCTS: 2.47%
403,000 BAXTER INTERNATIONAL INCORPORATED 23,635,950
---------------
MISCELLANEOUS RETAIL: 0.91%
116,000 CVS CAREMARK CORPORATION 3,118,080
505,000 DICK'S SPORTING GOODS INCORPORATED+<< 5,560,050
8,678,130
---------------
OIL & GAS EXTRACTION: 6.47%
105,000 APACHE CORPORATION 7,875,000
602,000 ARENA RESOURCES INCORPORATED+ 14,664,720
139,000 CARRIZO OIL & GAS INCORPORATED+<< 1,926,540
270,000 CNX GAS CORPORATION+ 6,987,600
344,000 CONTINENTAL RESOURCES INCORPORATED+<< 7,110,480
141,000 GOODRICH PETROLEUM CORPORATION+<< 4,074,900
278,000 ULTRA PETROLEUM CORPORATION+<< 9,960,740
248,250 XTO ENERGY INCORPORATED 9,207,593
61,807,573
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 3.72%
852,000 MSCI INCORPORATED+ 14,790,720
905,000 VISTAPRINT LIMITED+<< 20,724,500
35,515,220
---------------
RAILROAD TRANSPORTATION: 3.16%
90,000 BURLINGTON NORTHERN SANTA FE CORPORATION<< 5,962,500
285,000 NORFOLK SOUTHERN CORPORATION 10,932,600
303,000 UNION PACIFIC CORPORATION 13,268,370
30,163,470
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.39%
9,000 BLACKROCK INCORPORATED 979,200
1,605,000 CHARLES SCHWAB CORPORATION 21,811,950
22,791,150
---------------
SOCIAL SERVICES: 0.27%
200,000 ABB LIMITED ADR<< 2,610,000
---------------
TRANSPORTATION EQUIPMENT: 1.14%
61,000 LOCKHEED MARTIN CORPORATION 5,004,440
123,000 UNITED TECHNOLOGIES CORPORATION 5,902,770
10,907,210
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.06%
15,000 AIRGAS INCORPORATED 529,650
---------------
Wells Fargo Advantage Large Cap Stock Funds 35
Portfolio of Investment--January 31, 2009 (Unaudited)
GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
WHOLESALE TRADE-DURABLE GOODS: 0.70%
577,000 LKQ Corporation+ $ 6,664,349
---------------
TOTAL COMMON STOCKS (COST $1,226,465,962) 943,317,076
---------------
COLLATERAL FOR SECURITIES LENDING: 17.47%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.47%
8,289,232 AIM STIT-LIQUID ASSETS PORTFOLIO 8,289,232
8,289,232 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 8,289,232
8,289,232 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 8,289,232
8,289,232 DWS MONEY MARKET SERIES INSTITUTIONAL 8,289,232
33,156,928
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
- ------------ -------------------------------------------------------------- ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 14.00%
$ 2,612,910 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 2,612,769
2,703,011 AEGON NV 0.55 02/13/2009 2,702,474
450,502 AEGON NV 0.60 02/13/2009 450,404
2,883,211 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 2,882,973
2,793,111 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 2,792,948
2,757,071 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 2,755,876
2,973,312 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 2,972,362
2,252,509 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 2,251,677
2,432,709 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 2,432,466
2,703,011 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 2,702,740
2,883,211 BANK OF IRELAND++ 0.60 02/03/2009 2,883,067
3,153,512 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 3,153,647
2,792,120 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 2,791,526
2,703,011 CALYON NY 3.12 02/09/2009 2,704,741
3,153,512 CANCARA ASSET SECURITIZATION LIMITED++ 0.40 02/09/2009 3,153,197
1,982,208 CHARIOT FUNDING LLC++ 0.45 02/25/2009 1,981,588
2,300,326 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 37,955
1,771,016 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 29,222
1,261,405 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 1,261,326
1,081,204 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 1,081,060
2,883,211 CME GROUP INCORPORATED++ 0.45 02/06/2009 2,882,995
243,271 COLORADO HOUSING & FINANCE AUTHORITY+/- SS 3.90 10/01/2038 243,271
1,351,505 CONOCOPHILLIPS 0.45 02/09/2009 1,351,353
2,432,709 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 2,432,709
1,621,806 DENVER COLORADO CITY & COUNTY SCHOOL DISTRICT+/- SS 5.75 12/15/2037 1,621,806
2,703,011 E.ON AG++ 0.50 02/20/2009 2,702,260
3,063,412 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 3,062,723
270,301 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 270,290
2,883,211 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 2,883,115
1,441,606 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 1,441,577
2,883,211 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 2,882,947
171,101 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $171,105) 0.29 02/02/2009 171,101
2,432,709 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 2,432,659
8,485,951 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 3,531,853
148,666 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/- SS 1.25 11/01/2042 148,666
180,201 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/- SS 1.00 01/01/2018 180,201
270,301 IRISH LIFE & PERMANENT PLC 0.90 02/02/2009 270,288
2,612,910 IRISH LIFE & PERMANENT PLC 1.05 02/02/2009 2,612,758
270,301 IRISH LIFE & PERMANENT PLC++ 1.30 02/24/2009 270,067
36 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investment--January 31, 2009 (Unaudited)
GROWTH FUND
SHARES SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued_
$ 270,301 KANSAS CITY MO SPL GO+/- ss 1.00% 04/15/2025 $ 270,301
2,883,211 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 2,881,712
460,593 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 460,587
2,883,211 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 2,882,250
1,216,355 LMA AMERICAS LLC++ 0.55 02/26/2009 1,215,872
2,703,011 MATCHPOINT MASTER TRUST++ 0.45 02/18/2009 2,702,402
2,883,211 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 2,882,731
387,432 MISSISSIPPI STATE GO+/- ss 5.00 11/01/2028 387,432
2,703,011 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,703,072) 0.27 02/02/2009 2,703,011
180,201 NEW JERSEY STATE TURNPIKE AUTHORITY+/- ss 3.75 01/01/2018 180,201
2,883,211 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 2,883,147
3,063,412 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 3,063,352
720,803 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 720,789
1,802,007 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 1,802,007
2,896,366 REGENCY MARKETS #1 LLC++ 0.35 02/09/2009 2,896,112
1,802,007 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 1,800,966
901,004 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 900,472
2,782,029 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 2,781,959
1,802,007 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 1,801,832
720,803 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 720,787
901,004 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 900,892
2,793,111 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 2,792,832
2,860,686 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 2,860,543
1,982,208 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 1,982,098
450,502 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 450,449
469,062 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 468,992
3,153,512 UNICREDITO ITALIANO NY 0.57 03/03/2009 3,153,539
3,276,929 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 1,671,234
1,902,963 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 970,511
2,333,209 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18 04/03/2008 1,189,936
3,787,377 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 02/15/2008 1,931,562
3,552,673 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 3,143,760
1,261,405 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 1,261,366
133,742,293
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $171,975,922) 166,899,221
---------------
Wells Fargo Advantage Large Cap Stock Funds 37
Portfolio of Investment--January 31, 2009 (Unaudited)
GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
SHORT-TERM INVESTMENTS: 1.64%
15,697,336 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 15,697,336
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $15,697,336) 15,697,336
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,414,139,220)* 117.88% $ 1,125,913,633
OTHER ASSETS AND LIABILITIES, NET (17.88) (170,817,674)
------ ---------------
TOTAL NET ASSETS 100.00% $ 955,095,959
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $15,697,336.
* Cost for federal income tax purposes is $1,419,327,792 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,073,444
Gross unrealized depreciation (305,487,603)
-------------
Net unrealized appreciation (depreciation) $(293,414,159)
The accompanying notes are an integral part of these financial statements.
38 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE CAP GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 98.47%
BIOPHARMACEUTICALS: 5.40%
52,000 CEPHALON INCORPORATED+<< $ 4,013,360
29,000 GENENTECH INCORPORATED+ 2,355,960
79,000 GILEAD SCIENCES INCORPORATED+ 4,010,830
48,000 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR 1,989,600
12,369,750
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.68%
85,000 LOWE'S COMPANIES INCORPORATED 1,552,950
---------------
BUSINESS SERVICES: 13.77%
138,000 ADOBE SYSTEMS INCORPORATED+ 2,664,780
380,000 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 7,117,400
29,500 GOOGLE INCORPORATED CLASS A+ 9,986,635
25,000 MASTERCARD INCORPORATED CLASS A<< 3,394,500
205,000 ORACLE CORPORATION+ 3,450,150
47,000 SALESFORCE.COM INCORPORATED+ 1,250,670
74,000 VISA INCORPORATED CLASS A SHARES<< 3,651,900
31,516,035
---------------
CASINO & GAMING: 0.18%
14,000 WYNN RESORTS LIMITED+<< 421,120
---------------
CHEMICALS & ALLIED PRODUCTS: 14.45%
101,000 ABBOTT LABORATORIES 5,599,440
65,000 AIR PRODUCTS & CHEMICALS INCORPORATED 3,269,500
8,000 AMGEN INCORPORATED+ 438,800
9,000 BIOGEN IDEC INCORPORATED+ 437,850
62,000 COLGATE-PALMOLIVE COMPANY 4,032,480
53,000 ECOLAB INCORPORATED 1,799,880
38,000 JOHNSON & JOHNSON 2,192,220
35,000 MONSANTO COMPANY 2,662,100
60,000 PRAXAIR INCORPORATED 3,735,600
69,000 PROCTER & GAMBLE COMPANY 3,760,500
118,000 SHIRE PLC ADR 5,153,060
33,081,430
---------------
COMMUNICATIONS: 2.65%
85,000 AMERICAN TOWER CORPORATION CLASS A+ 2,578,900
80,000 DIRECTV GROUP INCORPORATED+<< 1,752,000
90,000 NII HOLDINGS INCORPORATED+ 1,746,000
6,076,900
---------------
E-COMMERCE/SERVICES: 0.95%
37,000 AMAZON.COM INCORPORATED+<< 2,176,340
---------------
EATING & DRINKING PLACES: 2.75%
82,000 BURGER KING HOLDINGS INCORPORATED<< 1,824,500
77,000 MCDONALD'S CORPORATION 4,467,540
6,292,040
---------------
EDUCATIONAL SERVICES: 1.00%
28,000 APOLLO GROUP INCORPORATED CLASS A+ 2,280,880
---------------
Wells Fargo Advantage Large Cap Stock Funds 39
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE CAP GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 6.98%
355,000 CISCO SYSTEMS INCORPORATED+ $ 5,314,350
59,000 EMERSON ELECTRIC COMPANY 1,929,300
2,500 FIRST SOLAR INCORPORATED+<< 357,000
96,000 MICROCHIP TECHNOLOGY INCORPORATED<< 1,821,120
190,000 QUALCOMM INCORPORATED 6,564,500
15,986,270
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.69%
50,000 ACCENTURE LIMITED CLASS A 1,578,000
---------------
FOOD & KINDRED PRODUCTS: 2.18%
41,000 KRAFT FOODS INCORPORATED CLASS A 1,150,050
90,000 THE COCA-COLA COMPANY 3,844,800
4,994,850
---------------
FOOD STORES: 0.52%
55,000 SAFEWAY INCORPORATED 1,178,650
---------------
GENERAL MERCHANDISE STORES: 3.18%
60,000 TARGET CORPORATION<< 1,872,000
115,000 WAL-MART STORES INCORPORATED 5,418,800
7,290,800
---------------
HEALTH SERVICES: 0.86%
51,000 COVANCE INCORPORATED+ 1,968,600
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.99%
67,000 APPLE INCORPORATED+ 6,038,710
120,000 EMC CORPORATION+ 1,324,800
220,000 HEWLETT-PACKARD COMPANY 7,645,000
208,000 INTEL CORPORATION 2,683,200
44,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 4,032,600
50,000 SMITH INTERNATIONAL INCORPORATED 1,135,000
22,859,310
---------------
INSURANCE CARRIERS: 0.29%
17,000 THE TRAVELERS COMPANIES INCORPORATED 656,880
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 5.17%
58,000 BECTON DICKINSON & COMPANY 4,214,860
55,000 COVIDIEN LIMITED 2,108,700
35,000 RAYTHEON COMPANY 1,771,700
104,000 THERMO FISHER SCIENTIFIC INCORPORATED+ 3,736,720
11,831,980
---------------
MEDICAL EQUIPMENT & SUPPLIES: 5.32%
27,400 INTUITIVE SURGICAL INCORPORATED+<< 2,828,502
257,000 ST. JUDE MEDICAL INCORPORATED+ 9,347,090
12,175,592
---------------
MEDICAL MANAGEMENT SERVICES: 0.94%
40,000 EXPRESS SCRIPTS INCORPORATED+ 2,150,400
---------------
MEDICAL PRODUCTS: 2.54%
99,000 BAXTER INTERNATIONAL INCORPORATED 5,806,350
---------------
40 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE CAP GROWTH FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
MISCELLANEOUS RETAIL: 1.27%
17,000 COSTCO WHOLESALE CORPORATION<< $ 765,510
80,000 CVS CAREMARK CORPORATION 2,150,400
2,915,910
---------------
MOTION PICTURES: 0.77%
85,000 WALT DISNEY COMPANY 1,757,800
---------------
OIL & GAS EXTRACTION: 5.76%
54,000 APACHE CORPORATION 4,050,000
45,000 EOG RESOURCES INCORPORATED 3,049,650
49,000 ULTRA PETROLEUM CORPORATION+ 1,755,670
40,000 WEATHERFORD INTERNATIONAL LIMITED+ 441,200
105,000 XTO ENERGY INCORPORATED 3,894,450
13,190,970
---------------
RAILROAD TRANSPORTATION: 3.15%
23,000 BURLINGTON NORTHERN SANTA FE CORPORATION<< 1,523,750
65,000 NORFOLK SOUTHERN CORPORATION 2,493,400
73,000 UNION PACIFIC CORPORATION 3,196,670
7,213,820
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.36%
2,000 BLACKROCK INCORPORATED 217,600
386,000 CHARLES SCHWAB CORPORATION 5,245,740
7,000 GOLDMAN SACHS GROUP INCORPORATED 565,110
60,000 T. ROWE PRICE GROUP INCORPORATED<< 1,654,800
7,683,250
---------------
SOCIAL SERVICES: 0.31%
55,000 ABB LIMITED ADR 717,750
---------------
TRANSPORTATION EQUIPMENT: 2.59%
46,000 LOCKHEED MARTIN CORPORATION 3,773,840
45,000 UNITED TECHNOLOGIES CORPORATION 2,159,550
5,933,390
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.77%
39,000 AMERISOURCEBERGEN CORPORATION 1,416,480
8,000 MCKESSON CORPORATION 353,600
1,770,080
---------------
TOTAL COMMON STOCKS (COST $312,803,776) 225,428,097
---------------
COLLATERAL FOR SECURITIES LENDING: 9.66%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.92%
1,098,710 AIM STIT-LIQUID ASSETS PORTFOLIO 1,098,710
1,098,710 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 1,098,710
1,098,710 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 1,098,710
1,098,710 DWS MONEY MARKET SERIES INSTITUTIONAL 1,098,710
4,394,840
---------------
Wells Fargo Advantage Large Cap Stock Funds 41
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE CAP GROWTH FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS: 7.74%
$ 346,332 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 $ 346,314
358,275 AEGON NV 0.55 02/13/2009 358,204
59,712 AEGON NV 0.60 02/13/2009 59,700
382,160 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 382,128
370,217 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 370,196
365,440 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 365,282
394,102 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 393,976
298,562 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 298,452
322,447 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 322,415
358,275 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 358,239
382,160 BANK OF IRELAND++ 0.60 02/03/2009 382,141
417,987 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 418,005
370,086 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 370,007
358,275 CALYON NY 3.12 02/09/2009 358,504
417,987 CANCARA ASSET SECURITIZATION LIMITED++ 0.40 02/09/2009 417,946
262,735 CHARIOT FUNDING LLC++ 0.45 02/25/2009 262,653
304,900 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 5,031
234,742 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 3,873
167,195 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 167,185
143,310 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 143,291
382,160 CME GROUP INCORPORATED++ 0.45 02/06/2009 382,131
32,245 COLORADO HOUSING & FINANCE AUTHORITY+/- ss 3.90 10/01/2038 32,245
179,137 CONOCOPHILLIPS 0.45 02/09/2009 179,117
322,447 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 322,447
214,965 DENVER COLORADO CITY & COUNTY SCHOOL DISTRICT+/- ss 5.75 12/15/2037 214,965
358,275 E.ON AG++ 0.50 02/20/2009 358,175
406,045 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 405,954
35,827 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 35,826
382,160 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 382,147
191,080 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 191,076
382,160 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 382,125
22,679 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $22,680) 0.29 02/02/2009 22,679
322,447 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 322,441
1,124,784 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 468,135
19,705 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/- ss 1.25 11/01/2042 19,705
23,885 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/- ss 1.00 01/01/2018 23,885
35,827 IRISH LIFE & PERMANENT PLC 0.90 02/02/2009 35,826
346,332 IRISH LIFE & PERMANENT PLC 1.05 02/02/2009 346,312
35,827 IRISH LIFE & PERMANENT PLC++ 1.30 02/24/2009 35,796
35,827 KANSAS CITY MO SPL GO+/- ss 1.00 04/15/2025 35,827
382,160 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 381,961
61,050 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 61,049
382,160 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 382,032
161,224 LMA AMERICAS LLC++ 0.55 02/26/2009 161,160
358,275 MATCHPOINT MASTER TRUST++ 0.45 02/18/2009 358,194
382,160 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 382,096
51,353 MISSISSIPPI STATE GO+/- ss 5.00 11/01/2028 51,353
358,275 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $358,283) 0.27 02/02/2009 358,275
23,885 NEW JERSEY STATE TURNPIKE AUTHORITY+/- ss 3.75 01/01/2018 23,885
382,160 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 382,151
406,045 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 406,037
95,540 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 95,538
238,850 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 238,850
42 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE CAP GROWTH FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 383,903 REGENCY MARKETS #1 LLC++ 0.35% 02/09/2009 $ 383,870
238,850 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 238,712
119,425 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 119,354
368,748 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 368,739
238,850 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 238,827
95,540 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 95,538
119,425 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 119,410
370,217 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 370,180
379,174 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 379,155
262,735 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 262,720
59,712 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 59,706
62,173 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 62,163
417,987 UNICREDITO ITALIANO NY 0.57 03/03/2009 417,993
434,346 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 221,516
252,231 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 128,638
309,259 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18 04/03/2008 157,722
502,004 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 02/15/2008 256,022
470,895 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 416,695
167,195 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 167,190
17,727,087
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $22,652,546) 22,121,927
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 0.77%
1,763,195 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 1,763,195
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,763,195) 1,763,195
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $337,219,517)* 108.90% $ 249,313,219
OTHER ASSETS AND LIABILITIES, NET (8.90) (20,371,822)
------ ---------------
TOTAL NET ASSETS 100.00% $ 228,941,397
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $1,763,195.
* Cost for federal income tax purposes is $338,374,424 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 1,022,187
Gross unrealized depreciation (90,083,392)
------------
Net unrealized appreciation (depreciation) $(89,061,205)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 43
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY CORE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 99.61%
BUSINESS SERVICES: 11.60%
365,000 EBAY INCORPORATED+<< $ 4,387,300
410,000 MICROSOFT CORPORATION 7,011,000
604,000 MONSTER WORLDWIDE INCORPORATED+ 5,562,840
78,000 OMNICOM GROUP INCORPORATED 2,019,420
405,000 YAHOO! INCORPORATED+<< 4,750,650
23,731,210
---------------
CHEMICALS & ALLIED PRODUCTS: 7.35%
230,000 BRISTOL-MYERS SQUIBB COMPANY 4,924,300
130,000 PFIZER INCORPORATED 1,895,400
191,200 WYETH 8,215,864
15,035,564
---------------
COMMUNICATIONS: 3.41%
502,000 COMCAST CORPORATION CLASS A 6,967,760
---------------
DEPOSITORY INSTITUTIONS: 8.15%
402,479 BANK OF AMERICA CORPORATION 2,648,312
270,000 BANK OF NEW YORK MELLON CORPORATION 6,949,800
188,124 JPMORGAN CHASE & Company 4,799,043
166,000 WESTERN UNION COMPANY<< 2,267,560
16,664,715
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 14.03%
350,000 ANALOG DEVICES INCORPORATED<< 6,993,000
490,000 CISCO SYSTEMS INCORPORATED+ 7,335,300
366,025 GENERAL ELECTRIC COMPANY 4,439,883
455,000 NOVELLUS SYSTEMS INCORPORATED+ 6,274,450
257,475 TYCO ELECTRONICS LIMITED 3,645,846
28,688,479
---------------
GENERAL MERCHANDISE STORES: 2.33%
101,000 WAL-MART STORES INCORPORATED 4,759,120
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.15%
620,000 DELL INCORPORATED+ 5,890,000
360,000 INTEL CORPORATION 4,644,000
10,534,000
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 2.53%
135,000 COVIDIEN LIMITED 5,175,900
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 3.46%
337,000 TYCO INTERNATIONAL LIMITED 7,083,740
---------------
MISCELLANEOUS RETAIL: 7.15%
405,000 STAPLES INCORPORATED<< 6,455,700
298,000 WALGREEN COMPANY<< 8,168,180
14,623,880
---------------
MOTION PICTURES: 3.38%
740,000 TIME WARNER INCORPORATED 6,904,200
---------------
NON-DEPOSITORY CREDIT
INSTITUTIONS: 1.40%
171,000 AMERICAN EXPRESS COMPANY 2,860,830
---------------
44 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY CORE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
OIL & GAS EXTRACTION: 4.16%
138,000 DEVON ENERGY CORPORATION $ 8,500,800
PETROLEUM REFINING & RELATED INDUSTRIES: 11.82%
113,000 CHEVRON CORPORATION 7,968,760
171,000 CONOCOPHILLIPS 8,127,630
335,000 VALERO ENERGY CORPORATION 8,080,200
24,176,590
---------------
PRIMARY METAL INDUSTRIES: 2.10%
552,000 ALCOA INCORPORATED 4,300,080
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 3.69%
343,000 MCGRAW-HILL COMPANIES INCORPORATED<< 7,542,570
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.12%
315,000 MORGAN STANLEY 6,372,450
---------------
TRANSPORTATION EQUIPMENT: 2.36%
386,300 JOHNSON CONTROLS INCORPORATED 4,832,613
---------------
TRAVEL & RECREATION: 2.42%
272,000 CARNIVAL CORPORATION+ 4,947,680
---------------
TOTAL COMMON STOCKS (COST $320,878,730) 203,702,181
---------------
COLLATERAL FOR SECURITIES LENDING: 4.30%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.86%
436,446 AIM STIT-LIQUID ASSETS PORTFOLIO 436,446
436,446 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 436,446
436,446 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 436,446
436,446 DWS MONEY MARKET SERIES INSTITUTIONAL 436,446
1,745,784
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
- ------------ ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 3.44%
$ 137,575 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 137,568
142,319 AEGON NV 0.55 02/13/2009 142,291
23,720 AEGON NV 0.60 02/13/2009 23,715
151,807 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 151,795
147,063 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 147,055
145,166 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 145,103
156,551 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 156,501
118,599 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 118,556
128,087 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 128,075
142,319 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 142,305
151,807 BANK OF IRELAND++ 0.60 02/03/2009 151,800
166,039 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 166,046
147,011 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 146,980
142,319 CALYON NY 3.12 02/09/2009 142,410
166,039 CANCARA ASSET SECURITIZATION LIMITED++ 0.40 02/09/2009 166,023
104,368 CHARIOT FUNDING LLC++ 0.45 02/25/2009 104,335
121,117 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 1,998
93,248 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 1,539
66,416 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 66,412
56,928 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 56,920
151,807 CME GROUP INCORPORATED++ 0.45 02/06/2009 151,796
Wells Fargo Advantage Large Cap Stock Funds 45
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY CORE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 12,809 COLORADO HOUSING & Finance Authority+/-ss 3.90% 10/01/2038 $ 12,809
71,160 CONOCOPHILLIPS 0.45 02/09/2009 71,152
128,087 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 128,087
85,392 DENVER COLORADO CITY & County School District+/-ss 5.75 12/15/2037 85,392
142,319 E.ON AG++ 0.50 02/20/2009 142,280
161,295 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 161,259
14,232 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 14,231
151,807 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 151,802
75,904 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 75,902
151,807 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 151,793
9,009 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $9,009) 0.29 02/02/2009 9,009
128,087 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 128,085
446,804 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 185,960
7,828 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 1.25 11/01/2042 7,828
9,488 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 9,488
14,232 IRISH LIFE & Permanent plc 0.90 02/02/2009 14,231
137,575 IRISH LIFE & Permanent plc 1.05 02/02/2009 137,567
14,232 Irish Life & Permanent plc++ 1.30 02/24/2009 14,220
14,232 Kansas City MO SPL GO+/-ss 1.00 04/15/2025 14,232
151,807 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 151,728
24,251 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 24,251
151,807 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 151,757
64,044 LMA AMERICAS LLC++ 0.55 02/26/2009 64,018
142,319 MATCHPOINT MASTER TRUST++ 0.45 02/18/2009 142,287
151,807 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 151,782
20,399 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 20,399
142,319 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $142,322) 0.27 02/02/2009 142,319
9,488 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 9,488
151,807 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 151,804
161,295 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 161,292
37,952 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 37,951
94,880 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 94,880
152,500 REGENCY MARKETS #1 LLC++ 0.35 02/09/2009 152,487
94,880 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 94,825
47,440 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 47,412
146,480 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 146,476
94,880 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 94,870
199,414 STANFIELD FINANCE LLC+++/- 1.19 02/15/2008 101,701
37,952 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 37,951
47,440 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 47,434
147,063 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 147,049
150,621 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 150,614
104,368 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 104,362
23,720 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 23,717
24,697 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 24,693
166,039 UNICREDITO ITALIANO NY 0.57 03/03/2009 166,041
172,537 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 87,994
100,195 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 51,100
122,848 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18 04/03/2008 62,653
187,056 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 165,526
66,416 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 66,408
7,041,819
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $9,185,829) 8,787,603
---------------
46 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY CORE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
SHORT-TERM INVESTMENTS: 0.71%
1,444,014 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ $ 1,444,014
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,444,014) 1,444,014
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $331,508,573)* 104.62% $ 213,933,798
OTHER ASSETS AND LIABILITIES, NET (4.62) (9,441,903)
------ ---------------
TOTAL NET ASSETS 100.00% $ 204,491,895
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $1,444,014.
* Cost for federal income tax purposes is $331,907,678 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 3,539,018
Gross unrealized depreciation (121,512,898)
-------------
Net unrealized appreciation (depreciation) $(117,973,880)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 47
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 95.81%
AMUSEMENT & RECREATION SERVICES: 1.03%
89,864 INTERNATIONAL GAME TECHNOLOGY $ 952,558
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.32%
56,785 HOME DEPOT INCORPORATED 1,222,581
---------------
BUSINESS SERVICES: 2.15%
21,938 AUTOMATIC DATA PROCESSING INCORPORATED 797,008
78,150 SYMANTEC CORPORATION+<< 1,198,040
1,995,048
---------------
CHEMICALS & ALLIED PRODUCTS: 13.09%
34,967 AMGEN INCORPORATED+ 1,917,940
103,549 BRISTOL-MYERS SQUIBB COMPANY 2,216,984
19,729 CF INDUSTRIES HOLDINGS INCORPORATED 927,263
15,829 COLGATE-PALMOLIVE COMPANY 1,029,518
18,800 DOW CHEMICAL COMPANY 217,892
49,414 JOHNSON & JOHNSON 2,850,694
119,714 PFIZER INCORPORATED 1,745,430
22,864 PROCTER & GAMBLE COMPANY 1,246,088
12,151,809
---------------
COMMUNICATIONS: 6.92%
148,888 AT&T INCORPORATED 3,665,623
26,621 NII HOLDINGS INCORPORATED+ 516,447
74,964 VERIZON COMMUNICATIONS INCORPORATED 2,239,175
6,421,245
---------------
DEPOSITORY INSTITUTIONS: 10.70%
40,907 BANK OF AMERICA CORPORATION 269,168
59,370 BANK OF NEW YORK MELLON CORPORATION 1,528,184
48,329 BB&T CORPORATION<< 956,431
81,949 CITIGROUP INCORPORATED 290,919
84,335 COMERICA INCORPORATED<< 1,405,021
83,069 JPMORGAN CHASE & COMPANY 2,119,090
39,042 STATE STREET CORPORATION<< 908,507
123,166 US BANCORP<< 1,827,783
41,948 ZIONS BANCORPORATION<< 625,864
9,930,967
---------------
EATING & DRINKING PLACES: 2.13%
34,031 MCDONALD'S CORPORATION 1,974,479
---------------
ELECTRIC, GAS & SANITARY SERVICES: 9.39%
83,677 AMERICAN WATER WORKS COMPANY INCORPORATED 1,772,279
53,443 DOMINION RESOURCES INCORPORATED 1,880,125
102,365 DUKE ENERGY CORPORATION 1,550,830
27,908 ENTERGY CORPORATION<< 2,131,055
44,369 WASTE MANAGEMENT INCORPORATED<< 1,383,869
8,718,158
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.13%
239,633 GENERAL ELECTRIC COMPANY 2,906,748
---------------
48 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
FOOD & KINDRED PRODUCTS: 2.28%
68,919 CONAGRA FOODS INCORPORATED $ 1,178,515
18,709 PEPSICO INCORPORATED 939,753
2,118,268
---------------
HOLDING & OTHER INVESTMENT OFFICES: 2.07%
21,770 BOSTON PROPERTIES INCORPORATED<< 942,641
22,801 SIMON PROPERTY GROUP INCORPORATED<< 979,987
1,922,628
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.02%
33,702 BEST BUY COMPANY INCORPORATED 944,330
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.28%
17,148 EATON CORPORATION 754,855
88,081 EMC CORPORATION+ 972,414
19,054 HEWLETT-PACKARD COMPANY 662,127
50,932 INTEL CORPORATION 657,023
3,046,419
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 1.11%
53,185 MARSH & MCLENNAN COMPANIES INCORPORATED 1,028,066
---------------
INSURANCE CARRIERS: 3.93%
18,556 ACE LIMITED 810,155
28,779 ALLSTATE CORPORATION 623,641
28,310 CHUBB CORPORATION 1,205,440
35,208 METLIFE INCORPORATED 1,011,526
3,650,762
---------------
MEDICAL PRODUCTS: 1.24%
27,212 STRYKER CORPORATION 1,149,435
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.26%
82,695 MATTEL INCORPORATED 1,173,442
---------------
MISCELLANEOUS RETAIL: 2.54%
86,067 WALGREEN COMPANY<< 2,359,096
---------------
MOTION PICTURES: 2.01%
99,124 TIME WARNER INCORPORATED 924,827
45,541 WALT DISNEY COMPANY 941,788
1,866,615
---------------
OIL & GAS EXTRACTION: 3.49%
66,296 BJ SERVICES COMPANY 729,256
20,771 DEVON ENERGY CORPORATION 1,279,494
51,039 NABORS INDUSTRIES LIMITED+ 558,877
41,385 PRIDE INTERNATIONAL INCORPORATED+ 667,126
3,234,753
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 12.75%
65,359 CONOCOPHILLIPS 3,106,513
101,857 EXXON MOBIL CORPORATION 7,790,023
34,515 MARATHON OIL CORPORATION 939,843
11,836,379
---------------
Wells Fargo Advantage Large Cap Stock Funds 49
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
PRIMARY METAL INDUSTRIES: 0.55%
64,875 ALCOA INCORPORATED $ 505,376
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.01%
42,664 MCGRAW-HILL COMPANIES INCORPORATED 938,181
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.90%
15,985 FRANKLIN RESOURCES INCORPORATED 773,994
12,203 GOLDMAN SACHS GROUP INCORPORATED 985,148
1,759,142
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.46%
22,314 OWENS-ILLINOIS INCORPORATED+ 423,966
---------------
TOBACCO PRODUCTS: 0.83%
20,756 PHILIP MORRIS INTERNATIONAL 771,085
---------------
TRANSPORTATION EQUIPMENT: 2.16%
29,908 HONEYWELL INTERNATIONAL INCORPORATED 981,281
21,223 NORTHROP GRUMMAN CORPORATION 1,021,251
2,002,532
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.11%
47,071 UNILEVER NV NY SHARES<< 1,034,150
---------------
WHOLESALE TRADE-DURABLE GOODS: 0.95%
17,116 KIMBERLY-CLARK CORPORATION 880,960
---------------
TOTAL COMMON STOCKS (COST $117,763,925) 88,919,178
---------------
COLLATERAL FOR SECURITIES LENDING: 14.37%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.86%
662,350 AIM STIT-LIQUID ASSETS PORTFOLIO 662,350
662,350 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 662,350
662,350 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 662,350
662,350 DWS MONEY MARKET SERIES INSTITUTIONAL 662,350
2,649,400
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
- ------------ ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 11.51%
$ 208,784 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 208,773
215,984 AEGON NV 0.55 02/13/2009 215,941
35,997 AEGON NV 0.60 02/13/2009 35,990
230,383 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 230,364
223,183 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 223,170
220,303 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 220,208
237,582 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 237,506
179,986 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 179,920
194,385 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 194,366
215,984 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 215,962
230,383 BANK OF IRELAND++ 0.60 02/03/2009 230,371
251,981 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 251,992
223,104 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 223,057
215,984 CALYON NY 3.12 02/09/2009 216,122
251,981 CANCARA ASSET SECURITIZATION LIMITED++ 0.40 02/09/2009 251,956
158,388 CHARIOT FUNDING LLC++ 0.45 02/25/2009 158,339
50 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY VALUE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 183,807 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00% 02/25/2008 $ 3,033
141,513 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 2,335
100,792 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 100,786
86,394 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 86,382
230,383 CME GROUP INCORPORATED++ 0.45 02/06/2009 230,365
19,439 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 3.90 10/01/2038 19,439
107,992 CONOCOPHILLIPS 0.45 02/09/2009 107,980
194,385 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 194,385
129,590 DENVER COLORADO CITY & COUNTY SCHOOL DISTRICT+/-ss 5.75 12/15/2037 129,590
215,984 E.ON AG++ 0.50 02/20/2009 215,924
244,782 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 244,727
21,598 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 21,597
230,383 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 230,375
115,191 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 115,189
230,383 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 230,362
13,672 GOLDMAN SACHS REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $13,672) 0.29 02/02/2009 13,672
194,385 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 194,381
678,069 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 282,212
11,879 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 1.25 11/01/2042 11,879
14,399 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 14,399
21,598 IRISH LIFE & PERMANENT PLC 0.90 02/02/2009 21,597
208,784 IRISH LIFE & PERMANENT PLC 1.05 02/02/2009 208,772
21,598 IRISH LIFE & PERMANENT PLC++ 1.30 02/24/2009 21,580
21,598 KANSAS CITY MO SPL GO+/-ss 1.00 04/15/2025 21,598
230,383 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 230,263
36,804 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 36,803
230,383 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 230,306
97,193 LMA AMERICAS LLC++ 0.55 02/26/2009 97,154
215,984 MATCHPOINT MASTER TRUST++ 0.45 02/18/2009 215,935
230,383 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 230,344
30,958 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 30,958
215,984 MORGAN STANLEY REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $215,989) 0.27 02/02/2009 215,984
14,399 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 14,399
230,383 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 230,378
244,782 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 244,777
57,596 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 57,595
143,989 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 143,989
231,434 REGENCY MARKETS #1 LLC++ 0.35 02/09/2009 231,414
143,989 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 143,906
71,995 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 71,952
222,298 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 222,292
143,989 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 143,975
57,596 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 57,594
71,995 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 71,986
223,183 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 223,161
228,583 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 228,571
158,388 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 158,379
35,997 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 35,993
37,480 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 37,475
251,981 UNICREDITO ITALIANO NY 0.57 03/03/2009 251,983
261,843 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 133,540
152,056 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 77,549
186,435 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18 04/03/2008 95,082
Wells Fargo Advantage Large Cap Stock Funds 51
Portfolio of Investments--January 31, 2009 (Unaudited)
LARGE COMPANY VALUE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 302,630 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19% 02/15/2008 $ 154,341
283,876 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 251,202
100,792 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 100,790
10,686,666
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $13,532,070) 13,336,066
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 3.57%
3,314,329 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 3,314,329
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,314,329) 3,314,329
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $134,610,324)* 113.75% $ 105,569,573
OTHER ASSETS AND LIABILITIES, NET (13.75) (12,759,160)
------ ---------------
TOTAL NET ASSETS 100.00% $ 92,810,413
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
++ Short-term security of an affiliate of the Fund with a cost of $3,314,329.
* Cost for federal income tax purposes is $135,309,656 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 6,152,566
Gross unrealized depreciation (35,774,720)
------------
Net unrealized appreciation (depreciation) $(29,622,154)
The accompanying notes are an integral part of these financial statements.
52 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
U.S. VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COMMON STOCKS: 94.57%
AMUSEMENT & RECREATION SERVICES: 0.03%
5,460 TICKETMASTER+ $ 32,487
---------------
APPAREL & ACCESSORY STORES: 0.18%
15,900 GAP INCORPORATED 179,352
---------------
BUSINESS SERVICES: 5.66%
37,000 EBAY INCORPORATED+ 444,740
37,000 ELECTRONIC ARTS INCORPORATED+ 571,280
67,000 JUNIPER NETWORKS INCORPORATED+<< 948,720
118,000 MICROSOFT CORPORATION 2,017,800
93,000 MONSTER WORLDWIDE INCORPORATED+ 856,530
70,000 YAHOO! INCORPORATED+ 821,100
5,660,170
---------------
CHEMICALS & ALLIED PRODUCTS: 8.11%
580 BASF AG ADR 16,878
60,000 BRISTOL-MYERS SQUIBB COMPANY 1,284,600
102,000 DOW CHEMICAL COMPANY 1,182,180
50,631 E.I. DU PONT DE NEMOURS & COMPANY 1,162,488
55,000 JOHNSON & JOHNSON 3,172,950
89,000 PFIZER INCORPORATED 1,297,620
8,116,716
---------------
COMMUNICATIONS: 4.62%
106,800 AT&T INCORPORATED 2,629,416
35,000 CLEAR CHANNEL OUTDOOR HOLDINGS INCORPORATED+ 181,300
123,300 COMCAST CORPORATION CLASS A<< 1,806,345
4,617,061
---------------
DEPOSITORY INSTITUTIONS: 4.32%
9,018 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 83,777
115,461 BANK OF AMERICA CORPORATION 759,733
7,000 BB&T CORPORATION<< 138,530
1,575 COMMERCE BANCSHARES INCORPORATED 55,046
54,000 JPMORGAN CHASE & COMPANY 1,377,540
11,000 KEYCORP 80,080
1,900 M&T BANK CORPORATION<< 73,929
8,000 PNC FINANCIAL SERVICES GROUP 260,160
13,000 REGIONS FINANCIAL CORPORATION 44,980
10,000 SUNTRUST BANKS INCORPORATED 122,600
89,300 US BANCORP<< 1,325,212
4,321,587
---------------
ELECTRIC, GAS & SANITARY SERVICES: 9.98%
9,400 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 294,690
30,000 AQUA AMERICA INCORPORATED<< 622,200
14,000 DOMINION RESOURCES INCORPORATED 492,520
9,000 ENTERGY CORPORATION<< 687,240
7,700 EXELON CORPORATION 417,494
7,200 FIRSTENERGY CORPORATION 359,928
24,000 FPL GROUP INCORPORATED 1,237,200
90,000 NISOURCE INCORPORATED 871,200
28,200 PG&E CORPORATION 1,090,494
24,000 PROGRESS ENERGY INCORPORATED 929,280
Wells Fargo Advantage Large Cap Stock Funds 53
Portfolio of Investments--January 31, 2009 (Unaudited)
U.S. VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
38,000 THE SOUTHERN COMPANY $ 1,271,100
49,000 WASTE MANAGEMENT INCORPORATED<< 1,528,310
10,000 XCEL ENERGY INCORPORATED 184,600
9,986,256
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 7.06%
90,000 ATMI INCORPORATED+ 1,215,900
250,000 GENERAL ELECTRIC COMPANY 3,032,500
86,000 NETAPP INCORPORATED+ 1,275,380
103,000 TEXAS INSTRUMENTS INCORPORATED 1,539,850
7,063,630
---------------
FINANCIAL SERVICES: 0.67%
127,300 JANUS CAPITAL GROUP INCORPORATED 668,325
---------------
FOOD & KINDRED PRODUCTS: 9.42%
15,000 COCA-COLA ENTERPRISES INCORPORATED 168,450
60,000 CONAGRA FOODS INCORPORATED 1,026,000
126,000 KRAFT FOODS INCORPORATED CLASS A 3,534,300
69,000 THE COCA-COLA COMPANY 2,947,680
73,233 TOOTSIE ROLL INDUSTRIES INCORPORATED<< 1,748,072
9,424,502
---------------
FURNITURE & FIXTURES: 0.01%
1,000 NEWELL RUBBERMAID INCORPORATED 8,080
---------------
GENERAL MERCHANDISE STORES: 1.06%
34,000 TARGET CORPORATION 1,060,800
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98%
102,000 APPLIED MATERIALS INCORPORATED 955,740
165,000 INTEL CORPORATION 2,128,500
55,000 KENNAMETAL INCORPORATED 882,200
33,000 NATIONAL OILWELL VARCO INCORPORATED+ 872,520
44,000 PALL CORPORATION 1,147,080
5,986,040
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.01%
400 MARSH & MCLENNAN COMPANIES INCORPORATED 7,732
---------------
INSURANCE CARRIERS: 3.24%
17,800 ALLSTATE CORPORATION 385,726
15,000 CHUBB CORPORATION 638,700
97,000 THE PROGRESSIVE CORPORATION 1,178,550
1,000 THE TRAVELERS COMPANIES INCORPORATED 38,640
18,300 UNITEDHEALTH GROUP INCORPORATED 518,439
11,500 WELLPOINT INCORPORATED+ 476,675
3,236,730
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 4.12%
50,000 BOSTON SCIENTIFIC CORPORATION+ 443,500
6,800 COVIDIEN LIMITED 260,712
1,000 EASTMAN KODAK COMPANY 4,530
44,000 PERKINELMER INCORPORATED 555,280
74,000 ROCKWELL AUTOMATION INCORPORATED 1,926,960
25,600 WATERS CORPORATION+ 925,952
4,116,934
---------------
54 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
U.S. VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.02%
500 ST. JUDE MEDICAL INCORPORATED+ $ 18,185
---------------
MISCELLANEOUS RETAIL: 3.61%
5,460 HSN INCORPORATED+ 25,935
70,000 STAPLES INCORPORATED<< 1,115,800
90,000 WALGREEN COMPANY<< 2,466,900
3,608,635
---------------
MOTION PICTURES: 2.69%
5,000 DISCOVERY COMMUNICATIONS INCORPORATED+ 72,500
5,000 DISCOVERY HOLDING COMPANY+ 71,900
56,000 TIME WARNER CABLE INCORPORATED+<< 1,043,280
76,700 TIME WARNER INCORPORATED 715,611
38,000 WALT DISNEY COMPANY 785,840
2,689,131
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.52%
10,200 FEDEX CORPORATION 519,588
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.00%
910 TREE.COM INCORPORATED+ 3,613
---------------
OIL & GAS EXTRACTION: 5.57%
8,000 CHESAPEAKE ENERGY CORPORATION<< 126,480
29,800 DEVON ENERGY CORPORATION 1,835,680
28,000 NOBLE ENERGY INCORPORATED 1,370,040
45,000 TOTAL SPONSORED SA ADR 2,240,100
5,572,300
---------------
PAPER & ALLIED PRODUCTS: 0.01%
1,000 MEADWESTVACO CORPORATION 11,640
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 14.54%
55,000 CHEVRON CORPORATION 3,878,600
36,500 CONOCOPHILLIPS 1,734,845
98,100 EXXON MOBIL CORPORATION 7,502,688
25,600 HESS CORPORATION 1,423,616
14,539,749
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.28%
30,000 CBS CORPORATION CLASS B<< 171,600
26,200 GANNETT COMPANY INCORPORATED<< 151,174
65,000 VIACOM INCORPORATED CLASS B+ 958,750
1,281,524
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.37%
22,800 LEGG MASON INCORPORATED 366,168
---------------
TRANSPORTATION EQUIPMENT: 0.24%
2,000 GENERAL DYNAMICS CORPORATION 113,460
1,000 LOCKHEED MARTIN CORPORATION 82,040
1,000 UNITED TECHNOLOGIES CORPORATION 47,990
243,490
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.25%
56,000 SYSCO CORPORATION 1,248,240
---------------
TOTAL COMMON STOCKS (COST $134,582,411) 94,588,665
---------------
Wells Fargo Advantage Large Cap Stock Funds 55
Portfolio of Investments--January 31, 2009 (Unaudited)
U.S. VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
COLLATERAL FOR SECURITIES LENDING: 12.15%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.41%
603,684 AIM STIT-LIQUID ASSETS PORTFOLIO $ 603,684
603,684 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 603,684
603,684 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 603,684
603,684 DWS MONEY MARKET SERIES INSTITUTIONAL 603,684
2,414,736
---------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE
- ------------ -------------------------------------------------------------- ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 9.74%
$ 190,292 ABN AMRO NORTH AMERICA FINANCE INCORPORATED 0.39% 02/05/2009 190,282
196,854 AEGON NV 0.55 02/13/2009 196,815
32,809 AEGON NV 0.60 02/13/2009 32,802
209,977 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.39 02/09/2009 209,960
203,415 AMERICAN HONDA FINANCE CORPORATION 0.35 02/06/2009 203,404
200,791 AMSTEL FUNDING CORPORATION++ 1.20 02/13/2009 200,704
216,539 AMSTERDAM FUNDING CORPORATION++ 0.50 02/23/2009 216,470
164,045 ANTALIS US FUNDING CORPORATION++ 0.70 02/19/2009 163,984
177,168 ANZ DELAWARE INCORPORATED 0.25 02/18/2009 177,151
196,854 ATLANTIC ASSET SECURITIZATION CORPORATION++ 0.30 02/12/2009 196,834
209,977 BANK OF IRELAND++ 0.60 02/03/2009 209,967
229,663 BARCLAYS BANK (NEW YORK) PLC+/- 0.69 02/11/2009 229,672
203,343 BRYANT BANK FUNDING LLC++ 0.45 02/17/2009 203,300
196,854 CALYON NY 3.12 02/09/2009 196,980
229,663 CANCARA ASSET SECURITIZATION LIMITED++ 0.40 02/09/2009 229,640
144,359 CHARIOT FUNDING LLC++ 0.45 02/25/2009 144,314
167,527 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 2,764
128,979 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 2,128
91,865 CLIPPER RECEIVABLES CORPORATION++ 0.75 02/03/2009 91,859
78,741 CLIPPER RECEIVABLES CORPORATION++ 0.80 02/06/2009 78,731
209,977 CME GROUP INCORPORATED++ 0.45 02/06/2009 209,961
17,717 COLORADO HOUSING & FINANCE AUTHORITY+/- SS 3.90 10/01/2038 17,717
98,427 CONOCOPHILLIPS 0.45 02/09/2009 98,416
177,168 DANSKE BANK A/S COPENHAGEN 0.38 02/02/2009 177,168
118,112 DENVER COLORADO CITY & COUNTY SCHOOL DISTRICT+/- SS 5.75 12/15/2037 118,112
196,854 E.ON AG++ 0.50 02/20/2009 196,799
223,101 ENTERPRISE FUNDING LLC++ 0.45 02/18/2009 223,051
19,685 ERASMUS CAPITAL CORPORATION++ 0.50 02/03/2009 19,685
209,977 ERASMUS CAPITAL CORPORATION++ 0.60 02/02/2009 209,970
104,989 FAIRWAY FINANCE CORPORATION++ 0.36 02/02/2009 104,986
209,977 GEMINI SECURITIZATION INCORPORATED++ 0.33 02/10/2009 209,958
12,461 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $12,461) 0.29 02/02/2009 12,461
177,168 GREENWICH CAPITAL HOLDINGS INCORPORATED 0.37 02/02/2009 177,165
618,011 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 257,216
10,827 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/- SS 1.25 11/01/2042 10,827
13,124 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/- SS 1.00 01/01/2018 13,124
19,685 IRISH LIFE & PERMANENT PLC 0.90 02/02/2009 19,684
190,292 IRISH LIFE & PERMANENT PLC 1.05 02/02/2009 190,281
19,685 IRISH LIFE & PERMANENT PLC++ 1.30 02/24/2009 19,668
19,685 KANSAS CITY MO SPL GO+/- SS 1.00 04/15/2025 19,685
209,977 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.72 02/26/2009 209,868
33,544 KITTY HAWK FUNDING CORPORATION++ 0.25 02/02/2009 33,543
209,977 LIBERTY STREET FUNDING CORPORATION++ 0.48 02/25/2009 209,907
88,584 LMA AMERICAS LLC++ 0.55 02/26/2009 88,549
56 Wells Fargo Advantage Large Cap Stock Funds
Portfolio of Investments--January 31, 2009 (Unaudited)
U.S. VALUE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------ -------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS: 9.74%
$ 196,854 MATCHPOINT MASTER TRUST++ 0.45% 02/18/2009 $ 196,809
209,977 METLIFE SHORT TERM FUNDING LLC++ 0.50 02/12/2009 209,942
28,216 MISSISSIPPI STATE GO+/- SS 5.00 11/01/2028 28,216
196,854 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $196,858) 0.27 02/02/2009 196,854
13,124 NEW JERSEY STATE TURNPIKE AUTHORITY+/- SS 3.75 01/01/2018 13,124
209,977 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 0.40 02/02/2009 209,973
223,101 PARK AVENUE RECEIVABLES CORPORATION++ 0.35 02/02/2009 223,096
52,494 RANGER FUNDING CORPORATION++ 0.35 02/02/2009 52,493
131,236 RBS CITIZENS (GRAND CAYMAN) 0.31 02/05/2009 131,236
210,935 REGENCY MARKETS #1 LLC++ 0.35 02/09/2009 210,917
131,236 ROMULUS FUNDING CORPORATION++ 0.80 02/26/2009 131,160
65,618 ROMULUS FUNDING CORPORATION++ 0.85 02/25/2009 65,579
202,608 SALISBURY RECEIVABLES COMPANY++ 0.30 02/03/2009 202,603
131,236 SOCIETE GENERALE NORTH AMERICA INCORPORATED 0.35 02/10/2009 131,223
52,494 STARBIRD FUNDING CORPORATION++ 0.40 02/02/2009 52,493
65,618 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.37 02/12/2009 65,610
203,415 THUNDER BAY FUNDING INCORPORATED++ 0.40 02/09/2009 203,395
208,337 TICONDEROGA MASTER FUNDING LIMITED++ 0.30 02/06/2009 208,326
144,359 TULIP FUNDING CORPORATION++ 0.40 02/05/2009 144,351
32,809 TULIP FUNDING CORPORATION++ 0.42 02/10/2009 32,805
34,161 TULIP FUNDING CORPORATION++ 0.60 02/09/2009 34,156
229,663 UNICREDITO ITALIANO NY 0.57 03/03/2009 229,664
238,651 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 121,712
138,588 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 70,680
169,922 VICTORIA FINANCE LLC+++/-####(a)(i) 1.18 04/03/2008 86,660
275,825 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 02/15/2008 140,671
258,732 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.14 02/22/2008 228,952
91,865 YORKTOWN CAPITAL LLC++ 0.35 02/03/2009 91,862
9,740,124
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,329,948) 12,154,860
---------------
Wells Fargo Advantage Large Cap Stock Funds 57
Portfolio of Investments--January 31, 2009 (Unaudited)
U.S. VALUE FUND
SHARES SECURITY NAME VALUE
- ------------ -------------------------------------------------------------- ---------------
SHORT-TERM INVESTMENTS: 5.57%
5,567,117 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 5,567,117
TOTAL SHORT-TERM INVESTMENTS (COST $5,567,117) 5,567,117
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $152,479,476)* 112.29% $ 112,310,642
OTHER ASSETS AND LIABILITIES, NET (12.29) (12,290,736)
------ ---------------
TOTAL NET ASSETS 100.00% $ 100,019,906
------ -------------==
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ 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.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
ss These securities are subject to a demand feature which reduces the
effective maturity.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $5,567,117.
* Cost for federal income tax purposes is $153,701,757 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 5,030,288
Gross unrealized depreciation (46,421,403)
------------
Net unrealized appreciation (depreciation) $(41,391,115)
The accompanying notes are an integral part of these financial statements.
58 Wells Fargo Advantage Large Cap Stock Funds
Statements of Assets and Liabilities--January 31, 2009 (Unaudited)
Capital Endeavor
Growth Select
Fund Fund
-------------- --------------
ASSETS
Investments
In securities, at fair value (including securities on loan) ......... $ 978,609,766 $ 969,780,943
Collateral received for securities loaned (Note 2) .................. 115,074,004 126,395,445
In affiliates ....................................................... 21,200,466 46,016,976
-------------- --------------
Total investments at fair value (see cost below) ....................... 1,114,884,236 1,142,193,364
-------------- --------------
Receivable for Fund shares issued ...................................... 335,839 1,863,260
Receivable for investments sold ........................................ 20,014,808 23,041,015
Receivables for dividends and interest ................................. 1,310,153 1,206,908
-------------- --------------
Total assets .............................................................. 1,136,545,036 1,168,304,547
-------------- --------------
LIABILITIES
Payable for Fund shares redeemed ....................................... 162,237 445,300
Payable for investments purchased ...................................... 11,800,959 15,210,501
Payable upon receipt of securities loaned (Note 2) ..................... 121,279,484 132,446,200
Payable to investment advisor and affiliates (Note 3) .................. 653,669 682,872
Accrued expenses and other liabilities ................................. 177,944 83,591
-------------- --------------
Total liabilities ......................................................... 134,074,293 148,868,464
-------------- --------------
TOTAL NET ASSETS .......................................................... $1,002,470,743 $1,019,436,083
============== ==============
NET ASSETS CONSIST OF
Paid-in capital ........................................................ $1,732,541,311 $1,657,261,729
Undistributed net investment income (loss) ............................. 1,321,266 1,120,935
Undistributed net realized gain (loss) on investments .................. (370,445,621) (377,410,524)
Net unrealized appreciation (depreciation) of investments, foreign
currencies and translation of assets and liabilities denominated
in foreign currencies ............................................... (357,144,517) (258,029,148)
Net unrealized appreciation (depreciation) of collateral received for
securities loaned ................................................... (3,801,696) (3,506,909)
-------------- --------------
TOTAL NET ASSETS .......................................................... $1,002,470,743 $1,019,436,083
============== ==============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A ................................................... $ 18,364,317 $ 144,609,062
Shares outstanding - Class A ........................................... 1,898,838 23,972,383
Net asset value per share - Class A .................................... $ 9.67 $ 6.03
Maximum offering price per share - Class A(2) .......................... $ 10.26 $ 6.40
Net assets - Class B ................................................... NA $ 4,458,234
Shares outstanding - Class B ........................................... NA 790,882
Net asset value and offering price per share - Class B ................. NA $ 5.64
Net assets - Class C ................................................... $ 5,160,927 $ 7,744,602
Shares outstanding - Class C ........................................... 539,901 1,374,362
Net asset value and offering price per share - Class C ................. $ 9.56 $ 5.64
Net assets - Administrator Class ....................................... $ 442,377,937 $ 185,778,542
Shares outstanding - Administrator Class ............................... 44,528,505 30,500,229
Net asset value and offering price per share - Administrator Class ..... $ 9.93 $ 6.09
Net assets - Institutional Class ....................................... $ 349,527,153 $ 676,845,643
Shares outstanding - Institutional Class ............................... 34,926,206 110,371,057
Net asset value and offering price per share - Institutional Class ..... $ 10.01 $ 6.13
Net assets - Investor Class ............................................ $ 187,040,409 NA
Shares outstanding - Investor Class .................................... 19,390,512 NA
Net asset value and offering price per share - Investor Class .......... $ 9.65 NA
-------------- --------------
Investments at cost ....................................................... $1,475,830,449 $1,403,729,421
-------------- --------------
Securities on loan, at market value (Note 2) .............................. $ 115,195,792 $ 126,526,799
-------------- --------------
- ----------
(1.) Each Fund has an unlimited number of authorized shares.
(2.) Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 59
Statements of Assets and Liabilities--January 31, 2009 (Unaudited)
Large Cap Large Large
Growth Growth Company Company U.S. Value
Fund Fund Core Fund Value Fund Fund
- -------------- ------------- ------------- ------------ ------------
$ 943,317,076 $ 225,428,097 $ 203,702,181 $ 88,919,178 $ 94,588,665
166,899,221 22,121,927 8,787,603 13,336,066 12,154,860
15,697,336 1,763,195 1,444,014 3,314,329 5,567,117
- -------------- ------------- ------------- ------------ ------------
1,125,913,633 249,313,219 213,933,798 105,569,573 112,310,642
- -------------- ------------- ------------- ------------ ------------
1,395,822 8,462 95,676 18,826 24,885
10,760,065 3,335,899 192,799 1,327,601 0
448,481 141,992 402,550 217,120 181,591
- -------------- ------------- ------------- ------------ ------------
1,138,518,001 252,799,572 214,624,823 107,133,120 112,517,118
- -------------- ------------- ------------- ------------ ------------
121,658 6,371 43,979 69,719 0
7,033,091 739,813 437,336 633,249 0
175,104,257 22,891,276 9,427,391 13,542,778 12,411,496
818,346 138,932 131,509 36,555 22,774
344,690 81,783 92,713 40,406 62,942
- -------------- ------------- ------------- ------------ ------------
183,422,042 23,858,175 10,132,928 14,322,707 12,497,212
- -------------- ------------- ------------- ------------ ------------
$ 955,095,959 $ 228,941,397 $ 204,491,895 $ 92,810,413 $100,019,906
============== ============= ============= ============ ============
$1,348,161,065 $ 566,335,257 $ 357,028,919 $144,402,480 $156,743,070
(2,762,732) (65,488) 237,812 124,828 87,040
(102,076,787) (249,422,074) (35,200,061) (22,794,073) (16,641,370)
(283,148,886) (87,375,679) (117,176,549) (28,844,747) (39,993,746)
(5,076,701) (530,619) (398,226) (78,075) (175,088)
- -------------- ------------- ------------- ------------ ------------
$ 955,095,959 $ 228,941,397 $ 204,491,895 $ 92,810,413 $100,019,906
============== ============= ============= ============ ============
$ 20,825,211 NA $ 5,901,104 $ 93,679 $ 915,641
1,247,522 NA 442,447 11,215 115,494
$ 16.69 NA $ 13.34 $ 8.35 $ 7.93
$ 17.71 NA $ 14.15 $ 8.86 $ 8.41
NA NA $ 1,391,415 NA $ 1,157,625
NA NA 104,351 NA 146,749
NA NA $ 13.33 NA $ 7.89
$ 934,152 NA $ 932,028 $ 10,826 $ 673,091
58,236 NA 69,898 1,271 85,941
$ 16.04 NA $ 13.33 $ 8.52 $ 7.83
$ 143,959,167 NA $ 738,884 $ 278,836 $ 79,527,605
8,305,094 NA 55,354 33,297 10,162,544
$ 17.33 NA $ 13.35 $ 8.37 $ 7.83
$ 183,254,373 NA $ 14,239,720 $ 6,433 NA
10,351,999 NA 1,056,888 768 NA
$ 17.70 NA $ 13.47 $ 8.38 NA
$ 606,123,056 $ 228,941,397 $ 181,288,744 $ 92,420,639 $ 17,745,944
36,275,468 12,825,884 13,510,065 10,842,479 2,205,413
$ 16.71 $ 17.85 $ 13.42 $ 8.52 $ 8.05
- -------------- ------------- ------------- ------------ ------------
$1,414,139,220 $ 337,219,517 $ 331,508,573 $134,610,324 $152,479,476
- -------------- ------------- ------------- ------------ ------------
$ 169,851,958 $ 22,952,536 $ 8,754,601 $ 13,071,084 $ 11,840,514
- -------------- ------------- ------------- ------------ ------------
60 Wells Fargo Advantage Large Cap Stock Funds
Statements of Operations--For the Six Months Ended January 31, 2009 (Unaudited)
Capital Endeavor
Growth Select
Fund Fund
------------- -------------
INVESTMENT INCOME
Dividends(1) ...................................................... $ 6,813,131 $ 6,182,732
Income from affiliated securities ................................. 421,204 551,766
Other income ...................................................... 3,614 0
Securities lending income ......................................... 198,966 249,471
------------- -------------
Total investment income .............................................. 7,436,915 6,983,969
------------- -------------
EXPENSES
Advisory fees ..................................................... 4,125,324 4,231,965
Administration fees
Fund Level ..................................................... 312,170 321,044
Class A ........................................................ 34,332 257,358
Class B ........................................................ NA 8,742
Class C ........................................................ 8,755 13,417
Administrator Class ............................................ 271,473 108,889
Institutional Class ............................................ 163,620 346,697
Investor Class ................................................. 525,065 NA
Custody fees ...................................................... 124,868 128,418
Shareholder servicing fees (Note 3) ............................... 1,034,330 496,916
Accounting fees ................................................... 62,154 53,733
Distribution fees (Note 3)
Class B ........................................................ NA 23,417
Class C ........................................................ 23,450 35,937
Professional fees ................................................. 14,761 18,231
Registration fees ................................................. 38,571 37,526
Shareholder reports ............................................... 134,309 236,877
Trustees' fees .................................................... 5,289 5,289
Other fees and expenses ........................................... 18,274 19,750
------------- -------------
Total expenses ....................................................... 6,896,745 6,344,206
------------- -------------
LESS
Waived fees and reimbursed expenses (Note 3) ...................... (781,096) (481,172)
Net expenses ...................................................... 6,115,649 5,863,034
------------- -------------
Net investment income (loss) ......................................... 1,321,266 1,120,935
------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ... (367,540,307) (355,686,410)
Collateral received for securities loaned ......................... 105,504 (80,124)
------------- -------------
Net realized gain and loss from investments .......................... (367,434,803) (355,766,534)
------------- -------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ... (350,511,616) (383,154,454)
Collateral received for securities loaned ......................... (1,691,194) (1,054,634)
------------- -------------
Net change in unrealized appreciation (depreciation) of investments .. (352,202,810) (384,209,088)
------------- -------------
Net realized and unrealized gain (loss) on investments ............... (719,637,613) (739,975,622)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ...... $(718,316,347) $(738,854,687)
============= =============
1. Net of foreign withholding taxes of ............................... $ 45,263 $ 51,549
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 61
Statements of Operations--For the Six Months Ended January 31, 2009 (Unaudited)
Large Cap Large Large
Growth Growth Company Company U.S. Value
Fund Fund Core Fund Value Fund Fund
- ------------- ------------- ------------- ------------ ------------
$ 3,718,649 $ 1,489,761 $ 2,890,023 $ 2,200,605 $ 1,869,319
252,935 71,311 35,897 29,613 45,757
548 137 0 0 0
187,875 11,420 1,223 32,826 21,078
- ------------- ------------- ------------- ------------ ------------
4,160,007 1,572,629 2,927,143 2,263,044 1,936,154
- ------------- ------------- ------------- ------------ ------------
3,994,189 963,921 815,032 432,973 433,725
278,526 611,656 58,217 30,927 30,980
38,271 NA 11,153 50 1,592
NA NA 2,732 NA 2,327
1,514 NA 1,782 12 1,262
65,946 NA 195 453 48,836
83,862 NA 7,236 3 NA
1,467,193 0 399,848 242,025 44,438
111,411 27,541 23,287 12,371 12,392
1,126,248 344,258 241,235 154,623 154,563
40,648 13,857 33,723 23,860 22,164
NA NA 7,317 NA 6,234
4,055 NA 4,774 33 3,380
17,823 17,584 14,595 18,235 17,845
35,852 7,797 31,465 29,395 18,098
123,469 11,732 66,550 66,405 49,765
5,289 5,289 5,289 5,289 5,289
15,318 3,862 4,890 2,563 3,093
- ------------- ------------- ------------- ------------ ------------
7,409,614 2,007,497 1,729,320 1,019,217 855,983
- ------------- ------------- ------------- ------------ ------------
(486,875) (369,380) (270,790) (177,244) (205,595)
6,922,739 1,638,117 1,458,530 841,973 650,388
- ------------- ------------- ------------- ------------ ------------
(2,762,732) (65,488) 1,468,613 1,421,071 1,285,766
- ------------- ------------- ------------- ------------ ------------
(59,321,838) (44,394,053) (29,529,607) (20,624,811) (11,289,859)
(172,694) (44,603) (54,578) 148,556 137,117
- ------------- ------------- ------------- ------------ ------------
(59,494,532) (44,438,656) (29,584,185) (20,476,255) (11,152,742)
- ------------- ------------- ------------- ------------ ------------
(407,925,063) (68,546,164) (81,227,636) (31,358,237) (35,345,841)
(2,082,203) (212,823) (99,542) (237,339) (221,053)
- ------------- ------------- ------------- ------------ ------------
(410,007,266) (68,758,987) (81,327,178) (31,595,576) (35,566,894)
- ------------- ------------- ------------- ------------ ------------
(469,501,798) (113,197,643) (110,911,363) (52,071,831) (46,719,636)
- ------------- ------------- ------------- ------------ ------------
$(472,264,530) $(113,263,131) $(109,442,750) $(50,650,760) $(45,433,870)
============= ============= ============= ============ ============
$ 25,335 $ 2,830 $ 0 $ 10,446 $ 10,482
62 Wells Fargo Advantage Large Cap Stock Funds
Statements of Changes in Net Assets
CAPITAL GROWTH FUND
---------------------------------
For the
Six Months Ended For the
January 31, 2009 Year Ended
(Unaudited) July 31, 2008
---------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 1,639,344,170 $1,156,594,820
OPERATIONS
Net investment income (loss) ................................................ 1,321,266 (2,607,945)
Net realized gain (loss) on investments ..................................... (367,434,803) 63,997,574
Net change in unrealized appreciation (depreciation) of investments ......... (352,202,810) (83,713,854)
---------------- --------------
Net increase (decrease) in net assets resulting from operations ................ (718,316,347) (22,324,225)
---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .................................................................. 0 0
Class B .................................................................. NA NA
Class C .................................................................. 0 0
Administrator Class ...................................................... 0 0
Institutional Class ...................................................... 0 0
Investor Class ........................................................... 0 0
Net realized gain on sales of investments
Class A .................................................................. (954,537) (124,847)
Class B .................................................................. NA NA
Class C .................................................................. (264,298) (70,071)
Administrator Class ...................................................... (22,693,086) (31,907,273)
Institutional Class ...................................................... (16,485,253) (18,118,300)
Investor Class ........................................................... (9,843,385) (21,521,951)
---------------- --------------
Total distributions to shareholders ............................................ (50,240,559) (71,742,442)
---------------- --------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ......................................... 4,427,309 37,290,292
Reinvestment of distributions - Class A ..................................... 938,106 122,751
Cost of shares redeemed - Class A ........................................... (5,418,325) (3,099,106)
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ................................................... (52,910) 34,313,937
---------------- --------------
Proceeds from shares sold - Class B ......................................... NA NA
Reinvestment of distributions - Class B ..................................... NA NA
Cost of shares redeemed - Class B ........................................... NA NA
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ................................................... NA NA
---------------- --------------
Proceeds from shares sold - Class C ......................................... 1,900,016 9,053,813
Reinvestment of distributions - Class C ..................................... 169,153 63,580
Cost of shares redeemed - Class C ........................................... (880,287) (331,480)
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ................................................... 1,188,882 8,785,913
---------------- --------------
Proceeds from shares sold - Administrator Class ............................. 357,970,743 909,327,143
Reinvestment of distributions - Administrator Class ......................... 19,464,021 27,878,014
Cost of shares redeemed - Administrator Class ............................... (277,610,927) (724,970,870)
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ....................................... 99,823,837 212,234,287
---------------- --------------
Proceeds from shares sold - Institutional Class ............................. 172,538,194 768,383,939
Reinvestment of distributions - Institutional Class ......................... 16,371,620 17,862,886
Cost of shares redeemed - Institutional Class ............................... (131,634,760) (494,150,573)
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Institutional Class ....................................... 57,275,054 292,096,252
---------------- --------------
Proceeds from shares sold - Investor Class .................................. 52,155,217 126,036,978
Reinvestment of distributions - Investor Class .............................. 6,988,086 15,530,919
Cost of shares redeemed - Investor Class .................................... (85,694,687) (112,182,269)
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class ............................................ (26,551,384) 29,385,628
---------------- --------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ........................................................ 131,683,479 576,816,017
---------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... (636,873,427) 482,749,350
================ ==============
ENDING NET ASSETS .............................................................. $ 1,002,470,743 $1,639,344,170
================ ==============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 63
Statements of Changes in Net Assets
ENDEAVOR SELECT FUND GROWTH FUND LARGE CAP GROWTH FUND
- --------------------------------- --------------------------------- ---------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
January 31, 2009 Year Ended January 31, 2009 Year Ended January 31, 2009 Year Ended
(Unaudited) July 31, 2008 (Unaudited) July 31, 2008 (Unaudited) July 31, 2008
- ---------------- -------------- ---------------- -------------- ---------------- --------------
$ 1,694,467,475 $1,390,307,760 $ 1,365,088,815 $1,479,805,580 $ 350,352,074 $ 388,699,550
1,120,935 (322,372) (2,762,732) (8,630,984) (65,488) (488,190)
(355,766,534) 24,519,371 (59,494,532) 109,458,797 (44,438,656) 69,856,553
(384,209,088) (16,421,877) (410,007,266) (168,943,283) (68,758,987) (75,679,752)
- ---------------- -------------- ---------------- -------------- ---------------- --------------
(738,854,687) 7,775,122 (472,264,530) (68,115,470) (113,263,131) (6,311,389)
- ---------------- -------------- ---------------- -------------- ---------------- --------------
0 0 0 0 NA NA
0 0 NA NA NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 (1,338,584) 0 0 NA NA
NA NA 0 0 0 0
(5,939,368) (1,790,001) 0 0 NA NA
(202,063) (99,299) NA NA NA NA
(335,195) (100,340) 0 0 NA NA
(7,183,197) (2,112,463) 0 0 NA NA
(27,764,756) (11,389,753) 0 0 NA NA
NA NA 0 0 0 0
- ---------------- -------------- ---------------- -------------- ---------------- --------------
(41,424,579) (16,830,440) 0 0 0 0
- ---------------- -------------- ---------------- -------------- ---------------- --------------
84,940,610 212,312,902 6,449,272 68,066,296 NA NA
5,801,163 1,746,562 0 0 NA NA
(71,264,085) (133,702,200) (8,917,782) (53,911,285) NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
19,477,688 80,357,264 (2,468,510) 14,155,011 NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
170,030 2,076,873 NA NA NA NA
193,198 94,121 NA NA NA NA
(1,109,042) (3,573,941) NA NA NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
(745,814) (1,402,947) NA NA NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
2,444,102 4,948,578 223,539 1,238,472 NA NA
320,167 97,497 0 0 NA NA
(1,428,414) (2,315,494) (118,583) (176,518) NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
1,335,855 2,730,581 104,956 1,061,954 NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
78,722,436 228,809,567 122,043,575 58,484,998 NA NA
6,113,165 2,018,825 0 0 NA NA
(44,750,357) (60,615,306) (35,314,201) (71,351,986) NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
40,085,244 170,213,086 86,729,374 (12,866,988) NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
224,600,792 443,193,893 31,105,390 124,435,754 NA NA
20,164,744 10,954,779 0 0 NA NA
(199,670,635) (392,831,623) (19,740,714) (117,804,441) NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
45,094,901 61,317,049 11,364,676 6,631,313 NA NA
- ---------------- -------------- ---------------- -------------- ---------------- --------------
NA NA 29,737,013 157,421,747 11,270,997 28,517,716
NA NA 0 0 0 0
NA NA (63,195,835) (213,004,332) (19,418,543) (60,553,803)
- ---------------- -------------- ---------------- -------------- ---------------- --------------
NA NA (33,458,822) (55,582,585) (8,147,546) (32,036,087)
- ---------------- -------------- ---------------- -------------- ---------------- --------------
105,247,874 313,215,033 62,271,674 (46,601,295) (8,147,546) (32,036,087)
- ---------------- -------------- ---------------- -------------- ---------------- --------------
(675,031,392) 304,159,715 (409,992,856) (114,716,765) (121,410,677) (38,347,476)
================ ============== ================ ============== ================ ==============
$ 1,019,436,083 $1,694,467,475 $ 955,095,959 $1,365,088,815 $ 228,941,397 $ 350,352,074
================ ============== ================ ============== ================ ==============
64 Wells Fargo Advantage Large Cap Stock Funds
Statements of Changes in Net Assets
CAPITAL GROWTH FUND
--------------------------------
For the
Six Months Ended For the
January 31, 2009 Year Ended
(Unaudited) July 31, 2008
---------------- -------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................. 337,850 2,088,279
Shares issued in reinvestment of distributions - Class A .............. 96,712 6,397
Shares redeemed - Class A ............................................. (453,618) (177,318)
------------ ------------
Net increase (decrease) in shares outstanding - Class A ............... (19,056) 1,917,358
------------ ------------
Shares sold - Class B ................................................. NA NA
Shares issued in reinvestment of distributions - Class B .............. NA NA
Shares redeemed - Class B ............................................. NA NA
------------ ------------
Net increase (decrease) in shares outstanding - Class B ............... NA NA
------------ ------------
Shares sold - Class C ................................................. 153,424 463,703
Shares issued in reinvestment of distributions - Class C .............. 17,620 3,322
Shares redeemed - Class C ............................................. (79,680) (19,024)
------------ ------------
Net increase (decrease) in shares outstanding - Class C ............... 91,364 448,001
------------ ------------
Shares sold - Administrator Class ..................................... 26,625,002 48,163,627
Shares issued in reinvestment of distributions - Administrator Class .. 1,954,219 1,420,174
Shares redeemed - Administrator Class ................................. (21,675,595) (38,254,445)
------------ ------------
Net increase (decrease) in shares outstanding - Administrator Class ... 6,903,626 11,329,356
------------ ------------
Shares sold - Institutional Class ..................................... 13,738,611 39,758,187
Shares issued in reinvestment of distributions - Institutional Class .. 1,632,265 905,827
Shares redeemed - Institutional Class ................................. (10,184,953) (25,650,984)
------------ ------------
Net increase (decrease) in shares outstanding - Institutional Class ... 5,185,923 15,013,030
------------ ------------
Shares sold - Investor Class .......................................... 4,221,465 6,819,782
Shares issued in reinvestment of distributions - Investor Class ....... 721,910 810,167
Shares redeemed - Investor Class ...................................... (7,185,028) (6,095,844)
------------ ------------
Net increase (decrease) in shares outstanding - Investor Class ........ (2,241,653) 1,534,105
------------ ------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS .......................................................... 9,920,204 30,241,850
============ ============
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .......... $ 1,321,266 $ 0
============ ============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 65
Statements of Changes in Net Assets
ENDEAVOR SELECT FUND GROWTH FUND LARGE CAP GROWTH FUND
- --------------------------------- -------------------------------- --------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
January 31, 2009 Year Ended January 31, 2009 Year Ended January 31, 2009 Year Ended
(Unaudited) July 31, 2008 (Unaudited) July 31, 2008 (Unaudited) July 31, 2008
- ----------------- ------------- ---------------- ------------- ---------------- -------------
10,143,878 18,580,676 344,172 2,517,869 NA NA
957,288 150,956 0 0 NA NA
(9,113,468) (11,714,944) (485,325) (2,007,149) NA NA
------------ ------------ ----------- ----------- --------- -----------
1,987,698 7,016,688 (141,153) 510,720 NA NA
------------ ------------ ----------- ----------- --------- -----------
24,100 198,652 NA NA NA NA
34,074 8,603 NA NA NA NA
(160,547) (343,237) NA NA NA NA
------------ ------------ ----------- ----------- --------- -----------
(102,373) (135,982) NA NA NA NA
------------ ------------ ----------- ----------- --------- -----------
318,389 468,991 11,321 48,130 NA NA
56,567 8,920 0 0 NA NA
(208,958) (223,091) (6,863) (7,046) NA NA
------------ ------------ ----------- ----------- --------- -----------
165,998 254,820 4,458 41,084 NA NA
------------ ------------ ----------- ----------- --------- -----------
10,361,931 20,683,841 5,773,386 2,071,737 NA NA
1,000,518 173,439 0 0 NA NA
(6,200,902) (5,424,097) (1,677,908) (2,582,239) NA NA
------------ ------------ ----------- ----------- --------- -----------
5,161,547 15,433,183 4,095,478 (510,502) NA NA
------------ ------------ ----------- ----------- --------- -----------
28,346,534 39,557,692 1,445,269 4,455,662 NA NA
3,278,820 937,820 0 0 NA NA
(26,947,798) (35,140,157) (873,196) (4,217,477) NA NA
------------ ------------ ----------- ----------- --------- -----------
4,677,556 5,355,355 572,073 238,185 NA NA
------------ ------------ ----------- ----------- --------- -----------
NA NA 1,539,523 5,713,969 595,767 1,005,404
NA NA 0 0 0 0
NA NA (3,234,196) (7,964,448) (929,499) (2,147,311)
------------ ------------ ----------- ----------- --------- -----------
NA NA (1,694,673) (2,250,479) (333,732) (1,141,907)
------------ ------------ ----------- ----------- --------- -----------
11,890,426 27,924,064 2,836,183 (1,970,992) (333,732) (1,141,907)
============ ============ =========== =========== ========= ===========
$ 1,120,935 $ 0 $(2,762,732) $ 0 $ (65,488) $ 0
============ ============ =========== =========== ========= ===========
66 WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS
Statement of Changes in Net Asset
LARGE COMPANY CORE FUND
--------------------------------
For the For the
Six Months Ended Year Ended
January 31, 2009 For the
(Unaudited) July 31, 2008
---------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................. $ 279,632,846 $ 306,436,508
OPERATIONS
Net investment income (loss) ......................................... 1,468,613 2,183,228
Net realized gain (loss) on investments .............................. (29,584,185) 12,385,234
Net change in unrealized appreciation (depreciation) of investments .. (81,327,178) (54,016,734)
------------- -------------
Net increase (decrease) in net assets resulting from operations ......... (109,442,750) (39,448,272)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ........................................................... (50,043) (27,796)
Class B ........................................................... (5,864) 0
Class C ........................................................... (3,557) 0
Administrator Class ............................................... (3,464) (9,015)
Institutional Class ............................................... (161,382) (409,980)
Investor Class .................................................... (1,131,609) (1,611,319)
Net realized gain on sales of investments
Class A ........................................................... 0 0
Class B ........................................................... 0 0
Class C ........................................................... 0 0
Administrator Class ............................................... 0 0
Institutional Class ............................................... 0 0
Investor Class .................................................... 0 0
------------- -------------
Total distributions to shareholders ..................................... (1,355,919) (2,058,110)
------------- -------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................. 905,113 11,831,603
Reinvestment of distributions - Class A .............................. 49,263 27,667
Cost of shares redeemed - Class A .................................... (1,898,312) (3,116,520)
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Class A ...................................... (943,936) 8,742,750
------------- -------------
Proceeds from shares sold - Class B .................................. 20,393 3,276,966
Reinvestment of distributions - Class B .............................. 5,802 0
Cost of shares redeemed - Class B .................................... (231,767) (35,434)
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Class B ...................................... (205,572) 3,241,532
------------- -------------
Proceeds from shares sold - Class C .................................. 31,215 2,239,477
Reinvestment of distributions - Class C .............................. 3,446 0
Cost of shares redeemed - Class C .................................... (259,144) (8,513)
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Class C ...................................... (224,483) 2,230,964
------------- -------------
Proceeds from shares sold - Administrator Class ...................... 834,174 425,202
Reinvestment of distributions - Administrator Class .................. 3,464 8,828
Cost of shares redeemed - Administrator Class ........................ (279,570) (2,566,385)
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Administrator Class .......................... 558,068 (2,132,355)
------------- -------------
Proceeds from shares sold - Institutional Class ...................... 2,708,728 6,275,259
Reinvestment of distributions - Institutional Class .................. 161,382 409,980
Cost of shares redeemed - Institutional Class ........................ (2,655,351) (13,282,694)
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Institutional Class .......................... 214,759 (6,597,455)
------------- -------------
Proceeds from shares sold - Investor Class ........................... 96,350,364 71,340,855
Reinvestment of distributions - Investor Class ....................... 831,820 1,344,150
Cost of shares redeemed - Investor Class ............................. (60,923,302) (63,467,721)
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Investor Class ............................... 36,258,882 9,217,284
------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions - Total ........................................... 35,657,718 14,702,720
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ................................... (75,140,951) (26,803,662)
============= =============
ENDING NET ASSETS ....................................................... $ 204,491,895 $ 279,632,846
============= =============
The accompanying notes are an integral part of these financial statements.
67 Statement of Changes in Net Asset
WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS
LARGE COMPANY VALUE FUND U.S. VALUE FUND
- -------------------------------- --------------------------------
For the
Six Months Ended For the Six Months Ended For the
January 31, 2009 Year Ended January 31, 2009 Year Ended
(Unaudited) July 31, 2008 (Unaudited) July 31, 2008
- ---------------- ------------- ---------------- -------------
$ 153,984,039 $ 199,780,144 $ 150,908,468 $ 186,379,916
1,421,071 3,074,988 1,285,766 3,289,335
(20,476,255) 14,874,876 (11,152,742) 9,387,539
(31,595,576) (31,194,349) (35,566,894) (46,541,475)
------------- ------------- -------------- -------------
(50,650,760) (13,244,485) (45,433,870) (33,864,601)
------------- ------------- -------------- -------------
(674) (37) (13,059) (32,280)
NA NA (10,938) (26,736)
(69) (20) (6,326) (13,299)
(5,185) (35,964) (1,284,197) (2,539,253)
(129) (48) NA NA
(1,494,980) (2,989,407) (241,077) (533,781)
(5,328) 0 0 (474,495)
NA NA 0 (747,146)
(750) 0 0 (360,821)
(34,974) (88,452) 0 (30,231,364)
(767) 0 NA NA
(11,188,567) (12,790,375) 0 (8,209,869)
------------- ------------- -------------- -------------
(12,731,423) (15,904,303) (1,555,597) (43,169,044)
------------- ------------- -------------- -------------
95,136 13,849 223,836 109,285
6,002 37 12,752 500,259
0 0 (242,485) (1,272,742)
------------- ------------- -------------- -------------
101,138 13,886 (5,897) (663,198)
------------- ------------- -------------- -------------
NA NA 6,692 91,811
NA NA 10,430 736,474
NA NA (431,095) (1,304,304)
------------- ------------- -------------- -------------
NA NA (413,973) (476,019)
------------- ------------- -------------- -------------
5,000 10,000 3,335 151,821
819 20 5,213 320,133
0 0 (131,535) (488,145)
------------- ------------- -------------- -------------
5,819 10,020 (122,987) (16,191)
------------- ------------- -------------- -------------
195,850 2,019,564 4,469,650 28,021,727
39,537 63,002 1,284,197 32,768,211
(2,122,118) (2,925,609) (8,188,845) (19,276,240)
------------- ------------- -------------- -------------
(1,886,731) (843,043) (2,434,998) 41,513,698
------------- ------------- -------------- -------------
0 10,000 NA NA
897 48 NA NA
0 0 NA NA
------------- ------------- -------------- -------------
897 10,048 NA NA
------------- ------------- -------------- -------------
5,419,757 11,243,522 718,324 1,655,792
11,813,886 14,773,522 230,496 8,416,946
(13,246,209) (41,855,272) (1,870,060) (8,868,831)
------------- ------------- -------------- -------------
3,987,434 (15,838,228) (921,240) 1,203,907
------------- ------------- -------------- -------------
2,208,557 (16,647,317) (3,899,095) 41,562,197
------------- ------------- -------------- -------------
(61,173,626) (45,796,105) (50,888,562) (35,471,448)
============= ============= ================ =============
$ 92,810,413 $ 153,984,039 $ 100,019,906 $ 150,908,468
============= ============= ================ =============
68 Wells Fargo Advantage Large Cap Stock Funds
Statements of Changes in Net Assets
LARGE COMPANY CORE FUND
--------------------------------
For the
Six Months Ended For the
January 31, 2009 Year Ended
(Unaudited) July 31, 2008
---------------- -------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .............................................. 57,800 476,661
Shares issued in reinvestment of distributions - Class A ........... 2,867 1,159
Shares redeemed - Class A .......................................... (110,099) (130,841)
----------- -----------
Net increase (decrease) in shares outstanding - Class A ......... (49,432) 346,979
----------- -----------
Shares sold - Class B .............................................. 1,371 119,061
Shares issued in reinvestment of distributions - Class B ........... 327 0
Shares redeemed - Class B .......................................... (14,783) (1,625)
----------- -----------
Net increase (decrease) in shares outstanding - Class B ......... (13,085) 117,436
----------- -----------
Shares sold - Class C .............................................. 1,963 81,870
Shares issued in reinvestment of distributions - Class C ........... 194 0
Shares redeemed - Class C .......................................... (13,738) (391)
----------- -----------
Net increase (decrease) in shares outstanding - Class C ......... (11,581) 81,479
----------- -----------
Shares sold - Administrator Class .................................. 56,978 113,069
Shares issued in reinvestment of distributions - Administrator
Class ........................................................... 222 368
Shares redeemed - Administrator Class .............................. (16,964) (115,675)
----------- -----------
Net increase (decrease) in shares outstanding - Administrator
Class ........................................................ 40,236 (2,238)
----------- -----------
Shares sold - Institutional Class .................................. 158,995 261,378
Shares issued in reinvestment of distributions - Institutional
Class ........................................................... 9,329 17,008
Shares redeemed - Institutional Class .............................. (155,457) (571,914)
----------- -----------
Net increase (decrease) in shares outstanding - Institutional
Class ........................................................ 12,867 (293,528)
----------- -----------
Shares sold - Investor Class ....................................... 6,346,906 2,947,347
Shares issued in reinvestment of distributions - Investor Class .... 49,018 56,091
Shares redeemed - Investor Class ................................... (3,922,454) (2,627,586)
----------- -----------
Net increase (decrease) in shares outstanding - Investor Class .. 2,473,470 375,852
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS .............................................. 2,452,475 625,980
----------- -----------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ....... $ 237,812 $ 125,118
=========== ===========
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 69
Statements of Changes in Net Assets
LARGE COMPANY VALUE FUND U.S. VALUE FUND
- -------------------------------- ---------------------------------
For the For the
Six Months Ended For the Six Months Ended For the
January 31, 2009 Year Ended January 31, 2009 Year Ended
(Unaudited) July 31, 2008 (Unaudited) July 31, 2008
- ---------------- ------------- ----------------- -------------
9,622 941 22,435 7,299
650 2 1,310 36,666
0 0 (24,349) (82,229)
----------- ----------- --------- -----------
10,272 943 (604) (38,264)
----------- ----------- --------- -----------
NA NA 788 6,647
NA NA 1,100 54,384
NA NA (42,915) (89,557)
----------- ----------- --------- -----------
NA NA (41,027) (28,526)
----------- ----------- --------- -----------
523 660 343 11,345
87 1 547 23,795
0 0 (13,289) (35,211)
----------- ----------- --------- -----------
610 661 (12,399) (71)
----------- ----------- --------- -----------
13,522 131,778 444,789 1,945,526
4,215 3,910 133,768 2,432,297
(151,110) (173,159) (732,513) (1,393,598)
----------- ----------- --------- -----------
(133,373) (37,471) (153,956) 2,984,225
----------- ----------- --------- -----------
0 670 NA NA
95 3 NA NA
0 0 NA NA
----------- ----------- --------- -----------
95 673 NA NA
----------- ----------- --------- -----------
454,633 689,594 77,436 119,171
1,239,720 893,789 23,379 607,985
(1,183,910) (2,566,024) (194,749) (617,989)
----------- ----------- --------- -----------
510,443 (982,641) (93,934) 109,167
----------- ----------- --------- -----------
388,047 (1,017,835) (301,920) 3,026,531
----------- ----------- --------- -----------
$ 124,828 $ 204,794 $ 87,040 $ 356,871
=========== =========== ========= ===========
70 Wells Fargo Advantage Large Cap Stock Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
--------- ------------- -------------- -------------
CAPITAL GROWTH FUND
Class A
August 1, 2008 to January 31, 2009 (Unaudited) ... $17.60 (0.00)(4,5) (7.42) 0.00
August 1, 2007 to July 31, 2008 .................. $18.64 (0.08)(5) 0.08 0.00
July 31, 2007(11) ................................ $18.64 0.00 0.00 0.00
Class C
August 1, 2008 to January 31, 2009 (Unaudited) ... $17.47 (0.05)(5) (7.35) 0.00
August 1, 2007 to July 31, 2008 .................. $18.64 (0.22)(5) 0.09 0.00
July 31, 2007(11) ................................ $18.64 0.00 0.00 0.00
Administrator Class
August 1, 2008 to January 31, 2009 (Unaudited) ... $18.03 0.02(5) (7.61) 0.00
August 1, 2007 to July 31, 2008 .................. $19.03 (0.02)(5) 0.06 0.00
August 1, 2006 to July 31, 2007 .................. $16.07 (0.02)(5) 3.08 0.00
August 1, 2005 to July 31, 2006 .................. $16.70 (0.03)(5) (0.12) 0.00
January 1, 2005 to July 31, 2005(6) .............. $15.82 (0.02)(5) 0.91 0.00
January 1, 2004 to December 31, 2004 ............. $13.40 (0.01) 2.43(7) 0.00
June 30, 2003(8) to December 31, 2003 ............ $11.96 (0.00)(4) 1.44(9) 0.00
Institutional Class
August 1, 2008 to January 31, 2009 (Unaudited) ... $18.14 0.03(5) (7.65) 0.00
August 1, 2007 to July 31, 2008 .................. $19.10 0.01(5) 0.07 0.00
August 1, 2006 to July 31, 2007 .................. $16.10 0.02(5) 3.08 0.00
August 1, 2005 to July 31, 2006 .................. $16.71 (0.00)(4, 5) (0.13) 0.00
April 11, 2005(8) to July 31, 2005 ............... $15.21 (0.00)(4, 5) 1.50 0.00
Investor Class
August 1, 2008 to January 31, 2009 (Unaudited) ... $17.56 (0.01)(5) (7.39) 0.00
August 1, 2007 to July 31, 2008 .................. $18.64 (0.10)(5) 0.06 0.00
August 1, 2006 to July 31, 2007 .................. $15.81 (0.10)(5) 3.03 0.00
August 1, 2005 to July 31, 2006 .................. $16.52 (0.11)(5) (0.12) 0.00
January 1, 2005 to July 31, 2005(6) .............. $15.70 (0.06)(5) 0.89 0.00
January 1, 2004 to December 31, 2004 ............. $13.36 (0.06) 2.40 0.00
January 1, 2003 to December 31, 2003 ............. $10.66 (0.04) 2.75(7) (0.01)
- ----------
(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 do not include any sales charges, and 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.) Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued. Portfolio turnover rates presented
for periods of less than one year are not annualized.
(4.) Amount calculated is less than $0.005.
(5.) Calculated based upon average shares outstanding.
(6.) In 2005, the Fund changed its fiscal year end from December 31 to July 31.
(7.) Includes redemption fee of $0.01.
(8.) Commencement of operations.
(9.) Includes redemption fee of $0.02.
(10.) The Administrator class had a small income distribution compared to net
investment income due to significant shareholder activity. Distribution per
share amounts are determined using a different methodology than that used
for calculating Net Investment Income (Loss) ratios.
(11.) Class A and Class C were incepted on July 31, 2007 and had no activity
during the year.
(12.) On June 20, 2008 Advisor Class was renamed to Class A and Class Z was
renamed to Investor Class.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 71
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset -------------------------------------------- Portfolio Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) Rate(3) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- --------- ---------------
(0.51) $ 9.67 0.00% 1.30% (0.05)% 1.25% (42.15)% 76% $ 18,364
(1.04) $17.60 (0.45)% 1.22% 0.00% 1.22% (0.46)% 151% $ 33,756
0.00 $18.64 0.00% 0.00% 0.00% 0.00% 0.00% 114% $ 10
(0.51) $ 9.56 (0.01)% 1.98% 0.00% 1.98% (42.35)% 76% $ 5,161
(1.04) $17.47 (1.21)% 2.14% (0.14)% 2.00% (1.18)% 151% $ 7,835
0.00 $18.64 0.00% 0.00% 0.00% 0.00% 0.00% 114% $ 10
(0.51) $ 9.93 0.00% 1.13% (0.19)% 0.94% (42.09)% 76% $442,378
(1.04) $18.03 (0.11)% 1.12% (0.18)% 0.94% (0.24)% 151% $678,414
(0.10) $19.03 (0.09)% 1.18% (0.24)% 0.94% 19.08% 114% $500,499
(0.48) $16.07 (0.19)% 1.21% (0.27)% 0.94% (1.10)% 89% $380,588
(0.01) $16.70 (0.24)% 1.27% (0.34)% 0.93% 5.64% 57% $ 75,840
0.00 $15.82 (0.08)% 1.32% (0.38)% 0.94% 18.06% 239% $ 4,895
0.00 $13.40 (0.03)% 2.13% (1.19)% 0.94% 12.04% 229% $ 1,026
(0.51) $10.01 0.00% 0.86% (0.11)% 0.75% (42.00)% 76% $349,527
(1.04) $18.14 0.07% 0.85% (0.10)% 0.75% (0.02)% 151% $539,373
(0.10) $19.10 0.11% 0.91% (0.15)% 0.76% 19.36% 114% $281,353
(0.48) $16.10 (0.03)% 0.94% (0.14)% 0.80% (0.98)% 89% $109,801
0.00 $16.71 (0.10)% 0.98% (0.18)% 0.80% 9.86% 57% $ 44,171
(0.51) $ 9.65 0.00% 1.41% (0.05)% 1.36% (42.19)% 76% $187,040
(1.04) $17.56 (0.54)% 1.42% (0.03)% 1.39% (0.68)% 151% $379,966
(0.10) $18.64 (0.56)% 1.53% (0.11)% 1.42% 18.63% 114% $374,723
(0.48) $15.81 (0.64)% 1.55% (0.13)% 1.42% (1.61)% 89% $236,878
(0.01) $16.52 (0.71)% 1.67% (0.23)% 1.44% 5.30% 57% $182,934
0.00 $15.70 (0.55)% 1.77% (0.33)% 1.44% 17.51% 239% $ 99,455
0.00 $13.36 (0.45)% 1.75% (0.29)% 1.46% 25.41% 229% $ 70,748
72 Wells Fargo Advantage Large Cap Stock Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
--------- ------------- -------------- -------------
ENDEAVOR SELECT FUND
Class A
August 1, 2008 to January 31, 2009 (Unaudited) ... $10.81 (0.01)(5) (4.51) 0.00
August 1, 2007 to July 31, 2008 .................. $10.85 (0.04)(5) 0.10 0.00
August 1, 2006 to July 31, 2007 .................. $ 9.35 (0.04)(5) 1.54 0.00
August 1, 2005 to July 31, 2006 .................. $ 9.47 (0.05)(5) 0.02 0.00
January 1, 2005 to July 31, 2005(6) .............. $ 9.16 (0.04)(5) 0.56 0.00
January 1, 2004 to December 31, 2004 ............. $ 8.36 (0.09)(5) 1.47 0.00
January 1, 2003 to December 31, 2003 ............. $ 6.10 (0.07)(5) 2.33 0.00
Class B
August 1, 2008 to January 31, 2009 (Unaudited) ... $10.18 (0.03)(5) (4.25) 0.00
August 1, 2007 to July 31, 2008 .................. $10.29 (0.12)(5) 0.11 0.00
August 1, 2006 to July 31, 2007 .................. $ 8.94 (0.11)(5) 1.46 0.00
August 1, 2005 to July 31, 2006 .................. $ 9.12 (0.12)(5) 0.03 0.00
January 1, 2005 to July 31, 2005(6) .............. $ 8.87 (0.07)(5) 0.53 0.00
January 1, 2004 to December 31, 2004 ............. $ 8.18 (0.15)(5) 1.42 0.00
January 1, 2003 to December 31, 2003 ............. $ 6.02 (0.12)(5) 2.28 0.00
Class C
August 1, 2008 to January 31, 2009 (Unaudited) ... $10.18 (0.03)(5) (4.25) 0.00
August 1, 2007 to July 31, 2008 .................. $10.28 (0.12)(5) 0.12 0.00
August 1, 2006 to July 31, 2007 .................. $ 8.93 (0.11)(5) 1.46 0.00
August 1, 2005 to July 31, 2006 .................. $ 9.11 (0.12)(5) 0.03 0.00
January 1, 2005 to July 31, 2005(6) .............. $ 8.87 (0.08)(5) 0.53 0.00
January 1, 2004 to December 31, 2004 ............. $ 8.18 (0.16)(5) 1.43 0.00
January 1, 2003 to December 31, 2003 ............. $ 6.02 (0.13)(5) 2.29 0.00
Administrator Class
August 1, 2008 to January 31, 2009 (Unaudited) ... $10.91 0.00(4, 5) (4.56) 0.00
August 1, 2007 to July 31, 2008 .................. $10.91 (0.01)(5) 0.11 0.00
August 1, 2006 to July 31, 2007 .................. $ 9.37 (0.01)(5) 1.55 0.00
August 1, 2005 to July 31, 2006 .................. $ 9.47 (0.02)(5) 0.01 0.00
April 11, 2005(8) to July 31, 2005 ............... $ 8.60 (0.02)(5) 0.89 0.00
Institutional Class
August 1, 2008 to January 31, 2009 (Unaudited) ... $10.97 0.01(5) (4.59) 0.00
August 1, 2007 to July 31, 2008 .................. $10.96 0.01(5) 0.11 (0.01)
August 1, 2006 to July 31, 2007 .................. $ 9.40 0.01(5) 1.55 0.00
August 1, 2005 to July 31, 2006 .................. $ 9.47 (0.01)(5) 0.03 0.00
April 11, 2005(8) to July 31, 2005 ............... $ 8.60 (0.01)(5) 0.88 0.00
GROWTH FUND
Class A
August 1, 2008 to January 31, 2009(12)
(Unaudited) .................................. $25.20 (0.06)(5) (8.45) 0.00
August 1, 2007 to July 31, 2008(12) .............. $26.36 (0.16)(5) (1.00) 0.00
August 1, 2006 to July 31, 2007(12) .............. $20.45 (0.15)(5) 6.06 0.00
August 1, 2005 to July 31, 2006(12) .............. $19.84 (0.16)(5) 0.77 0.00
January 1, 2005 to July 31, 2005(6, 12) .......... $19.22 (0.10)(5) 0.72 0.00
January 1, 2004 to December 31, 2004(12) ......... $17.09 (0.15)(5) 2.28 0.00
January 1, 2003 to December 31, 2003(12) ......... $13.14 (0.16)(5) 4.11 0.00
Class C
August 1, 2008 to January 31, 2009 (Unaudited) ... $24.30 (0.12)(5) (8.14) 0.00
August 1, 2007 to July 31, 2008 .................. $25.62 (0.35)(5) (0.97) 0.00
August 1, 2006 to July 31, 2007 .................. $20.03 (0.31)(5) 5.90 0.00
August 1, 2005 to July 31, 2006 .................. $19.57 (0.32)(5) 0.78 0.00
January 1, 2005 to July 31, 2005(6) .............. $19.00 (0.14)(5) 0.71 0.00
January 1, 2004 to December 31, 2004 ............. $17.03 (0.30)(5) 2.27 0.00
January 1, 2003 to December 31, 2003 ............. $13.21 (0.32)(5) 4.14 0.00
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 73
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset -------------------------------------------- Portfolio Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) Rate(3) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- --------- ---------------
(0.26) $ 6.03 0.00% 1.31% (0.06)% 1.25% (41.87)% 71% $ 144,609
(0.10) $10.81 (0.38)% 1.31% (0.06)% 1.25% 0.50% 154% $ 237,689
0.00(4) $10.85 (0.40)% 1.36% (0.11)% 1.25% 16.05% 91% $ 162,421
(0.09) $ 9.35 (0.53)% 1.40% (0.15)% 1.25% (0.33)% 84% $ 148,765
(0.21) $ 9.47 (0.73)% 1.53% (0.14)% 1.39% 5.93% 54% $ 50,932
(0.58) $ 9.16 (1.05)% 1.61% (0.04)% 1.57% 16.80% 169% $ 94,805
0.00 $ 8.36 (1.01)% 1.61% (0.03)% 1.58% 37.05% 244% $ 81,190
(0.26) $ 5.64 (0.01)% 2.06% (0.06)% 2.00% (42.10)% 71% $ 4,458
(0.10) $10.18 (1.12)% 2.06% (0.06)% 2.00% (0.15)% 154% $ 9,097
0.00(4) $10.29 (1.16)% 2.11% (0.11)% 2.00% 15.11% 91% $ 10,596
(0.09) $ 8.94 (1.28)% 2.15% (0.15)% 2.00% (1.01)% 84% $ 11,353
(0.21) $ 9.12 (1.47)% 2.28% (0.15)% 2.13% 5.44% 54% $ 4,403
(0.58) $ 8.87 (1.72)% 2.39% (0.04)% 2.35% 15.82% 169% $ 1,800
0.00 $ 8.18 (1.79)% 2.40% (0.06)% 2.34% 35.88% 244% $ 622
(0.26) $ 5.64 (0.01)% 2.05% (0.05)% 2.00% (42.20)% 71% $ 7,745
(0.10) $10.18 (1.13)% 2.06% (0.06)% 2.00% (0.06)% 154% $ 12,297
0.00(4) $10.28 (1.14)% 2.11% (0.11)% 2.00% 15.12% 91% $ 9,805
(0.09) $ 8.93 (1.30)% 2.15% (0.15)% 2.00% (1.01)% 84% $ 6,890
(0.21) $ 9.11 (1.52)% 2.32% (0.14)% 2.18% 5.33% 54% $ 1,802
(0.58) $ 8.87 (1.82)% 2.41% (0.04)% 2.37% 15.82% 169% $ 1,080
0.00 $ 8.18 (1.83)% 2.45% (0.07)% 2.38% 35.88% 244% $ 444
(0.26) $ 6.09 0.00% 1.12% (0.12)% 1.00% (41.85)% 71% $ 185,779
(0.10) $10.91 (0.12)% 1.12% (0.12)% 1.00% 0.87% 154% $ 276,388
0.00(4) $10.91 (0.14)% 1.17% (0.17)% 1.00% 16.44% 91% $ 108,062
(0.09) $ 9.37 (0.25)% 1.22% (0.22)% 1.00% (0.12)% 84% $ 74,520
0.00 $ 9.47 (0.67)% 1.30% (0.30)% 1.00% 10.12% 54% $ 79,964
(0.26) $ 6.13 0.00% 0.87% (0.07)% 0.80% (41.80)% 71% $ 676,846
(0.10) $10.97 0.07% 0.86% (0.06)% 0.80% 1.06% 154% $1,158,997
0.00(4) $10.96 0.06% 0.91% (0.11)% 0.80% 16.60% 91% $1,099,424
(0.09) $ 9.40 (0.12)% 0.95% (0.15)% 0.80% 0.20% 84% $ 534,868
0.00 $ 9.47 (0.20)% 1.03% (0.23)% 0.80% 10.12% 54% $ 161
0.00 $16.69 (0.01)% 1.36% (0.06)% 1.30% (33.77)% 47% $ 20,825
0.00 $25.20 (0.60)% 1.35% (0.05)% 1.30% (4.40)% 122% $ 34,992
0.00 $26.36 (0.63)% 1.34% (0.04)% 1.30% 28.85% 117% $ 23,142
0.00 $20.45 (0.77)% 1.33% (0.03)% 1.30% 3.07% 123% $ 16,468
0.00 $19.84 (0.93)% 1.43% (0.04)% 1.39% 3.23% 76% $ 9,762
0.00 $19.22 (0.86)% 1.59% (0.05)% 1.54% 12.46% 92% $ 6,357
0.00 $17.09 (1.10)% 1.57% (0.02)% 1.55% 30.06% 139% $ 9,294
0.00 $16.04 (0.01)% 2.04% 0.00% 2.04% (33.95)% 47% $ 934
0.00 $24.30 (1.36)% 2.11% (0.06)% 2.05% (5.15)% 122% $ 1,307
0.00 $25.62 (1.35)% 2.09% (0.04)% 2.05% 27.86% 117% $ 325
0.00 $20.03 (1.52)% 2.08% (0.03)% 2.05% 2.35% 123% $ 170
0.00 $19.57 (1.36)% 1.94% (0.15)% 1.79% 3.00% 76% $ 146
0.00 $19.00 (1.74)% 3.35% (0.93)% 2.42% 11.57% 92% $ 314
0.00 $17.03 (2.02)% 4.31% (1.84)% 2.47% 28.92% 139% $ 512
74 Wells Fargo Advantage Large Cap Stock Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
--------- ------------- -------------- -------------
GROWTH FUND (continued)
Administrator Class
August 1, 2008 to January 31, 2009 (Unaudited) $26.12 (0.02)(5) (8.77) 0.00
August 1, 2007 to July 31, 2008 $27.23 (0.07)(5) (1.04) 0.00
August 1, 2006 to July 31, 2007 $21.06 (0.07)(5) 6.24 0.00
August 1, 2005 to July 31, 2006 $20.35 (0.10)(5) 0.81 0.00
January 1, 2005 to July 31, 2005(6) $19.68 (0.06)(5) 0.73 0.00
January 1, 2004 to December 31, 2004 $17.38 (0.03)(5) 2.33 0.00
January 1, 2003 to December 31, 2003 $13.29 (0.08)(5) 4.17 0.00
Institutional Class
August 1, 2008 to January 31, 2009 (Unaudited) $26.65 (0.01)(5) (8.94) 0.00
August 1, 2007 to July 31, 2008 $27.74 (0.03)(5) (1.06) 0.00
August 1, 2006 to July 31, 2007 $21.42 (0.04)(5) 6.36 0.00
August 1, 2005 to July 31, 2006 $20.68 (0.07)(5) 0.81 0.00
January 1, 2005 to July 31, 2005(6) $19.99 (0.05)(5) 0.74 0.00
January 1, 2004 to December 31, 2004 $17.65 (0.03)(5) 2.37 0.00
January 1, 2003 to December 31, 2003 $13.48 (0.07)(5) 4.24 0.00
Investor Class
August 1, 2008 to January 31, 2009 (Unaudited) $25.23 (0.07)(5) (8.45) 0.00
August 1, 2007 to July 31, 2008 $26.43 (0.20)(5) (1.00) 0.00
August 1, 2006 to July 31, 2007 $20.55 (0.19)(5) 6.07 0.00
August 1, 2005 to July 31, 2006 $19.96 (0.20)(5) 0.79 0.00
January 1, 2005 to July 31, 2005(6) $19.35 (0.11)(5) 0.72 0.00
January 1, 2004 to December 31, 2004 $17.19 (0.13)(5) 2.29 0.00
January 1, 2003 to December 31, 2003 $13.21 (0.16)(5) 4.14 0.00
LARGE CAP GROWTH FUND
Investor Class
August 1, 2008 to January 31, 2009 (Unaudited) $26.62 (0.01) (8.76) 0.00
August 1, 2007 to July 31, 2008 $27.18 (0.04) (0.52) 0.00
August 1, 2006 to July 31, 2007 $23.18 (0.07) 4.07 0.00
August 1, 2005 to July 31, 2006 $23.57 (0.10) (0.29) 0.00
January 1, 2005 to July 31, 2005(6) $22.75 (0.07) 0.89 0.00
January 1, 2004 to December 31, 2004 $20.94 (0.07) 1.88 0.00
January 1, 2003 to December 31, 2003 $16.51 (0.10) 4.53 0.00
LARGE COMPANY CORE FUND
Class A
August 1, 2008 to January 31, 2009(12) (Unaudited) $21.74 0.12(5) (8.41) (0.11)
August 1, 2007 to July 31, 2008(12) $25.04 0.21(5) (3.31) (0.20)
August 1, 2006 to July 31, 2007(12) $20.31 0.11(5) 4.76 (0.14)
August 1, 2005 to July 31, 2006(12) $20.70 0.10(5) (0.38) (0.11)
January 1, 2005 to July 31, 2005(6, 12) $21.21 0.05(5) (0.51) (0.05)
January 1, 2004 to December 31, 2004(12) $19.57 0.08 1.65 (0.09)
January 1, 2003 to December 31, 2003(12) $15.77 0.05(5) 3.80 (0.05)
Class B
August 1, 2008 to January 31, 2009 (Unaudited) $21.74 0.06(5) (8.42) (0.05)
July 18, 2008(8) to July 31, 2008 $21.69 0.00(4, 5) 0.05 0.00
Class C
August 1, 2008 to January 31, 2009 (Unaudited) $21.74 0.06(5) (8.42) (0.05)
July 18, 2008(8) to July 31, 2008 $21.69 0.00(4, 5) 0.05 0.00
Administrator Class
August 1, 2008 to January 31, 2009 (Unaudited) $21.75 0.10(5) (8.37) (0.13)
August 1, 2007 to July 31, 2008 $25.05 0.18(5) (3.24) (0.24)
August 1, 2006 to July 31, 2007 $20.27 0.54(5) 4.37 (0.13)(10)
August 1, 2005 to July 31, 2006 $20.67 0.14(5) (0.39) (0.15)
January 1, 2005 to July 31, 2005(6) $21.17 0.09(5) (0.51) (0.08)
January 1, 2004 to December 31, 2004 $19.52 0.19 1.63 (0.17)
January 1, 2003 to December 31, 2003 $15.75 0.11(5) 3.79 (0.13)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 75
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Portfolio Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) Rate(3) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- --------- ---------------
0.00 $17.33 0.00% 1.19% (0.23)% 0.96% (33.65)% 47% $ 143,959
0.00 $26.12 (0.25)% 1.17% (0.21)% 0.96% (4.08)% 122% $ 109,958
0.00 $27.23 (0.29)% 1.16% (0.20)% 0.96% 29.25% 117% $ 128,523
0.00 $21.06 (0.44)% 1.16% (0.20)% 0.96% 3.49% 123% $ 110,565
0.00 $20.35 (0.51)% 1.20% (0.24)% 0.96% 3.40% 76% $ 65,886
0.00 $19.68 (0.19)% 1.31% (0.36)% 0.95% 13.23% 92% $ 66,658
0.00 $17.38 (0.52)% 1.24% (0.27)% 0.97% 30.78% 139% $ 55,851
0.00 $17.70 0.00% 0.91% (0.11)% 0.80% (33.58)% 47% $ 183,254
0.00 $26.65 (0.10)% 0.90% (0.10)% 0.80% (3.93)% 122% $ 260,671
0.00 $27.74 (0.14)% 0.89% (0.07)% 0.82% 29.46% 117% $ 264,648
0.00 $21.42 (0.33)% 0.88% (0.03)% 0.85% 3.58% 123% $ 179,549
0.00 $20.68 (0.47)% 0.96% (0.04)% 0.92% 3.45% 76% $ 315,764
0.00 $19.99 (0.17)% 0.93% (0.04)% 0.89% 13.26% 92% $ 294,892
0.00 $17.65 (0.45)% 0.92% (0.02)% 0.90% 30.93% 139% $ 311,312
0.00 $16.71 (0.01)% 1.47% (0.06)% 1.41% (33.77)% 47% $ 606,123
0.00 $25.23 (0.73)% 1.49% (0.05)% 1.44% (4.54)% 122% $ 958,160
0.00 $26.43 (0.80)% 1.51% (0.04)% 1.47% 28.61% 117% $1,063,168
0.00 $20.55 (0.95)% 1.50% (0.03)% 1.47% 2.96% 123% $ 974,189
0.00 $19.96 (1.03)% 1.52% (0.04)% 1.48% 3.15% 76% $1,182,352
0.00 $19.35 (0.77)% 1.52% (0.04)% 1.48% 12.57% 92% $1,146,002
0.00 $17.19 (1.08)% 1.54% (0.01)% 1.53% 30.13% 139% $1,365,946
0.00 $17.85 0.00% 1.46% (0.27)% 1.19% (32.95)% 44% $ 228,941
0.00 $26.62 (0.13)% 1.47% (0.28)% 1.19% (2.06)% 131% $ 350,352
0.00 $27.18 (0.26)% 1.53% (0.34)% 1.19% 17.26% 113% $ 388,700
0.00 $23.18 (0.37)% 1.51% (0.32)% 1.19% (1.65)% 98% $ 395,581
0.00 $23.57 (0.50)% 1.40% (0.18)% 1.22% 3.60% 50% $ 468,519
0.00 $22.75 (0.30)% 1.24% (0.04)% 1.20% 8.64% 89% $ 518,431
0.00 $20.94 (0.48)% 1.27% (0.02)% 1.25% 26.83% 253% $ 644,131
0.00 $13.34 0.01% 1.41% (0.27)% 1.14% (38.24)% 17% $ 5,901
0.00 $21.74 0.90% 1.39% (0.25)% 1.14% (12.44)% 45% $ 10,694
0.00 $25.04 0.48% 1.36% (0.22)% 1.14% 24.06% 56% $ 3,629
0.00 $20.31 0.47% 1.35% (0.21)% 1.14% (1.36)% 16% $ 2,908
0.00 $20.70 0.42% 1.39% (0.14)% 1.25% (2.14)% 74% $ 5,007
0.00 $21.21 0.36% 1.44% (0.06)% 1.38% 8.85% 136% $ 6,068
0.00 $19.57 0.29% 1.35% (0.01)% 1.34% 24.42% 199% $ 8,631
0.00 $13.33 0.01% 2.03% (0.14)% 1.89% (38.46)% 17% $ 1,391
0.00 $21.74 0.39% 2.14% (0.25)% 1.89% 0.23% 45% $ 2,553
0.00 $13.33 0.01% 2.04% (0.15)% 1.89% (38.47)% 17% $ 932
0.00 $21.74 0.39% 2.14% (0.25)% 1.89% 0.23% 45% $ 1,771
0.00 $13.35 0.01% 1.26% (0.31)% 0.95% (38.17)% 17% $ 739
0.00 $21.75 0.77% 1.21% (0.25)% 0.96% (12.31)% 45% $ 329
0.00 $25.05 2.47% 1.18% (0.25)% 0.93% 24.25% 56% $ 435
0.00 $20.27 0.66% 1.22% (0.26)% 0.96% (1.22)% 16% $ 41,066
0.00 $20.67 0.75% 1.15% (0.19)% 0.96% (1.96)% 74% $ 100,221
0.00 $21.17 0.77% 1.09% (0.15)% 0.94% 9.35% 136% $ 19,836
0.00 $19.52 0.65% 1.06% (0.08)% 0.98% 24.90% 199% $ 29,557
76 Wells Fargo Advantage Large Cap Stock Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
--------- ------------- -------------- -------------
LARGE COMPANY CORE FUND (continued)
Institutional Class
August 1, 2008 to January 31, 2009 (Unaudited) $21.96 0.16(5) (8.49) (0.16)
August 1, 2007 to July 31, 2008 $25.30 0.33(5) (3.35) (0.32)
August 1, 2006 to July 31, 2007 $20.51 0.23(5) 4.81 (0.25)
August 1, 2005 to July 31, 2006 $20.91 0.20(5) (0.39) (0.21)
January 1, 2005 to July 31, 2005(6) $21.41 0.12(5) (0.50) (0.12)
January 1, 2004 to December 31, 2004 $19.72 0.26 1.62 (0.19)
January 1, 2003 to December 31, 2003 $15.92 0.16(5) 3.83 (0.19)
Investor Class
August 1, 2008 to January 31, 2009 (Unaudited) $21.87 0.10(5) (8.46) (0.09)
August 1, 2007 to July 31, 2008 $25.19 0.17(5) (3.33) (0.16)
August 1, 2006 to July 31, 2007 $20.42 0.08(5) 4.79 (0.10)
August 1, 2005 to July 31, 2006 $20.82 0.06(5) (0.39) (0.07)
January 1, 2005 to July 31, 2005(6) $21.33 0.04(5) (0.50) (0.05)
January 1, 2004 to December 31, 2004 $19.68 0.09 1.66 (0.10)
January 1, 2003 to December 31, 2003 $15.85 0.04(5) 3.83 (0.04)
LARGE COMPANY VALUE FUND
Class A
August 1, 2008 to January 31, 2009 (Unaudited) $14.43 0.12(5) (4.91) (0.16)
March 31, 2008(8) to July 31, 2008 $14.92 0.08(5) (0.51) (0.06)
Class C
August 1, 2008 to January 31, 2009 (Unaudited) $14.66 0.09(5) (5.00) (0.10)
March 31, 2008(8) to July 31, 2008 $15.17 0.04(5) (0.52) (0.03)
Administrator Class
August 1, 2008 to January 31, 2009 (Unaudited) $14.43 0.18(5) (4.95) (0.16)
August 1, 2007 to July 31, 2008 $17.09 0.33(5) (1.46) (0.34)
August 1, 2006 to July 31, 2007 $16.76 0.38(5) 1.51 (0.38)
August 1, 2005 to July 31, 2006 $16.53 0.36 0.96 (0.31)
January 1, 2005 to July 31, 2005(6) $16.17 0.14 0.99 (0.12)
January 1, 2004 to December 31, 2004 $14.39 0.27 1.79 (0.28)
January 1, 2003 to December 31, 2003 $11.71 0.19 2.71 (0.22)
Institutional Class
August 1, 2008 to January 31, 2009 (Unaudited) $14.43 0.17(5) (4.91) (0.18)
March 31, 2008(8) to July 31, 2008 $14.92 0.10(5) (0.52) (0.07)
Investor Class
August 1, 2008 to January 31, 2009 (Unaudited) $14.67 0.14(5) (5.02) (0.14)
August 1, 2007 to July 31, 2008 $17.35 0.28(5) (1.50) (0.27)
August 1, 2006 to July 31, 2007 $16.99 0.29(5) 1.56 (0.31)
August 1, 2005 to July 31, 2006 $16.74 0.27 1.00 (0.24)
January 1, 2005 to July 31, 2005(6) $16.38 0.10 1.00 (0.09)
January 1, 2004 to December 31, 2004 $14.57 0.22 1.81 (0.22)
January 1, 2003 to December 31, 2003 $11.85 0.16 2.72 (0.16)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 77
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Portfolio Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) Rate(3) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- --------- ---------------
0.00 $13.47 0.02% 0.98% (0.32)% 0.66% (38.11)% 17% $ 14,240
0.00 $21.96 1.36% 0.94% (0.28)% 0.66% (12.06)% 45% $ 22,931
0.00 $25.30 0.97% 0.96% (0.30)% 0.66% 24.64% 56% $ 33,839
0.00 $20.51 0.96% 0.95% (0.29)% 0.66% (0.90)% 16% $ 29,025
0.00 $20.91 1.04% 0.77% (0.17)% 0.60% (1.76)% 74% $ 30,157
0.00 $21.41 0.93% 0.76% (0.05)% 0.71% 9.59% 136% $ 36,879
0.00 $19.72 0.95% 0.69% (0.01)% 0.68% 25.26% 199% $ 83,589
0.00 $13.42 0.01% 1.52% (0.22)% 1.30% (38.30)% 17% $181,289
0.00 $21.87 0.71% 1.49% (0.18)% 1.31% (12.60)% 45% $241,355
0.00 $25.19 0.32% 1.53% (0.22)% 1.31% 23.86% 56% $268,534
0.00 $20.42 0.30% 1.52% (0.21)% 1.31% (1.58)% 16% $222,951
0.00 $20.82 0.33% 1.47% (0.14)% 1.33% (2.16)% 74% $312,828
0.00 $21.33 0.40% 1.40% (0.05)% 1.35% 8.88% 136% $465,228
0.00 $19.68 0.25% 1.40% (0.02)% 1.38% 24.44% 199% $633,211
(1.13) $ 8.35 0.02% 1.58% (0.33)% 1.25% (34.05)% 36% $ 94
0.00 $14.43 1.55% 1.37% (0.12)% 1.25% (2.92)% 71% $ 14
(1.13) $ 8.52 0.02% 2.28% (0.28)% 2.00% (34.26)% 36% $ 11
0.00 $14.66 0.78% 2.12% (0.12)% 2.00% (3.17)% 71% $ 10
(1.13) $ 8.37 0.03% 1.30% (0.36)% 0.94% (33.91)% 36% $ 279
(1.19) $14.43 2.05% 1.21% (0.25)% 0.96% (7.48)% 71% $ 2,405
(1.18) $17.09 2.16% 1.24% (0.28)% 0.96% 11.45% 18% $ 3,489
(0.78) $16.76 2.01% 1.23% (0.27)% 0.96% 8.37% 8% $ 10,255
(0.65) $16.53 1.47% 1.24% (0.28)% 0.96% 7.15% 26% $ 4,957
0.00 $16.17 1.75% 1.36% (0.41)% 0.95% 14.49% 49% $ 4,351
0.00 $14.39 1.62% 1.40% (0.40)% 1.00% 24.99% 92% $ 5,054
(1.13) $ 8.38 0.03% 1.06% (0.31)% 0.75% (33.79)% 36% $ 6
0.00 $14.43 2.02% 0.91% (0.16)% 0.75% (2.82)% 71% $ 10
(1.13) $ 8.52 0.02% 1.65% (0.29)% 1.36% (34.07)% 36% $ 92,420
(1.19) $14.67 1.71% 1.52% (0.15)% 1.37% (7.84)% 71% $151,546
(1.18) $17.35 1.62% 1.51% (0.14)% 1.37% 11.04% 18% $196,291
(0.78) $16.99 1.57% 1.50% (0.13)% 1.37% 7.93% 8% $191,792
(0.65) $16.74 1.06% 1.52% (0.13)% 1.39% 6.85% 26% $223,800
0.00 $16.38 1.40% 1.40% (0.04)% 1.36% 14.04% 49% $122,747
0.00 $14.57 1.24% 1.40% 0.00% 1.40% 24.50% 92% $140,758
78 Wells Fargo Advantage Large Cap Stock Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
----------- ------------- -------------- --------------
U.S. VALUE FUND
Class A
August 1, 2008 to January 31, 2009 (Unaudited) . $ 11.68 0.09(5) (3.73) (0.11)
August 1, 2007 to July 31, 2008 ................ $ 18.74 0.27(5) (3.12) (0.23)
August 1, 2006 to July 31, 2007 ................ $ 17.09 0.19(5) 2.19 (0.21)
August 1, 2005 to July 31, 2006 ................ $ 18.64 0.18(5) 0.71 (0.19)
January 1, 2005 to July 31, 2005(5) ............ $ 18.55 0.07(5) 0.36 (0.05)
January 1, 2004 to December 31, 2004 ........... $ 17.65 0.20 2.22 (0.18)
January 1, 2003 to December 31, 2003 ........... $ 13.66 0.14 4.00 (0.15)
Class B
August 1, 2008 to January 31, 2009 (Unaudited) . $ 11.61 0.06(5) (3.71) (0.07)
August 1, 2007 to July 31, 2008 ................ $ 18.65 0.15(5) (3.09) (0.12)
August 1, 2006 to July 31, 2007 ................ $ 17.02 0.05(5) 2.17 (0.07)
August 1, 2005 to July 31, 2006 ................ $ 18.57 0.05(5) 0.71 (0.06)
January 1, 2005 to July 31, 2005(5) ............ $ 18.52 0.01)(5) 0.36 (0.01)
January 1, 2004 to December 31, 2004 ........... $ 17.64 0.07 2.21 (0.06)
January 1, 2003 to December 31, 2003 ........... $ 13.67 0.03 3.98 (0.04)
Class C
August 1, 2008 to January 31, 2009 (Unaudited) . $ 11.54 0.06(5) (3.70) (0.07)
August 1, 2007 to July 31, 2008 ................ $ 18.57 0.14(5) (3.06) (0.13)
August 1, 2006 to July 31, 2007 ................ $ 16.94 0.06(5) 2.16 (0.07)
August 1, 2005 to July 31, 2006 ................ $ 18.50 0.05(5) 0.70 (0.06)
January 1, 2005 to July 31, 2005(5) ............ $ 18.44 0.01)(5) 0.36 (0.00)(4)
January 1, 2004 to December 31, 2004 ........... $ 17.56 0.06 2.20 (0.04)
January 1, 2003 to December 31, 2003 ........... $ 13.61 0.03 3.97 (0.05)
Administrator Class
August 1, 2008 to January 31, 2009 (Unaudited) . $ 11.53 0.11(5) (3.68) (0.13)
August 1, 2007 to July 31, 2008 ................ $ 18.56 0.28(5) (3.05) (0.28)
August 1, 2006 to July 31, 2007 ................ $ 16.94 0.25(5) 2.15 (0.26)
August 1, 2005 to July 31, 2006 ................ $ 18.50 0.24(5) 0.70 (0.25)
January 1, 2005 to July 31, 2005(5) ............ $ 18.40 0.11(5) 0.35 (0.07)
January 1, 2004 to December 31, 2004 ........... $ 17.52 0.27 2.21 (0.26)
January 1, 2003 to December 31, 2003 ........... $ 13.56 0.16 4.02 (0.22)
Investor Class
August 1, 2008 to January 31, 2009(12)
(Unaudited) $ 11.85 0.09(5) (3.78) (0.11)
August 1, 2007 to July 31, 2008(12) ............ $ 18.95 0.25(5) (3.14) (0.23)
August 1, 2006 to July 31, 2007(12) ............ $ 17.28 0.18(5) 2.21 (0.20)
August 1, 2005 to July 31, 2006(12) ............ $ 18.77 0.15(5) 0.74 (0.13)
January 1, 2005 to July 31, 2005(6,12) ......... $ 18.68 0.07(5) 0.36 (0.05)
January 1, 2004 to December 31, 2004(12) ....... $ 17.77 0.20 2.24 (0.19)
January 1, 2003 to December 31, 2003(12) ....... $ 13.74 0.15 3.99 (0.11)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Large Cap Stock Funds 79
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset -------------------------------------------------- Portfolio Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) Rate(3) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- --------- ---------------
0.00 $ 7.93 0.02% 1.49% (0.24)% 1.25% (31.31)% 40% $ 916
(3.98) $11.68 1.77% 1.54% (0.29)% 1.25% (18.11)% 90% $ 1,356
(0.52) $18.74 1.04% 1.38% (0.13)% 1.25% 14.04% 17% $ 2,893
(2.25) $17.09 1.02% 1.37% (0.12)% 1.25% 5.49% 43% $ 2,741
(0.29) $18.64 0.67% 1.39% (0.09)% 1.30% 2.38% 14% $ 5,250
(1.34) $18.55 1.14% 1.41% (0.06)% 1.35% 14.08% 47% $ 5,264
0.00 $17.65 0.99% 1.40% (0.02)% 1.38% 30.48% 53% $ 4,752
0.00 $ 7.89 0.01% 2.24% (0.24)% 2.00% (31.56)% 40% $ 1,158
(3.98) $11.61 1.01% 2.28% (0.28)% 2.00% (18.70)% 90% $ 2,180
(0.52) $18.65 0.30% 2.13% (0.13)% 2.00% 13.13% 17% $ 4,035
(2.25) $17.02 0.30% 2.12% (0.12)% 2.00% 4.72% 43% $ 4,439
(0.29) $18.57 (0.10)% 2.16% (0.08)% 2.08% 1.95% 14% $ 6,368
(1.34) $18.52 0.39% 2.15% (0.05)% 2.10% 13.20% 47% $ 6,369
0.00 $17.64 0.21% 2.17% (0.02)% 2.15% 29.37% 53% $ 4,958
0.00 $ 7.83 0.01% 2.21% (0.21)% 2.00% (31.65)% 40% $ 673
(3.98) $11.54 1.00% 2.27% (0.27)% 2.00% (18.70)% 90% $ 1,134
(0.52) $18.57 0.30% 2.13% (0.13)% 2.00% 13.19% 17% $ 1,827
(2.25) $16.94 0.30% 2.12% (0.12)% 2.00% 4.68% 43% $ 2,118
(0.29) $18.50 (0.12)% 2.18% (0.08)% 2.10% 1.95% 14% $ 3,165
(1.34) $18.44 0.31% 2.23% (0.06)% 2.17% 13.15% 47% $ 4,294
0.00 $17.56 0.18% 2.24% (0.04)% 2.20% 29.42% 53% $ 4,230
0.00 $ 7.83 0.02% 1.31% (0.35)% 0.96% (31.17)% 40% $ 79,528
(3.98) $11.53 2.01% 1.37% (0.41)% 0.96% (17.88)% 90% $118,988
(0.52) $18.56 1.38% 1.24% (0.28)% 0.96% 14.31% 17% $136,118
(2.25) $16.94 1.39% 1.23% (0.27)% 0.96% 5.82% 43% $244,103
(0.29) $18.50 1.01% 1.17% (0.21)% 0.96% 2.56% 14% $204,133
(1.34) $18.40 1.54% 1.06% (0.11)% 0.95% 14.53% 47% $ 91,940
0.00 $17.52 1.32% 1.07% (0.10)% 0.97% 31.03% 53% $ 87,368
0.00 $ 8.05 0.02% 1.60% (0.28)% 1.32% (31.32)% 40% $ 17,746
(3.98) $11.85 1.67% 1.68% (0.36)% 1.32% (18.17)% 90% $ 27,250
(0.52) $18.95 0.98% 1.55% (0.23)% 1.32% 13.92% 17% $ 41,507
(2.25) $17.28 0.82% 1.55% (0.23)% 1.32% 5.43% 43% $ 40,530
(0.29) $18.77 0.64% 1.48% (0.14)% 1.34% 2.41% 14% $157,495
(1.34) $18.68 1.16% 1.37% (0.05)% 1.32% 14.11% 47% $252,256
0.00 $17.77 0.83% 1.58% (0.03)% 1.55% 30.23% 53% $158,963
80 Wells Fargo Advantage Large Cap Stock Funds
Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at January 31,
2009, was comprised of 99 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Capital Growth Fund, Endeavor
Select Fund, Growth Fund, Large Cap Growth Fund, Large Company Core Fund, Large
Company Value Fund and U.S. Value Fund. Each Fund in this report, except for the
Endeavor Select Fund, is a diversified series of the Trust. The Endeavor Select
Fund is a non-diversified series of the Trust.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
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.
Certain Funds of the Trust may invest a substantial portion of their assets in
an industry, sector or foreign country. Such Funds may be more affected by
changes in that industry, sector or foreign country than they would be absent
the concentration of investments.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars
using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after
Wells Fargo Advantage Large Cap Stock Funds 81
Notes to Financial Statements
foreign exchanges close. Depending on market activity, such fair valuations may
be frequent. In light of the judgment involved in fair value decisions, there
can be no assurance that a fair value assigned to a particular security is
accurate. Such fair value pricing may result in NAVs that are higher or lower
than NAVs based on the closing price or latest quoted bid price.
Debt securities with original maturities of 60 days or less and other short-term
debt securities in which cash collateral received for securities loaned may be
invested, generally are valued at amortized cost. 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.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures established in good faith
and approved by the Board of Trustees.
FAIR VALUATION MEASUREMENTS
The Funds adopted Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with
FAS 157, fair value is defined as the price that a Fund would receive upon
selling an investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. FAS 157 established a
three-tier hierarchy to maximize the use of observable market data and minimize
the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Inputs refer broadly to the assumptions
that market participants would use in pricing the asset or liability, including
assumptions about risk. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in
pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entity's own assumptions regarding the assumptions market
participants would use in pricing the asset or liability, based on the best
information available in the circumstances. The three-tier hierarchy of inputs
is summarized in the three broad Levels listed below.
- - Level 1 - quoted prices in active markets for identical investments
- - Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- - Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of January 31, 2009 in valuing
the Funds' investments in securities:
Total Fair Value
FUND Level 1 Level 2 Level 3 as of 01/31/09
- ---- -------------- ------------ ----------- ---------------
CAPITAL GROWTH FUND $1,022,671,336 $ 83,590,214 $ 8,622,686 $1,114,884,236
ENDEAVOR SELECT FUND 1,040,908,191 91,814,153 9,471,020 1,142,193,364
GROWTH FUND 992,171,340 121,236,260 12,506,033 1,125,913,633
LARGE CAP GROWTH FUND 231,586,132 16,069,455 1,657,632 249,313,219
LARGE COMPANY CORE FUND 206,891,979 6,485,049 556,770 213,933,798
LARGE COMPANY VALUE FUND 94,882,907 9,687,372 999,294 105,569,573
U.S. VALUE FUND 102,570,518 8,829,341 910,783 112,310,642
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Large Cap
Capital Growth Fund Endeavor Select Fund Growth Fund Growth Fund
------------------- -------------------- ----------- -----------
Balance as of 07/31/2008 $15,494,788 $15,213,413 $18,251,003 $1,198,734
Accrued discounts (premiums) 0 0 0 0
Realized gain (loss) 0 0 0 0
Change in unrealized appreciation (depreciation) (1,789,343) (1,393,838) (2,449,028) (269,964)
Net purchases (sales) (5,082,759) (4,348,555) (3,295,942) 728,862
Transfer in (out) of Level 3 0 0 0 0
Balance as of 01/31/2009 $ 8,622,686 $ 9,471,020 $12,506,033 $1,657,632
82 Wells Fargo Advantage Large Cap Stock Funds
Notes to Financial Statements
Large Company Core Fund Large Company Value Fund U.S. Value Fund
----------------------- ------------------------ ---------------
Balance as of 07/31/2008 $1,154,624 $983,451 $1,350,248
Accrued discounts (premiums) 0 0 0
Realized gain (loss) 0 0 0
Change in Unrealized appreciation (depreciation) (161,706) (94,611) (90,353)
Net purchases (sales) (436,148) 110,454 (349,112)
Transfer in (out) of Level 3 0 0 0
Balance as of 01/31/2009 $ 556,770 $999,294 $ 910,783
The following is a summary of the unrealized appreciation (depreciation)
associated with Level 3 securities still held as of January 31, 2009:
Capital Growth Fund Endeavor Select Fund Growth Fund Large Cap Growth Fund
------------------- -------------------- ----------- ---------------------
Change in unrealized appreciation (depreciation)
relating to securities still held at the end
of reporting period $(1,789,343) $(1,393,838) $(2,449,028) $(269,964)
Large Company Core Fund Large Company Value Fund U.S. Value Fund
----------------------- ------------------------ ---------------
Change in unrealized appreciation (depreciation)
relating to securities still held at the end
of reporting period $(161,706) $(94,611) $(90,353)
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the interest method.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of the Large Company Value Fund and the Large
Company Core Fund, for which net investment income, if any, is declared and
distributed quarterly. 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
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Wells Fargo Advantage Large Cap Stock Funds 83
Notes to Financial Statements
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 January 31, 2009.
Management has analyzed the Funds' tax positions taken on federal income tax
returns for all open tax years and has concluded that as of January 31, 2009, no
provision for income tax would be required in the Funds' financial statements.
The Funds' federal and state income and federal excise tax returns for tax years
for which the applicable statutes of limitations have not expired (open tax
years: July 31, 2005; July 31, 2006; July 31, 2007; July 31, 2008) are subject
to examination by the Internal Revenue Service and state departments of revenue.
At July 31, 2008, the Funds' prior fiscal year, estimated net capital loss
carryforwards, which are available to offset future net realized capital gains,
were:
Expiration Capital Loss
Fund Year Carryforwards
- ---- ---------- --------------
GROWTH FUND 2009 $ 37,393,684
LARGE CAP GROWTH FUND 2010 203,828,512
LARGE COMPANY CORE FUND 2009 4,775,032
2010 441,738
LARGE COMPANY VALUE FUND 2009 1,014,130
2010 604,271
At July 31, 2008, 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
- ---- ----------------------------------
U.S. VALUE FUND $4,266,345
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received as collateral (after payment
of a "broker rebate fee" to the borrower). A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral, although the loans may not be fully supported at all
times if, for example, the instruments in which cash collateral is invested
decline in value or the borrower fails to provide additional collateral when
required in a timely manner or at all. The collateral is equal to at least 102%
of the market value of the securities loaned plus accrued interest when the
transaction is entered into. The collateral supporting loans of domestic and
foreign equity securities and corporate bonds is remarked to at least 102% of
the marked value of the securities loaned (including any accrued interest) on a
daily basis, without taking into account any increase or decrease in the value
of instruments in which cash collateral is invested. Collateral supporting loans
of U.S. Government Securities is remarked to 102% of the loaned securities'
market value, without taking into account any increase or decrease in the value
of instruments in which cash collateral is invested, only if the given
collateral falls below 100% of the market value of the securities loaned plus
any accrued interest. Cash collateral received by a Fund pursuant
84 Wells Fargo Advantage Large Cap Stock Funds
Notes to Financial Statements
to these loans generally is invested on behalf of the Fund by the securities
lending agent in high-quality short-term debt investments (including money
market instruments) that have been evaluated and approved by the Fund's adviser
and are permissible investments for the Fund. Cash collateral is invested on
behalf of a Fund in a manner similar to the Fund's investment of its cash
reserves and the Fund bears all of the gains and losses on such investments. The
net asset value of a Fund will be affected by an increase or decrease in the
value of the securities loaned and by an increase or decrease in the value of
instruments in which cash collateral is invested. Another risk from securities
lending is that the borrower may not provide additional collateral when required
or return the securities when due or when called for by the Fund. In either
case, a Fund could experience delays in recovering securities or collateral or
could lose all or part of the value of the loaned securities. Wells Fargo Bank,
N.A., the Funds' custodian, acts as the securities lending agent for the Funds
and receives for its services 25% of the revenues earned on the securities
lending activities and incurs all expenses. The securities lending agent may
make payments to borrowers and placing brokers, who may not be affiliated,
directly or indirectly, with the Trust, the adviser or the distributor. In
connection with lending securities, a Fund may pay reasonable administrative and
custodial fees. For the six-month period ended January 31, 2009, Wells Fargo
Bank, N.A. waived its share of revenues earned on securities lending activities.
Such waivers by Wells Fargo Bank, N.A. have the impact of increasing securities
lending income on the Statements of Operations. The value of the securities on
loan, the related collateral and the liability to return the collateral at
January 31, 2009, are shown on the Statements of Assets and Liabilities.
STRUCTURED INVESTMENT VEHICLES
The Funds may invest in structured debt securities, such as those issued by
Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the continuing adverse conditions in the U.S. credit
markets, and on the ability to obtain short-term funding through the issuance of
new debt. Investments in these securities present increased credit and liquidity
risks as there could be losses to a Fund in the event of credit or market value
deterioration in a SIV's underlying portfolio, mismatches in the timing of the
cash flows of the underlying asset interests and the repayment obligations of
maturing securities issued by a SIV, or a SIV's inability to issue new debt.
As of January 31, 2009, the following Funds owned certain of these types of SIVs
which are currently in default and valued at fair value in the Portfolio of
Investments or have been restructured following default, including the
percentage of each Fund's net assets invested in these securities:
Defaulted SIVs % of
FUND ($Market Value) Net Assets
- ---- --------------- ----------
CAPITAL GROWTH FUND 6,187,537 0.62%
ENDEAVOR SELECT FUND 6,796,291 0.67%
GROWTH FUND 8,974,180 0.94%
LARGE CAP GROWTH FUND 1,189,497 0.52%
LARGE COMPANY CORE FUND 370,810 0.18%
LARGE COMPANY VALUE FUND 717,082 0.77%
U.S. VALUE FUND 653,567 0.65%
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
subadviser, who is 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 subadvisers to provide daily portfolio management. The fees
related to subadvisory 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 subadviser(s) are entitled to be paid a monthly fee at the
following annual rates:
Wells Fargo Advantage Large Cap Stock Funds 85
Notes to Financial Statements
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
FUND Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ---- ------------------ ------------- ------------- ------------------ -------------
CAPITAL GROWTH FUND First $500 million 0.700 Wells Capital First $100 million 0.350
Next $500 million 0.650 Management Next $100 million 0.300
Next $2 billion 0.600 Incorporated Next $300 million 0.200
Next $2 billion 0.575 Over $500 million 0.150
Over $5 billion 0.550
ENDEAVOR SELECT FUND First $500 million 0.700 Wells Capital First $100 million 0.350
Next $500 million 0.650 Management Next $100 million 0.300
Next $2 billion 0.600 Incorporated Next $300 million 0.200
Next $2 billion 0.575 Over $500 million 0.150
Over $5 billion 0.550
GROWTH FUND First $500 million 0.750 Wells Capital First $100 million 0.350
Next $500 million 0.700 Management Next $100 million 0.300
Next $2 billion 0.650 Incorporated Next $300 million 0.200
Next $2 billion 0.625 Over $500 million 0.150
Over $5 billion 0.600
LARGE CAP GROWTH FUND First $500 million 0.700 Wells Capital First $100 million 0.350
Next $500 million 0.650 Management Next $100 million 0.300
Next $2 billion 0.600 Incorporated Next $300 million 0.200
Next $2 billion 0.575 Over $500 million 0.150
Over $5 billion 0.550
LARGE COMPANY CORE FUND First $500 million 0.700 Matrix Asset First $50 million 0.200
Next $500 million 0.650 Advisors Over $50 million 0.160
Next $2 billion 0.600 Incorporated
Next $2 billion 0.575
Over $5 billion 0.550
LARGE COMPANY VALUE FUND First $500 million 0.700 Phocas First $100 million 0.290
Next $500 million 0.650 Financial Next $150 million 0.260
Next $2 billion 0.600 Corporation Next $750 million 0.230
Next $2 billion 0.575 Over $1 billion 0.200
Over $5 billion 0.550
U.S. VALUE FUND First $500 million 0.700 Wells Capital First $100 million 0.350
Next $500 million 0.650 Management Next $100 million 0.300
Next $2 billion 0.600 Incorporated Next $300 million 0.200
Next $2 billion 0.575 Over $500 million 0.150
Over $5 billion 0.550
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
---------------- -------------------
Fund Level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
Class A, Class B and Class C All asset levels 0.28
Administrator Class All asset levels 0.10
Institutional Class All asset levels 0.08
Investor Class(1) All asset levels 0.38
(1.) Effective December 1, 2008, the class-level administration fee for the
Investor Class was reduced by 0.02%, as shown in the table. Prior to
December 1, 2008, the class-level administration fee for Investor Class was
0.40%.
86 Wells Fargo Advantage Large Cap Stock Funds
Notes to Financial Statements
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 a monthly fee for custody services at the following
annual rates:
% of Average
Daily Net Assets
----------------
All Large Cap Stock 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:
% of Average
SHARE CLASS Daily Net Assets
- ----------------------------------------------------------------- ----------------
Class A, Class B, Class C, Administrator Class and Investor Class up to 0.25
For the six-month period ended January 31, 2009, shareholder servicing fees paid
were as follows. A portion of these total shareholder servicing fees were paid
to affiliates of Wells Fargo & Company.
FUND Class A Class B Class C Administrator Class Investor Class
- ---------------------------- -------- ------- ------- ------------------- --------------
CAPITAL GROWTH FUND $ 30,654 NA $ 5,440 $678,684 $319,552
ENDEAVOR SELECT FUND 224,825 $7,806 11,212 253,073 NA
GROWTH FUND 33,891 NA 988 164,069 927,300
LARGE CAP GROWTH FUND NA NA NA NA 344,258
LARGE COMPANY CORE FUND 9,041 936 693 487 230,078
LARGE COMPANY VALUE FUND 44 NA 11 1,131 153,437
U.S. VALUE FUND 1,421 2,078 1,008 122,091 27,965
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and Class C
shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act.
Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
For the six-month period ended January 31, 2009, distribution fees incurred are
disclosed on the Statements of Operations.
OTHER FEES
PNC Global Investment Servicing ("PNC") 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. PNC is also entitled to be reimbursed for all out-of-pocket
expenses reasonably incurred in providing these services.
Each Fund also bears its share of other fees and expenses incurred in the normal
course of business, including but not limited to: professional fees,
registration fees, shareholder reporting costs, and Trustees fees and expenses.
The Trust compensates its Trustees for their services, plus travel and other
expenses incurred in attending Board meetings.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statements of
Operations, for the six-month period ended January 31, 2009, were waived by
Funds Management proportionately from all classes, first from advisory fees, and
then from any Class specific expenses, if applicable. Funds Management has
contractually committed through November 30, 2009, to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense ratio for the Funds. Net operating expense ratios in effect for the
six-month period ended January 31, 2009, were as follows:
Wells Fargo Advantage Large Cap Stock Funds 87
Notes to Financial Statements
Net Operating Expense Ratios
----------------------------------------------------------------------
Administrator Institutional Investor
FUND Class A Class B Class C Class Class Class
- ---- ------- ------- ------- ------------- ------------- --------
CAPITAL GROWTH FUND 1.25% NA 2.00% 0.94% 0.75% 1.35%(1)
ENDEAVOR SELECT FUND 1.25% 2.00% 2.00% 1.00% 0.80% NA
GROWTH FUND 1.30% NA 2.05% 0.96% 0.80% 1.40%(2)
LARGE CAP GROWTH FUND NA NA NA NA NA 1.19%
LARGE COMPANY CORE FUND 1.14% 1.89% 1.89% 0.95% 0.66% 1.28%(3)
LARGE COMPANY VALUE FUND 1.25% NA 2.00% 0.96% 0.75% 1.35%(4)
U.S. VALUE FUND 1.25% 2.00% 2.00% 0.96% NA 1.32%
(1.) Effective December 1, 2008, the net operating expense ratio for the Capital
Growth Fund Investor Class decreased from 1.37% to 1.35%. The weighted
blended net operating expense ratio for the 6-month period ended January
31, 2009, for the Capital Growth Fund Investor Class is 1.36%.
(2.) Effective December 1, 2008, the net operating expense ratio for the Growth
Fund Investor Class decreased from 1.42% to 1.40%. The weighted blended net
operating expense ratio for the 6-month period ended January 31, 2009, for
the Growth Fund Investor Class is 1.41%.
(3.) Effective December 1, 2008, the net operating expense ratio for the Large
Company Core Fund Investor Class decreased from 1.31% to 1.28%. The
weighted blended net operating expense ratio for the 6-month period ended
January 31, 2009, for the Growth Fund Investor Class is 1.30%.
(4.) Effective December 1, 2008, the net operating expense ratio for the Large
Company Value Fund Investor Class decreased from 1.37% to 1.35%. The
weighted blended net operating expense ratio for the 6-month period ended
January 31, 2009, for the Growth Fund Investor Class is 1.36%.
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six-month period ended January 31, 2009, were as
follows:
FUND Purchases at Cost Sales Proceeds
- ---- ----------------- --------------
CAPITAL GROWTH FUND $1,065,569,092 $930,820,373
ENDEAVOR SELECT FUND 984,005,425 893,739,327
GROWTH FUND 591,949,958 526,114,070
LARGE CAP GROWTH FUND 120,964,115 121,820,804
LARGE COMPANY CORE FUND 80,962,402 39,472,373
LARGE COMPANY VALUE FUND 39,289,374 47,488,470
U.S. VALUE FUND 48,091,980 55,718,519
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with the Bank of New York
Mellon, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. Prior to
its amendment on September 10, 2008, the agreement permitted borrowings of up to
$150 million, collectively. Interest was charged to each Fund based on its
borrowing at a rate equal to the Federal Funds rate plus 0.40%. In addition, the
Funds paid a quarterly commitment fee equal to 0.1% per annum of the credit
line. Pursuant to the amendment to the Credit Agreement entered into on
September 10, 2008, interest under the Credit Agreement after such date is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.60%. In addition, under the amended Credit Agreement, the Funds pay
a quarterly commitment equal to 0.15% per annum of the credit line.
For the six-month period ended January 31, 2009, there were no borrowings by any
of the Large Cap Stock Funds under the agreement.
88 Wells Fargo Advantage Large Cap Stock Funds
Notes to Financial Statements
6. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' prior investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the Securities and Exchange Commission and the New York Attorney
General ("NYAG"), to settle market-timing investigations. In the settlement,
Strong agreed to pay investor restoration and civil penalties. Although some
portion of these payments is likely to be distributed to predecessor Strong Fund
shareholders, no determination has yet been made as to the distribution of these
amounts, and the successor funds are not expected to receive any portion of
these payments. The NYAG settlement imposed fee reductions across the
predecessor fund complex (excluding money market funds and very short-term
income funds) totaling at least $35 million by May 2009. Funds Management has
agreed to honor these fee reductions for the benefit of shareholders across the
successor funds. Although civil litigation against Strong and certain
predecessor Strong Funds relating to these matters is continuing, neither the
current adviser nor the successor funds is a party to any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
In March 2008, the FASB issued Statement of Financial Accounting Standards No.
161, "Disclosures about Derivative Instruments and Hedging Activities--an
amendment of FASB Statement No. 133" ("SFAS"). SFAS 161 requires additional
discussion about the reporting entity's derivative instruments and hedging
activities, by providing for qualitative disclosures about the objectives and
strategies for using derivatives, quantitative data about the fair value of and
gains and losses on derivative contracts, and details of credit-risk-related
contingent features in their hedged positions. SFAS 161 is effective for
financial statements issued for fiscal years and interim periods beginning after
November 15, 2008, and interim periods within those years. As of January 31,
2009, Management is continuing to evaluate the impact, if any, that adoption of
SFAS 161 may have on the financial statements.
Wells Fargo Advantage Large Cap Stock Funds 89
Other Information
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at www.wellsfargo.com/advantagefunds or by
visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on
a monthly, 30-day or more delayed basis, and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds'Web site on a monthly, seven-day or
more delayed basis. Each Fund files its complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year on Form N-Q,
which is available without charge by visiting the SEC Web site at www.sec.gov.
In addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"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(1) of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 134 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 Governance 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.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ -------------------- ------------------------------------------------------ -------------------
Thomas S. Goho(3) Trustee, since 1987 Co-Director for the Calloway School of Stephens None
66 University of Wake Forest University. Prior thereto,
the Thomas Goho Chair of Finance of Wake Forest
University, Calloway School of Business and
Accountancy, from 2006-2007 and Associate Professor of
Finance from 1999-2005.
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal None
66 Chairman, since 2005 Geyser Water Company.
(Lead Trustee since
2001)
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and None
59 Chief Investment Officer of Minneapolis Employees
Retirement Fund from 1996 to 2008. Ms. Johnson is a
certified public accountant and a certified managerial
accountant.
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
55 School, University of Pennsylvania. Director of the
Boettner Center on Pensions and Retirement Research.
Research associate and board member, Penn Aging
Research Center. Research associate, National Bureau
of Economic Research.
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
57 Foundation, a non-profit organization since 2007 and
Senior Fellow at the Humphrey Institute Policy Forum
at the University of Minnesota since 1995. Member of
the Board of Trustees of NorthStar Education Finance,
Inc., a non-profit organization, since 2007.
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
68 General Counsel of the Minneapolis Employees
Retirement Fund from 1984 to present.
90 Wells Fargo Advantage Large Cap Stock Funds
Other Information
ADVISORY BOARD MEMBERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ -------------------- ------------------------------------------------------ -------------------
Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
56 Member, since 2008 Advertising and Publishing Corp. from 2005 to 2007, Deluxe Corporation
President and CEO of BellSouth Enterprises from 2004
to 2005 and President of BellSouth Consumer Services
from 2000 to 2003. Currently a member of the Iowa
State University Foundation Board of Governors and a
member of the Advisory Board of Iowa State University
School of Business.
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the None
58 Member, since 2008 Graduate School of Business, Stanford University.
Director of Corporate Governance Research Program and
Co-Director of The Rock Center for Corporate
Governance since 2006. From 2005 to 2008, Professor of
Accounting at the Graduate School of Business,
Stanford University. Prior thereto, Ernst & Young
Professor of Accounting at The Wharton School,
University of Pennsylvania from 1985 to 2005.
OFFICERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ -------------------- ------------------------------------------------------ -------------------
Karla M. Rabusch President, since Executive Vice President of Wells Fargo Bank, N.A. and None
49 2003 President of Wells Fargo Funds Management, LLC since
2003. Senior Vice President and Chief Administrative
Officer of Wells Fargo Funds Management, LLC from 2001
to 2003.
C. David Messman Secretary, since Senior Vice President and Secretary of Wells Fargo None
48 2000; Chief Legal Funds Management, LLC since 2001. Managing Counsel of
Officer, since 2003 Wells Fargo Bank, N.A. since 2000.
Stephen W. Leonhardt Treasurer, since Vice President and Manager of Fund Accounting, None
49 2007 Reporting and Tax for Wells Fargo Funds Management,
LLC since 2007. Director of Fund Administration and
SEC Reporting for TIAA-CREF from 2005 to 2007. Chief
Operating Officer for UMB Fund Services, Inc. from
2004 to 2005. Controller for Sungard Transaction
Networks from 2002 to 2004.
Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds None
44 Officer, since 2007 Management, LLC since 2007. Chief Compliance Officer
of Parnassus Investments from 2005 to 2007. Chief
Financial Officer of Parnassus Investments from 2004
to 2007. Senior Audit Manager of
PricewaterhouseCoopers LLP from 1998 to 2004.
- ----------
(1.) 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 or by visiting the Funds'Web site at
www.wellsfargo.com/advantagefunds.
(2.) Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
(3.) Retired as Non-Interested Trustee effective March 31, 2009.
Wells Fargo Advantage Large Cap Stock Funds 91
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 Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Farm Service Agency
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
HUD -- Housing & Urban Development
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
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
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
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More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1- 800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT www.wellsfargo.com/advantagefunds. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones &
Company, Inc., and have been licensed for use for certain purposes by Global
Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones
Target Date Indexes are based in part on the Barclays Capital Bond Indexes,
which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones
Target Date Funds, based on the Dow Jones Target Date Indexes, are not
sponsored, endorsed, sold, or promoted by Dow Jones or Barclays Capital, and
neither Dow Jones nor Barclays Capital makes any representation regarding the
advisability of investing in such product(s) and/or about the quality, accuracy,
and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital
Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL, OR ANY OF THEIR
LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(C) 2009 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
114504 03-09
SLCFLD/SAR120 01-09
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Semi-Annual Report
January 31, 2009
WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND(SM)
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Contents
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Social Sustainability Fund ............................................... 6
FUND EXPENSES ............................................................ 8
PORTFOLIO OF INVESTMENTS
Social Sustainability Fund ............................................... 9
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ...................................... 12
Statement of Operations .................................................. 13
Statements of Changes in Net Assets ...................................... 14
Financial Highlights ..................................................... 16
NOTES TO FINANCIAL STATEMENTS ............................................ 18
OTHER INFORMATION ........................................................ 23
LIST OF ABBREVIATIONS .................................................... 28
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
WELLS FARGO INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF FUNDS"
THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO THE
WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF OVER 110 FUNDS AND PLACING IT AMONG THE TOP
20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
WELLS FARGO ADVANTAGE FUNDS(R)
Wells Fargo Advantage Funds skillfully guides institutions, financial advisors,
and individuals through the investment terrain to help them reach their
financial objectives. Everything we do on behalf of our investors is backed by
our unique combination of qualifications.
STRENGTH
Our organization is built on the standards of integrity and service established
by our parent company--Wells Fargo & Company--more than 150 years ago. Our
diverse family of mutual funds covers a broad spectrum of investment styles and
asset classes. And, because we're part of a widely diversified financial
enterprise, we offer the scale and resources to help investors succeed,
providing access to complementary solutions such as separately managed accounts,
college investing plans, and retirement plans.
EXPERTISE
Our approach to investing is guided by the belief that agile, independent
investment teams--each with its own distinct strengths and disciplines--provide
a superior level of insight and expertise. Each team is free to concentrate on
managing money through well-defined philosophies and processes that have proven
to be consistent and repeatable over time.
PARTNERSHIP
Our collaborative approach is built around understanding the needs and goals of
our clients. By adhering to core principles of sound judgment and steady
guidance, we support you through every stage of the investment decision process.
FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER
STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT
STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A
CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING
THIS AND OTHER INFORMATION, VISIT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. READ IT
CAREFULLY BEFORE INVESTING.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS, THE WELLS FARGO ADVISOR(SM) program, Wells Fargo Managed
Account Services, and certain 529 college savings plans. Other affiliates of
Wells Fargo & Company provide subadvisory and other services for the Funds. The
Funds and shares in the 529 plans are distributed by WELLS FARGO FUNDS
DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 110 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF JANUARY 31, 2009.
EQUITY FUNDS
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund+
Diversified Equity Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Select Fund+
Enterprise Fund+
Equity Income Fund
Equity Value Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Equity Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund+
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Social Sustainability Fund+
Specialized Financial Services Fund
Specialized Technology Fund
Strategic Small Cap Value Fund
U.S. Value Fund
BOND FUNDS
California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Diversified Bond Fund
Government Securities Fund(1)
High Income Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Tax/AMT-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
Short Duration Government Bond Fund(1)
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
Aggressive Allocation Fund
Asset Allocation Fund
Conservative Allocation Fund
Growth Balanced Fund
Moderate Balanced Fund
WealthBuilder Conservative Allocation Portfolio+
WealthBuilder Equity Portfolio+
WealthBuilder Growth Allocation Portfolio+
WealthBuilder Growth Balanced Portfolio+
WealthBuilder Moderate Balanced Portfolio+
WealthBuilder Tactical Equity Portfolio+
Target Today Fund(2)+
Target 2010 Fund(2)+
Target 2015 Fund(2)+
Target 2020 Fund(2)+
Target 2025 Fund(2)+
Target 2030 Fund(2)+
Target 2035 Fund(2)+
Target 2040 Fund(2)+
Target 2045 Fund(2)+
Target 2050 Fund(2)+
MONEY MARKET FUNDS
100% Treasury Money Market Fund(1)
California Tax-Free Money Market Fund
California Tax-Free Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund(1)
Heritage Money Market Fund+
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund+
Prime Investment Money Market Fund
Treasury Plus Money Market Fund(1)
VARIABLE TRUST FUNDS(3)
VT Asset Allocation Fund
VT C&B Large Cap Value Fund
VT Discovery Fund+
VT Equity Income Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Money Market Fund
VT Opportunity Fund+
VT Small Cap Growth Fund
VT Small/Mid Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
- ----------
(1.) The U.S. government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
(2.) The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
(3.) The Variable Trust Funds are generally available only through insurance
company variable contracts.
+ IN THIS REPORT, THE WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO
ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE
FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO ADVANTAGE
SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH ALLOCATION
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER MODERATE BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER TACTICAL EQUITY
PORTFOLIO(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM), WELLS
FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM), WELLS FARGO ADVANTAGE DOW
JONES TARGET 2015 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2020
FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM), WELLS FARGO
ADVANTAGE DOW JONES TARGET 2030 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES
TARGET 2035 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM),
WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE
DOW JONES TARGET 2050 FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET
FUND(SM), WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS
FARGO ADVANTAGE VT DISCOVERY FUND(SM), AND WELLS FARGO ADVANTAGE VT
OPPORTUNITY FUND(SM) are referred to as the Discovery Fund, Endeavor Select
Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund,
WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity
Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth
Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio,
WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010
Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030
Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050
Fund, Heritage Money Market Fund, Overland Express Sweep Fund, VT Discovery
Fund, and VT Opportunity Fund, respectively.
Not part of the semi-annual report.
2 Wells Fargo Advantage Social Sustainability Fund
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH,)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
DISLOCATIONS THAT HAD FIRST SURFACED IN THE SUBPRIME MORTGAGE MARKET AFTER YEARS
OF CREDIT EXCESSES AND LAX LENDING STANDARDS SPREAD ACROSS THE FINANCIAL SYSTEM.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the Wells Fargo
Advantage Social Sustainability Fund which covers performance from the Fund's
inception on September 30, 2008 through January 31, 2009. The period was marked
by extreme volatility across the financial markets and proved to be a
challenging time for investors. Although periods of volatility can present
challenges, we believe that investors should remember the importance of
maintaining a long-term investment strategy based on their individual goals and
risk tolerance.
MARKET VOLATILITY SPIKED AMID A GLOBAL FINANCIAL CRISIS.
Volatility across the financial markets rose to record highs during the period.
Dislocations that had first surfaced in the subprime mortgage market after years
of credit excesses and lax lending standards spread across the financial system.
This contagion resulted in a vicious circle of declining asset values that
escalated the credit crunch into a global financial crisis.
Delinquencies and foreclosures in the housing market accelerated during the
period and boosted housing inventory levels, which increased pressure on home
prices that had already declined significantly. Mounting loan losses among
lenders and a decline in the value of the mortgage-backed securities (MBS) tied
to those loans hurt the capital ratios of overleveraged institutions that held
the securities. As the market for lower-quality securities dried up, financial
institutions and other investors were forced to sell their most-liquid
securities to maintain liquidity, required capital ratios, and, in some cases,
solvency. This caused further deterioration in the value of these and other
securities, which in turn caused further deterioration in the asset bases of
financial institutions that held the securities.
RAPID STRUCTURAL CHANGES TRANSFORMED THE FINANCIAL LANDSCAPE.
By the end of the period, the financial landscape was in the midst of its most
consequential changes since the 1930s. Fear reached extreme levels during
September and October in one of the most tumultuous two-month spans that the
financial markets have ever experienced. The failure or government takeover of
several of the nation's most well-known financial institutions led to a crisis
of confidence that resulted in the global financial system becoming nearly
frozen, with large financial institutions too fearful even to lend to one
another.
In September alone, government-sponsored enterprises Fannie Mae and Freddie Mac
were placed into government receivership, investment bank Lehman Brothers filed
Chapter 11 bankruptcy, Merrill Lynch was hastily sold to Bank of America, the
government effectively took over insurer American International Group,
investment banks Goldman Sachs and Morgan Stanley converted into bank holding
companies, and JPMorgan Chase bought Washington Mutual. In October, Wells Fargo
announced that it would acquire Wachovia; in November, Citigroup received a
government bailout.
Wells Fargo Advantage Social Sustainability Fund 3
Letter to Shareholders
ON THE POSITIVE SIDE, THE PERIOD SAW A DECLINE IN INFLATION AS ENERGY PRICES
REVERSED RAPIDLY. CRUDE OIL PRICES HAD FALLEN ABOUT $100 A BARREL BY LATE
NOVEMBER 2008 FROM THEIR PEAK OF OVER $145 A BARREL IN JULY.
GOVERNMENT TOOK UNPRECEDENTED ACTIONS TO STABILIZE THE FINANCIAL SYSTEM.
Throughout the period, the Fed continued its series of actions to try to
stabilize the financial system. This included additional cuts in the federal
funds rate to a range of 0% to 0.25% in December--the lowest federal funds rate
in history; large injections of capital into the financial system; and the
initiation of several nontraditional, nonmonetary programs.
In October, Congress passed the Emergency Economic Stabilization Act of 2008,
which authorized the Treasury to establish the $700 billion Troubled Asset
Relief Program (TARP) to purchase distressed mortgage securities and other
assets from financial institutions. This later morphed into a program for
providing capital directly to banks and the automotive industry.
In late November, two more programs were implemented: a $600 billion program to
buy the debt and mortgage-backed securities of Fannie Mae, Freddie Mac, and
other agencies and a $200 billion Term Asset-Backed Securities Loan Facility
(TALF) to support the consumer credit and small business segments of the
economy.
These and other government facilities helped bring some signs of stabilization
to the financial system as the period came to a close, but credit continued to
be constrained and the financial system remained stressed as policymakers
debated additional stimulus measures.
ECONOMIC GROWTH WEAKENED, BUT INFLATION PRESSURES EASED.
Economic growth weakened during the period, leading the National Bureau of
Economic Research to declare on December 1, 2008 that a U.S. recession had begun
in December 2007. Gross domestic product contracted 6.2% in the fourth quarter,
after declining 0.5% in the third quarter of 2008. The unemployment rate rose to
7.6% in January 2009, and consumer spending dropped more than 3% in two
consecutive quarters for the first time in recorded history.
On the positive side, the period saw a decline in inflation as energy prices
reversed rapidly. Crude oil prices had fallen about $100 a barrel by late
November 2008 from their peak of over $145 a barrel in July. This mitigated
immediate concern about higher inflation pressures and allowed the Fed to work
on stimulating the economy by cutting the federal funds target rate by 50 basis
points on October 8 to 1.5%, another 50 basis points on October 29 to 1.00%, and
slashing the rate even further on December 16, which left it between 0.00% and
0.25%. (100 basis points equals 1.00%.)
EQUITY MARKETS EXPERIENCED EXTREME VOLATILITY.
The equity markets were turbulent throughout the period, with volatility spiking
to unprecedented levels in September 2008. The broad market, as measured by the
S&P 500 Index, ended the period down by approximately 29%, with a nearly 17%
decline during October in the worst month for the stock markets since October
1987. Likewise, the Domini 400 Social Index(1) was down almost 29% and the
NASDAQ Composite Index declined slightly more than 29% for the period.
- ----------
(1.) The Domini 400 Social(SM) Index is a float-adjusted, market
capitalization-weighted, common stock index of U.S. equities constructed
using environmental, social and governance (ESG) factors. You cannot invest
directly in an index.
4 Wells Fargo Advantage Social Sustainability Fund
Letter to Shareholders
Large cap stocks outperformed both mid and small cap stocks amid a flight to
safety during the period but still declined 25%, as measured by the Russell
1000(R) Index(2). The growth style narrowly outperformed the value style, with
the Russell 1000 Growth Index(3) down 23% and the Russell 1000 Value Index(4)
reporting negative performance of 27%.
DON'T LET SHORT-TERM VOLATILITY DERAIL LONG-TERM INVESTMENT GOALS.
Although periods of volatility can present challenges, experience has taught us
that maintaining a long-term investment strategy based on individual goals and
risk tolerance can be an effective way to plan for the future. As a whole, Wells
Fargo Advantage Funds represent investments across a broad range of asset
classes and investment styles, giving you an opportunity to create a diversified
investment portfolio. While diversification may not prevent losses in a
downturn, it may help to reduce them and provide you with one way of managing
risk. Our diverse family of mutual funds may also help. We offer more than 110
Funds that cover a broad spectrum of investment styles and asset classes.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at www.wellsfargo.com/advantagefunds.
Sincerely,
/s/ Karla M. Rabusch
- -------------------------------------
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
- ----------
(2.) The Russell 1000 Index measures the performance of the 1,000 largest
companies in the Russell 3000 Index, which represents approximately 92% of
the total market capitalization of the Russell 3000 Index. You cannot
invest directly in an index.
(3.) The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an index.
(4.) The Russell 1000 Value Index measures the performance of those Russell
1000 companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an index.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
6 Wells Fargo Advantage Social Sustainability Fund
Performance Highlights
WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND (the Fund) seeks long-term
capital appreciation by investing in securities which meet the Fund's investment
and social sustainability criteria.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Nelson Capital Management
PORTFOLIO MANAGERS
Scott C. Benner, CFA
Lloyd Kurtz, CFA
Jonathan Manchester, CFA, CFP
Frank Marcoux, CFA
Suanne Ramar, CFA
FUND INCEPTION
September 30, 2008
SECTOR DISTRIBUTION(1)
(AS OF JANUARY 31, 2009)
(PIE CHART)
Consumer Discretionary (9%)
Consumer Staples (15%)
Energy (12%)
Financials (12%)
Health Care (17%)
Industrials (9%)
Information Technology (20%)
Materials (2%)
Telecommunication Services (1%)
Utilities (3%)
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF JANUARY 31, 2009)
BP plc ADR 4.76%
Procter & Gamble Company 4.46%
Emerson Electric Company 4.30%
Johnson & Johnson 3.78%
Novartis AG ADR 3.78%
PepsiCo Incorporated 3.21%
CVS Caremark Corporation 3.18%
Google Incorporated Class A 3.15%
Cameron International Corporation 2.95%
Microsoft Corporation 2.79%
- ----------
(1.) Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
(2.) The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the Fund. Equity holdings
are subject to change.
Wells Fargo Advantage Social Sustainability Fund 7
Performance Highlights
WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF JANUARY 31, 2009)
Expense Ratio
Including Sales Charge Excluding Sales Charge -----------------
SOCIAL SUSTAINABILITY FUND Life of Fund* Life of Fund* Gross(3) Net(4)
- -------------------------- ---------------------- ---------------------- -------- ------
Class A (WSSAX) (30.25) (26.00) 1.50% 1.25%
Class C (WSRCX) (27.20) (26.20) 2.25% 2.00%
Administrator Class (WSRAX) (26.00) 1.32% 1.00%
S&P 500 Index(5) (28.52)
* Returns for periods of less than one year are not annualized. The Fund
incepted on September 30, 2008. Returns shown are for the period from the
Fund inception date through January 31, 2009.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Because the social screens applied to
the Fund's investments may exclude securities of certain issuers, industries,
and sectors for nonfinancial reasons, the Fund may forgo some market
opportunities available to funds that do not use these screens. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This Fund is exposed to foreign investment risk and
social investment risk. Consult the Fund's prospectus for additional information
on these and other risks.
- ----------
(3.) Reflects the gross expense ratio as stated in the October 1, 2008,
prospectus.
(4.) The investment adviser has contractually committed through November 30,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
(5.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the Index proportionate to its market value. S&P 500
is a registered trademark of Standard and Poor's. You cannot invest
directly in an Index.
8 Wells Fargo Advantage Social Sustainability Fund
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 (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period, from September 30, 2008 to January 31,
2009.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND 09-30-2008(1) 01-31-2009 Period(2) Expense Ratio
- ------------------------------------------------ ------------- ------------- ----------- -------------
CLASS A
Actual $1,000.00 $ 856.50 $3.93 1.25%
Hypothetical (5% return before expenses) $1,000.00 $1,012.70 $4.26 1.25%
CLASS C
Actual $1,000.00 $ 856.50 $6.29 2.00%
Hypothetical (5% return before expenses) $1,000.00 $1,010.16 $6.81 2.00%
ADMINISTRATOR CLASS
Actual $1,000.00 $ 855.20 $3.14 1.00%
Hypothetical (5% return before expenses) $1,000.00 $1,013.55 $3.41 1.00%
- ----------
(1.) The Fund commenced operations on September 30, 2008. Actual expenses shown
for this class are equal to the annualized expense ratio multiplied by the
average account value over the period, multiplied by 124/366 (to reflect
the period from September 30, 2008 to January 31, 2009).
(2.) 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).
Wells Fargo Advantage Social Sustainability Fund 9
Portfolio of Investments--January 31, 2009 (Unaudited)
SOCIAL SUSTAINABILITY FUND
SHARES SECURITY NAME VALUE
- -------------- ------------- ----------
COMMON STOCKS: 97.99%
BUSINESS SERVICES: 8.12%
630 AUTOMATIC DATA PROCESSING INCORPORATED $ 22,888
91 GOOGLE INCORPORATED CLASS A+ 30,806
1,595 MICROSOFT CORPORATION 27,275
80,969
----------
CHEMICALS & ALLIED PRODUCTS: 13.86%
590 GLAXOSMITHKLINE PLC ADR 20,803
640 JOHNSON & JOHNSON 36,922
895 NOVARTIS AG ADR 36,928
800 PROCTER & GAMBLE COMPANY 43,600
138,253
----------
COMMUNICATIONS: 3.06%
1,255 COMCAST CORPORATION CLASS A 17,419
705 VODAFONE GROUP PLC ADR 13,106
30,525
----------
DEPOSITORY INSTITUTIONS: 4.91%
570 BANK OF NEW YORK MELLON CORPORATION 14,672
645 JPMORGAN CHASE & COMPANY 16,454
1,200 US BANCORP 17,808
48,934
----------
ELECTRIC, GAS & SANITARY SERVICES: 2.85%
260 AGL RESOURCES INCORPORATED 8,016
240 CONSOLIDATED EDISON INCORPORATED 9,780
420 UGI CORPORATION 10,655
28,451
----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 8.80%
1,340 CISCO SYSTEMS INCORPORATED+ 20,060
1,285 EMERSON ELECTRIC COMPANY 42,020
870 NOKIA OYJ ADR 10,675
890 XILINX INCORPORATED 14,997
87,752
----------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 2.25%
710 ACCENTURE LIMITED CLASS A 22,408
----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT: 2.23%
680 ILLINOIS TOOL WORKS INCORPORATED 22,209
----------
FOOD & KINDRED PRODUCTS: 5.19%
345 GENERAL MILLS INCORPORATED 20,407
625 PEPSICO INCORPORATED 31,394
51,801
----------
GENERAL MERCHANDISE STORES: 2.54%
400 TARGET CORPORATION 12,480
660 TJX COMPANIES INCORPORATED 12,817
25,297
----------
10 Wells Fargo Advantage Social Sustainability Fund
Portfolio of Investments--January 31, 2009 (Unaudited)
SOCIAL SUSTAINABILITY FUND
SHARES SECURITY NAME VALUE
- -------------- ------------- ----------
HEALTH SERVICES: 2.34%
395 LABORATORY CORPORATION OF AMERICA HOLDINGS+ $ 23,384
----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.67%
440 3M COMPANY 23,668
1,800 APPLIED MATERIALS INCORPORATED 16,866
1,245 CAMERON INTERNATIONAL CORPORATION+ 28,834
780 HEWLETT-PACKARD COMPANY 27,105
96,473
----------
INSURANCE CARRIERS: 3.34%
500 ACE LIMITED 21,830
495 AFLAC INCORPORATED 11,489
33,319
----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 2.73%
375 BECTON DICKINSON & COMPANY 27,251
----------
MEDICAL PRODUCTS: 2.35%
555 STRYKER CORPORATION 23,443
----------
MISCELLANEOUS RETAIL: 5.21%
465 COSTCO WHOLESALE CORPORATION 20,939
1,155 CVS CAREMARK CORPORATION 31,046
51,985
----------
MOTION PICTURES: 1.37%
660 WALT DISNEY COMPANY 13,649
----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.01%
600 AMERICAN EXPRESS COMPANY 10,038
----------
OIL & GAS EXTRACTION: 4.44%
320 APACHE CORPORATION 24,000
415 NOBLE ENERGY INCORPORATED 20,306
44,306
----------
PETROLEUM REFINING & RELATED INDUSTRIES: 4.66%
1,095 BP PLC ADR 46,505
----------
PRIMARY METAL INDUSTRIES: 2.13%
520 NUCOR CORPORATION 21,211
----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.23%
210 FRANKLIN RESOURCES INCORPORATED 10,168
150 GOLDMAN SACHS GROUP INCORPORATED 12,110
22,278
----------
WHOLESALE TRADE NON-DURABLE GOODS: 2.70%
595 NIKE INCORPORATED CLASS B 26,922
----------
TOTAL COMMON STOCKS (COST $1,237,219) 977,363
----------
SHORT-TERM INVESTMENTS: 2.94%
29,306 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 29,306
----------
TOTAL SHORT-TERM INVESTMENTS (COST $29,306) 29,306
----------
Wells Fargo Advantage Social Sustainability Fund 11
Portfolio of Investments--January 31, 2009 (Unaudited)
SOCIAL SUSTAINABILITY FUND
VALUE
----------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,266,525)* 100.93% $1,006,669
OTHER ASSETS AND LIABILITIES, NET (0.93) (9,231)
------ ----------
TOTAL NET ASSETS 100.00% $ 997,438
====== ==========
- ----------
+ Non-income earning securities.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $29,306.
* Cost for federal income tax purposes is $1,266,525 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 5,975
Gross unrealized depreciation (265,831)
----------
Net unrealized appreciation (depreciation) $ (259,856)
The accompanying notes are an integral part of these financial statements.
12 Wells Fargo Advantage Social Sustainability Fund
Statement of Assets and Liablities--January 31, 2009 (Unaudited)
ASSETS
Investments
In securities, at fair value ............................................. $ 977,363
In affiliates ............................................................ 29,306
----------
Total investments at fair value (see cost below) ............................ 1,006,669
----------
Receivable for Fund shares issued ........................................... 100
Receivables for dividends and interest ...................................... 1,276
Receivable from investment advisor and affiliates ........................... 6,744
----------
Total assets ................................................................... 1,014,789
----------
LIABILITIES
Accrued expenses and other liabilities ...................................... 17,351
----------
Total liabilities .............................................................. 17,351
----------
TOTAL NET ASSETS ............................................................... $ 997,438
==========
NET ASSETS CONSIST OF
Paid-in capital ............................................................. $1,261,910
Undistributed net investment income (loss) .................................. 4,267
Undistributed net realized gain (loss) on investments ....................... (8,883)
Net unrealized appreciation (depreciation) of investments, foreign currencies
and translation of assets and liabilities denominated in foreign
currencies ............................................................... (259,856)
----------
TOTAL NET ASSETS ............................................................... $ 997,438
==========
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A ........................................................ $ 65,254
Shares outstanding - Class A ................................................ 8,816
Net asset value per share - Class A ......................................... $ 7.40
Maximum offering price per share - Class A(2) ............................... $ 7.85
Net assets - Class C ........................................................ $ 30,023
Shares outstanding - Class C ................................................ 4,068
Net asset value and offering price per share - Class C ...................... $ 7.38
Net assets - Administrator Class ............................................ $ 902,161
Shares outstanding - Administrator Class .................................... 121,842
Net asset value and offering price per share - Administrator Class .......... $ 7.40
----------
Investments at cost ............................................................ $1,266,525
----------
- ----------
(1.) Each Fund has an unlimited number of authorized shares.
(2.) Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Social Sustainability Fund 13
Statement of Operations--For the Period Ended January 31, 2009* (Unaudited)
INVESTMENT INCOME
Dividends ................................................................... $ 6,928
Income from affiliated securities ........................................... 280
----------
Total investment income ........................................................ 7,208
----------
EXPENSES
Advisory fees ............................................................... 2,028
Administration fees
Fund Level ............................................................... 145
Class A .................................................................. 32
Class C .................................................................. 12
Administrator Class ...................................................... 274
Custody fees ................................................................ 58
Shareholder servicing fees (Note 3) ......................................... 724
Accounting fees ............................................................. 7,139
Distribution fees (Note 3)
Class C .................................................................. 32
Professional fees ........................................................... 12,680
Registration fees ........................................................... 5,641
Shareholder reports ......................................................... 2,409
Trustees' fees .............................................................. 3,401
Other fees and expenses ..................................................... 1,074
----------
Total expenses ................................................................. 35,649
----------
LESS
Waived fees and reimbursed expenses (Note 3) ................................ (32,708)
Net expenses ................................................................ 2,941
----------
Net investment income (loss) ................................................... 4,267
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ............. (8,883)
----------
Net realized gain and loss from investments .................................... (8,883)
----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ............. (259,856)
----------
Net change in unrealized appreciation (depreciation) of investments ............ (259,856)
----------
Net realized and unrealized gain (loss) on investments ......................... (268,739)
----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................ $ (264,472)
==========
* Period from the inception of the Fund on September 30, 2008 through January
31, 2009.
The accompanying notes are an integral part of these financial statements.
14 Wells Fargo Advantage Social Sustainability Fund
Statement of Changes in Net Assets
For the
Period Ended
January 31, 2009*
(Unaudited)
-----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 0
OPERATIONS
Net investment income (loss) ................................................ 4,267
Net realized gain (loss) on investments ..................................... (8,883)
Net change in unrealized appreciation (depreciation) of investments ......... (259,856)
----------
Net increase (decrease) in net assets resulting from operations ................ (264,472)
----------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ......................................... 73,387
----------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ................................................... 73,387
----------
Proceeds from shares sold - Class C ......................................... 33,523
----------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ................................................... 33,523
----------
Proceeds from shares sold - Administrator Class ............................. 1,155,000
----------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ....................................... 1,155,000
----------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ........................................................ 1,261,910
----------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... 997,438
==========
ENDING NET ASSETS .............................................................. $ 997,438
==========
SHARES ISSUED AND REDEEMED
Shares sold - Class A ....................................................... 8,816
----------
Net increase (decrease) in shares outstanding - Class A ..................... 8,816
----------
Shares sold - Class C ....................................................... 4,068
----------
Net increase (decrease) in shares outstanding - Class C ..................... 4,068
----------
Shares sold - Administrator Class ........................................... 121,842
----------
Net increase (decrease) in shares outstanding - Administrator Class ......... 121,842
----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS ................................................................ 134,726
==========
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................... $ 4,267
==========
* Period from the inception of the Fund on September 30, 2008 through January
31, 2009.
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
16 Wells Fargo Advantage Social Sustainability Fund
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
SOCIAL SUSTAINABILITY FUND Share Income (Loss) on Investments Income
- -------------------------- --------- ------------- -------------- -------------
Class A
September 30, 2008(1) to January 31, 2009 (Unaudited) ........... $10.00 0.01 (2.61) 0.00
Class C
September 30, 2008(1) to January 31, 2009 (Unaudited) ........... $10.00 0.00(2) (2.62) 0.00
Administrator Class
September 30, 2008(1) to January 31, 2009 (Unaudited) ........... $10.00 0.03 (2.63) 0.00
- ----------
(1.) Commencement of operations.
(2.) Amount calculated is less than $0.005.
(3.) 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).
(4.) Total return calculations do not include any sales charges. Returns for
periods of less than one year are not annualized.
(5.) Portfolio turnover rates presented for periods of less than one year are
not annualized.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Social Sustainability Fund 17
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(3)
Distributions Net Asset -------------------------------------------- Portfolio Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(4) Rate(5) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- --------- ---------------
0.00 $7.40 0.58% 11.73% (10.48)% 1.25% (26.00)% 2% $ 65
0.00 $7.38 0.17% 12.78% (10.78)% 2.00% (26.20)% 2% $ 30
0.00 $7.40 1.03% 12.45% (11.45)% 1.00% (26.00)% 2% $902
18 Wells Fargo Advantage Social Sustainability Fund
Notes to Financial statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at January 31,
2009, was comprised of 99 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Social Sustainability Fund.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
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.
Certain Funds of the Trust may invest a substantial portion of their assets in
an industry, sector or foreign country. Such Funds may be more affected by
changes in that industry, sector or foreign country than they would be absent
the concentration of investments.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars
using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities
Wells Fargo Advantage Social Sustainability Fund 19
Notes to Financial statements
markets after foreign exchanges close. Depending on market activity, such fair
valuations may be frequent. In light of the judgment involved in fair value
decisions, there can be no assurance that a fair value assigned to a particular
security is accurate. Such fair value pricing may result in NAVs that are higher
or lower than NAVs based on the closing price or latest quoted bid price.
Debt securities with original maturities of 60 days or less and other short-term
debt securities in which cash collateral received for securities loaned may be
invested, generally are valued at amortized cost. 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.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures established in good faith
and approved by the Board of Trustees.
FAIR VALUATION MEASUREMENTS
The Funds adopted Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with
FAS 157, fair value is defined as the price that a Fund would receive upon
selling an investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. FAS 157 established a
three-tier hierarchy to maximize the use of observable market data and minimize
the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Inputs refer broadly to the assumptions
that market participants would use in pricing the asset or liability, including
assumptions about risk. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in
pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entity's own assumptions regarding the assumptions market
participants would use in pricing the asset or liability, based on the best
information available in the circumstances. The three-tier hierarchy of inputs
is summarized in the three broad Levels listed below.
- - Level 1 - quoted prices in active markets for identical investments
- - Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- - Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of January 31, 2009 in valuing
the Fund's investments in securities:
Total Fair Value
FUND Level 1 Level 2 Level 3 as of 01/31/09
- ---- ---------- ------- ------- ----------------
SOCIAL SUSTAINABILITY FUND $1,006,669 $0 $0 $1,006,669
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily using the effective interest method.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions,
20 Wells Fargo Advantage Social Sustainability Fund
Notes to Financial Statements
and the difference between the amounts of dividends, interest and foreign
withholding taxes recorded and the U.S. dollar equivalent of the amounts
actually paid or received. Net unrealized foreign exchange gains and losses
arise from changes in the fair value of assets and liabilities other than
investments in securities, at fiscal period-end, resulting from changes in
exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. 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
distributions 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 January 31, 2009.
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
subadviser, who is 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 subadvisers to provide daily portfolio management. The fees
related to subadvisory 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 subadviser(s) are entitled to be paid a monthly fee at the
following annual rates:
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
FUND Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ---- ------------------ ------------- -------------- ------------------ -------------
SOCIAL SUSTAINABILITY FUND First $500 million 0.700 Nelson Capital First $100 million 0.450
Next $500 million 0.650 Management Next $100 million 0.350
Next $2 billion 0.600 Over $200 million 0.250
Next $2 billion 0.575
Over $5 billion 0.550
Wells Fargo Advantage Social Sustainability Fund 21
Notes to Financial Statements
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
---------------- -------------------
Fund Level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
Class A, and Class C All asset levels 0.28
Administrator Class All asset levels 0.10
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 a monthly fee for custody services at the following
annual rates:
% of Average
Daily Net Assets
----------------
SOCIAL SUSTAINABILITY FUND 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:
% of Average
SHARE CLASS Daily Net Assets
- ----------- ----------------
Class A, Class C, and Administrator Class 0.25
For the period ended January 31, 2009, shareholder servicing fees were paid as
follows. A portion of these total shareholder servicing fees were paid to
affiliates of Wells Fargo & Company.
FUND Class A Class C Administrator Class
- ---- ------- ------- ------------------
SOCIAL SUSTAINABILITY FUND $28 $11 $685
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan for Class C shares of the Fund
pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the
Class C shares and paid to Wells Fargo Funds Distributor, LLC at an annual rate
of 0.75% of average daily net assets.
For the period ended January 31, 2009, distribution fees incurred are disclosed
on the Statements of Operations.
OTHER FEES
PNC Global Investment Servicing ("PNC") 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. PNC is also entitled to be reimbursed for all out-of-pocket
expenses reasonably incurred in providing these services.
Each Fund also bears its share of other fees and expenses incurred in the normal
course of business, including but not limited to: professional fees,
registration fees, shareholder reporting costs, and Trustees fees and expenses.
The Trust compensates its Trustees for their services, plus travel and other
expenses incurred in attending Board meetings.
22 Wells Fargo Advantage Social Sustainability Fund
Notes to Financial Statements
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statements of
Operations, for the period ended January 31, 2009, were waived by Funds
Management proportionately from all classes, first from advisory fees, and then
from any Class specific expenses, if applicable. Funds Management has
contractually committed through November 30, 2009, to waive fees and/or
reimburse expenses to the extent necessary to maintain a certain net operating
expense ratio for the Funds. Net operating expense ratios in effect for the
period ended January 31, 2009, were as follows:
FUND Class A Class C Administrator Class
- ---- ------- ------- -------------------
SOCIAL SUSTAINABILITY FUND 1.25% 2.00% 1.00%
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended January 31, 2009, were as follows:
FUND Purchases at Cost Sales Proceeds
- ---- ----------------- --------------
SOCIAL SUSTAINABILITY FUND $1,264,832 $18,731
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.60%. In addition, the Funds pay a quarterly commitment fee equal to
0.15% per annum of the credit line. For the period ended January 31 2009, the
Fund had no borrowings under the agreement.
6. NEW ACCOUNTING PRONOUNCEMENTS
In March 2008, the FASB issued Statement of Financial Accounting Standards No.
161, Disclosures about Derivative Instruments and Hedging Activities-an
amendment of FASB Statement No. 133 ("SFAS 161") requires additional discussion
about the reporting entity's derivative instruments and hedging activities, by
providing for qualitative disclosures about the objectives and strategies for
using derivatives, quantitative data about the fair value of and gains and
losses on derivative contracts, and details of credit-risk-related contingent
features in their hedged positions. SFAS 161 is effective for financial
statements issued for fiscal years and interim periods beginning after November
15, 2008, and interim periods within those years. As of January 31, 2009,
Management is continuing to evaluate the impact, if any, that adoption of SFAS
161 may have on the financial statements.
Wells Fargo Advantage Social Sustainability Fund 23
Other Information
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at www.wellsfargo.com/advantagefunds or by
visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (www.wellsfargo.com/advantagefunds) on
a monthly, 30-day or more delayed basis, and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
www.sec.gov. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"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(1) of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 134 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 Governance 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.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ------------------------- ----------------------------------------------------------- -------------------
Thomas S. Goho(3) Trustee, since 1987 Co-Director for the Calloway School of Stephens None
66 University of Wake Forest University. Prior thereto, the
Thomas Goho Chair of Finance of Wake Forest University,
Calloway School of Business and Accountancy, from
2006-2007 and Associate Professor of Finance from
1999-2005.
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal Geyser None
66 Chairman, since 2005 Water Company.
(Lead Trustee since 2001)
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
59 Investment Officer of Minneapolis Employees Retirement Fund
from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
55 University of Pennsylvania. Director of the Boettner Center
on Pensions and Retirement Research. Research associate and
board member, Penn Aging Research Center. Research
associate, National Bureau of Economic Research.
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
57 Foundation, a non-profit organization since 2007 and Senior
Fellow at the Humphrey Institute Policy Forum at the
University of Minnesota since 1995. Member of the Board of
Trustees of NorthStar Education Finance, Inc., a non-profit
organization, since 2007.
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. General None
68 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
24 Wells Fargo Advantage Social Sustainability Fund
Other Information
ADVISORY BOARD MEMBERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ------------------------- ----------------------------------------------------------- -------------------
Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
56 Member, since 2008 Advertising and Publishing Corp. from 2005 to 2007, Deluxe Corporation
President and CEO of BellSouth Enterprises from 2004 to
2005 and President of BellSouth Consumer Services from 2000
to 2003. Currently a member of the Iowa State University
Foundation Board of Governors and a member of the Advisory
Board of Iowa State University School of Business.
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the Graduate None
58 Member, since 2008 School of Business, Stanford University. Director of
Corporate Governance Research Program and Co-Director of
The Rock Center for Corporate Governance since 2006. From
2005 to 2008, Professor of Accounting at the Graduate
School of Business, Stanford University. Prior thereto,
Ernst & Young Professor of Accounting at The Wharton
School, University of Pennsylvania from 1985 to 2005.
OFFICERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ------------------------- ----------------------------------------------------------- -------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
49 President of Wells Fargo Funds Management, LLC since 2003.
Senior Vice President and Chief Administrative Officer of
Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
48 Chief Legal Officer, Management, LLC since 2001. Managing Counsel of Wells Fargo
since 2003 Bank, N.A. since 2000.
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, Reporting None
49 and Tax for Wells Fargo Funds Management, LLC since 2007.
Director of Fund Administration and SEC Reporting for
TIAA-CREF from 2005 to 2007. Chief Operating Officer for
UMB Fund Services, Inc. from 2004 to 2005. Controller for
Sungard Transaction Networks from 2002 to 2004.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
44 since 2007 LLC since 2007. Chief Compliance Officer of Parnassus
Investments from 2005 to 2007. Chief Financial Officer of
Parnassus Investments from 2004 to 2007. Senior Audit
Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
- ----------
(1.) 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 or by visiting the Funds' Web site at
www.wellsfargo.com/advantagefunds.
(2.) Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
(3.) Retired as Non-Interested Trustee effective March 31, 2009.
Wells Fargo Advantage Social Sustainability Fund 25
Other Information
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
WELLS FARGO ADVANTAGE SOCIAL AWARENESS FUND
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will approve the terms of any new investment advisory
and sub-advisory agreements. In this regard, the Board reviewed and approved:
(i) an investment advisory agreement with Wells Fargo Funds Management, LLC
("Funds Management") for the Social Awareness Fund (the "Fund") and (ii) an
investment sub-advisory agreement with Nelson Capital Management ("Nelson
Capital") for the Fund. The investment advisory agreement with Funds Management
and the investment sub-advisory agreement with Nelson Capital are collectively
referred to as the "Advisory Agreements."
More specifically, at a meeting held on May 7, 2008, the Board, including the
Independent Trustees, considered the factors and reached the conclusions
described below relating to the selection of Funds Management and Nelson Capital
and approval of the Advisory Agreements. At its November 2007 meeting, the Board
had received and reviewed extensive presentation materials from Nelson Capital
and discussed them with two of the proposed portfolio managers of the Fund. The
Independent Trustees were assisted in their evaluation of the Advisory
Agreements by independent legal counsel, from whom they received separate legal
advice and with whom they met separately from Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various information regarding the nature,
extent and quality of services that are anticipated to be provided to the Funds
by Funds Management and Nelson Capital under the Advisory Agreements. The Board
further considered its discussion with two of the proposed portfolio managers of
the Fund at its November 2007 meeting and with representatives from Funds
Management at the May 2008, meeting, including, among other things, a discussion
of investment strategies and investment processes for the Fund.
The Board evaluated the ability of Funds Management and Nelson Capital, based on
their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory and supervisory personnel. With respect to the quality of
services anticipated to be provided by Nelson Capital, the Board considered,
among other things, the background and experience of Nelson Capital's senior
management and the expertise of, and amount of attention expected to be given to
the Fund by, senior investment personnel of Nelson Capital, including the
portfolio managers that are proposed to be primarily responsible for day-to-day
portfolio management services furnished to the Fund.
The Board considered that it had previously approved the compliance programs and
considered the compliance records of Funds Management within the Wells Fargo
fund complex. The Board further considered the compliance program and compliance
record of Nelson Capital. In addition, the Board took into account the
administrative services that are anticipated to be provided to the Fund by Funds
Management and its affiliates. In considering these matters, the Board
considered not only the specific information presented in connection with the
meeting, but also the knowledge gained over the course of interacting over time
with Funds Management about various topics, including Funds Management's
oversight of service providers such as Nelson Capital.
Based on the above factors, together with those referenced below, the Board
concluded that it was generally satisfied with the nature, extent and quality of
the investment advisory services anticipated to be provided to the Funds by
Funds Management and Nelson Capital.
FUND PERFORMANCE AND EXPENSES
The Board did not consider performance results for the Fund because the Fund is
a new fund that has not yet commenced operations. The Board did consider the
overall performance record of Nelson Capital based on composite performance
information presented by Nelson Capital at the November 2007 and the May 2008
meetings, both on an absolute basis and relative to relevant indices.
26 Wells Fargo Advantage Social Sustainability Fund
Other Information
The Board received and considered information regarding the Fund's contractual
advisory fee and net operating expense ratio and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Board also considered
comparisons of these fees to the respective median fees of a universe of large
capitalization equity funds and to a narrower group of funds that were
determined by Lipper Inc. ("Lipper") to be the most similar to the Fund (the
"Peer Group"). The Board was provided with a description of the criteria used by
Lipper to select the mutual funds in the Peer Group. The Board noted that the
net operating expense ratios of the Fund are anticipated to be lower than the
Fund's Peer Group's median net operating expense ratio.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance record of Nelson Capital and the expense
structure of the Fund supported the approval of the Advisory Agreements for the
Fund.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
that would be payable by the Fund to Funds Management for investment advisory
services (the "Advisory Agreement Rates"), both on a stand-alone basis and on a
combined basis with the Funds' administration fee rates. The Board took into
account the separate administrative and other services covered by the
administration fee rates. The Board also reviewed and considered the contractual
investment sub-advisory fee rates that would be payable by Funds Management to
Nelson Capital for investment sub-advisory services (the "Sub-Advisory Agreement
Rates"). In addition, the Board reviewed and considered the existing fee
waiver/cap arrangements applicable to the Advisory Agreement Rates and
considered the Advisory Agreement Rates after taking the waivers/caps into
account (the "Net Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in the Fund's Peer
Group. The Board noted that the Advisory Agreement Rates on a combined basis
with the Funds' administration fee rates are higher than the median rates of the
Fund's peer group, but noted that the Net Advisory Rates for the Fund are lower
than the median rates of the Fund's Peer Group. The Board concluded that the
combined investment advisory/administration fee rates for the Fund (before and
after waivers/caps and/or expense reimbursements) are reasonable in relation to
the Fund's Peer Group, and reasonable in relation to the services anticipated to
be provided.
The Board also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the proposed Sub-Advisory Agreement Rates are fair and equitable,
based on their consideration of the factors described above.
PROFITABILITY
The Board did not specifically consider the profitability of Funds Management
with respect to the Fund, as the Fund had not yet commenced operations. The
Board does annually consider profitability information about Funds Management,
as well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Wells Fargo Advantage Funds. The Board did not
consider separate profitability information with respect to Nelson Capital, as
its anticipated profitability from its relationship with the Fund was not a
material factor in determining whether to approve the initial agreement with
Nelson Capital for the Fund.
ECONOMIES OF SCALE
The Board did not specifically consider whether there would be economies of
scale with respect to the management of the Fund, but the Board does annually
consider information regarding economies of scale, and did consider whether the
Fund would appropriately benefit from any economies of scale. The Board
concluded that any actual or potential economies of scale are, or will be,
shared reasonably with Fund shareholders/interestholders, most particularly
through Advisory Agreement Rate breakpoints and waivers/caps and/or expense
reimbursements applicable to the Fund.
Wells Fargo Advantage Social Sustainability Fund 27
Other Information
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Board also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trust and to other clients. The Board concluded that the
Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management, giving effect to
differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND NELSON CAPITAL
The Board received and considered information regarding potential "fall-out" or
ancillary benefits anticipated to be received by Funds Management and its
affiliates, including Nelson Capital, as a result of their relationships with
the Fund. Such benefits could include, among others, benefits directly
attributable to the relationships of Funds Management and Nelson Capital with
the Fund, and benefits potentially derived from an increase in Funds
Management's and Nelson Capital's business as a result of their relationships
with the Fund (such as the ability to market to shareholders other financial
products offered by Funds Management, Nelson Capital and their affiliates).
The Board also considered the effectiveness of the policies of the Fund in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits would be sought and how any such credits would be
utilized, any benefits that may be realized by using an affiliated broker, the
extent to which efforts would be made to recapture commission costs, and the
controls applicable to brokerage allocation procedures. The Board also reviewed
Funds Management's and Nelson Capital's methods for allocation portfolio
investment opportunities among the Fund and other clients.
OTHER FACTORS AND BROADER REVIEW
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that the
initial approval of the Advisory Agreements for the Fund was in the best
interest of the Fund and its shareholders. Accordingly, the Board approved the
Advisory Agreements for the Fund for an initial two-year period.
28 Wells Fargo Advantage Social Sustainability Fund
List of Abbreviations
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Farm Service Agency
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
HUD -- Housing & Urban Development
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
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
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
THIS PAGE IS INTENTIONALLY LEFT BLANK.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
(LOGO) REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder reports at
www.wellsfargo.com/advantagedelivery
(WELLS FARGO ADVANTAGE FUNDS LOGO)
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1- 800-222-8222
Retail Investment Professionals: 1- 888-877-9275
Institutional Investment Professionals: 1- 866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT www.wellsfargo.com/advantagefunds. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones &
Company, Inc., and have been licensed for use for certain purposes by Global
Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones
Target Date Indexes are based in part on the Barclays Capital Bond Indexes,
which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones
Target Date Funds, based on the Dow Jones Target Date Indexes, are not
sponsored, endorsed, sold, or promoted by Dow Jones or Barclays Capital, and
neither Dow Jones nor Barclays Capital makes any representation regarding the
advisability of investing in such product(s) and/or about the quality, accuracy,
and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital
Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL, OR ANY OF THEIR
LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for Wells
Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOOSE VALUE
(C) 2009 Wells Fargo Funds www.wellsfargo.com/advantagefunds 115023 03-09
Management, LLC. All rights SSF/SAR131
reserved.
ITEM 2. CODE OF ETHICS
=======================
Not required in this filing
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
=========================================
Not required in this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
==============================================
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
===============================================
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
===============================
The Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
=============================================================================
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT
INVESTMENT COMPANY AND AFFILIATED PURCHASES
===================================================================
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
============================================================
The Governance Committee (the "Committee") of the Board of Trustees of the
registrant (the "Trust") has adopted procedures by which a shareholder of any
series of the Trust may submit properly a nominee recommendation for the
Committee's consideration.
The shareholder must submit any such recommendation (a "Shareholder
Recommendation") in writing to the Trust, to the attention of the Trust's
Secretary, at the address of the principal executive offices of the Trust.
The Shareholder Recommendation must be delivered to, or mailed and received at,
the principal executive offices of the Trust not less than forty-five (45)
calendar days nor more than seventy-five (75) calendar days prior to the date of
the Committee meeting at which the nominee would be considered.
The Shareholder Recommendation must include: (i) a statement in writing setting
forth (A) the name, age, date of birth, business address, residence address and
nationality of the person recommended by the shareholder (the "candidate"); (B)
the series (and, if applicable, class) and number of all shares of the Trust
owned of record or beneficially by the candidate, as reported to such
shareholder by the candidate; (C) any other information regarding the candidate
called for with respect to director nominees by paragraphs (a), (d), (e) and (f)
of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101
(Schedule 14A) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), adopted by the Securities and Exchange Commission (or the
corresponding provisions of any regulation or rule subsequently adopted by the
Securities and Exchange Commission or any successor agency applicable to the
Trust); (D) any other information regarding the candidate that would be required
to be disclosed if the candidate were a nominee in a proxy statement or other
filing required to be made in connection with solicitation of proxies for
election of directors pursuant to Section 14 of the Exchange Act and the rules
and regulations promulgated thereunder; and (E) whether the recommending
shareholder believes that the candidate is or will be an "interested person" of
the Trust (as defined in the Investment Company Act of 1940, as amended) and, if
not an "interested person," information regarding the candidate that will be
sufficient for the Trust to make such determination; (ii) the written and signed
consent of the candidate to be named as a nominee and to serve as a Trustee if
elected; (iii) the recommending shareholder's name as it appears on the Trust's
books; (iv) the series (and, if applicable, class) and number of all shares of
the Trust owned beneficially and of record by the recommending shareholder; and
(v) a description of all arrangements or understandings between the recommending
shareholder and the candidate and any other person or persons (including their
names) pursuant to which the recommendation is being made by the recommending
shareholder. In addition, the Committee may require the
candidate to interview in person and furnish such other information as it may
reasonably require or deem necessary to determine the eligibility of such
candidate to serve as a Trustee of the Trust.
ITEM 11. CONTROLS AND PROCEDURES
=================================
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no changes in the Trust's internal controls over financial
reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
=================
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: March 20, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
date indicated.
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: March 20, 2009
By: /s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Date: March 20, 2009
CERTIFICATION
I, Karla M. Rabusch, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on
behalf of the following series: Wells Fargo Advantage Capital Growth Fund, Wells
Fargo Advantage Endeavor Select Fund, Wells Fargo Advantage Growth Fund, Wells
Fargo Advantage Large Cap Growth Fund, Wells Fargo Advantage Large Company Core
Fund, Wells Fargo Advantage Large Company Value Fund, Wells Fargo Advantage U.S.
Value Fund, and Wells Fargo Advantage Social Sustainability Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during
the period in which this report is being prepared;
b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed to
the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the
equivalent functions):
a) all significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report
financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: March 20, 2009
/s/ Karla M. Rabusch
- -----------------------
Karla M. Rabusch
President
Wells Fargo Funds Trust
Exhibit 99.CERT
CERTIFICATION
I, Stephen W. Leonhardt, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on
behalf of the following series: Wells Fargo Advantage Capital Growth Fund, Wells
Fargo Advantage Endeavor Select Fund, Wells Fargo Advantage Growth Fund, Wells
Fargo Advantage Large Cap Growth Fund, Wells Fargo Advantage Large Company Core
Fund, Wells Fargo Advantage Large Company Value Fund, Wells Fargo Advantage U.S.
Value Fund, and Wells Fargo Advantage Social Sustainability Fund ;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during
the period in which this report is being prepared;
b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report
financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: March 20, 2009
/s/ Stephen W. Leonhardt
- -----------------------
Stephen W. Leonhardt
Treasurer
Wells Fargo Funds Trust
Exhibit 99.CERT
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of her knowledge, that
the Trust's report on Form N-CSR for the period ended January 31, 2009 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: March 20, 2009
/s/ Karla M. Rabusch
Karla M. Rabusch
President
Wells Fargo Funds Trust
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of his knowledge, that
the Trust's report on Form N-CSR for the period ended January 31, 2009 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: March 20, 2009
/s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Wells Fargo Funds Trust